Ripple is already the third largest cryptocurrency in the world. It is a technology that allows much cheaper interbank transactions. In just 7 days, Rripple grew by almost 60 percent. Where does this change come from?
Ripple is a technology for bank settlements and financial institutions that allows interaction without a central control center and intermediaries. - This allows them to cut costs as much as possible, which is in a sense a revolution for this sector - explains Brian Evans, head of consulting company BDE Ventures and man No. 7 on the list of the largest market influencers according to "Forbes". At the moment when the transaction parties operate in different currencies, Ripple can also perform a settlement function in the form of a Ripple token (XRP).
Ripple's market capitalization grew from 15 billion to over 60 billion dollars. in just three weeks.
Where did such increases come from? Several industry reports contributed to this. First of all, according to several sources, virtual tokens are to be added to the Coinbase offer - the largest cryptocurrency platform in the US. This may help in popularizing Ripple, although at the moment the Coinbase exchange has not yet confirmed these reports.
Secondly, several large banks in Japan and South Korea recently carried out tests related to the payment using Ripple.
TECHNICAL ANALYSIS: The price of the Ripple XRPUSD cryptocurrency started like a rocket from level 1.0000 and so far no reason for the upward trend to be reversed. Wave 3 pulse reached the level of 161% Fibo, which is a typical range for this wave, and falls on the level of 1.65. For smaller, internal subwaves, successive target levels are 1.75 - 1.84, however, they will be achieved after wave 4 correction, which may go down to 1.35 before the upward trend continues.
Weekly time frame Elliott Waves Analysis:
Main trend: UP
Intermediate trend: UP
Daily trend: UP/ NEUTRAL (correction pending)
Key levels:
- for further gains - the level of $ 1.65 and later $ 1.75.
- for a continuation of the correction - the level of $ 1.35 and later $ 1.25
- for the continuation of decreases - the level of $ 1.25 and later $ 0.70
PS: Follow me please! :) PPS: The next analysis of the Ripple cryptocurrencies will be published if this post receives a min. 50 likes. :)
Clearly, there is a lot of speculation going on in the market regarding Ripple. Speculation that could end disastrously for some that have no idea what the fundamentals of the market look like.
It was never meant as a store of value. A good store of value should not fluctuate by 60% in a short period of time. With volatility like that and a very significant supply disadvantage over other cryptos Ripple was never designed for "hodling" or speculation. This idea that people are "investing" in Ripple based on an expectation that Ripple's "users" will grow significantly is flawed since an ideal use case of Ripple involves quickly entering a transaction and exiting a transaction with no change of value through the time involved in transacting. Since Ripple's basic feature requires that there be no significant fluctuation in price for Ripple tokens during the transaction there will be no way that this kind of speculative activity will be allowed to get out of hand as it essentially breaks the functionality of Ripple as a fast, cheap, reliable form of quickly moving funds outside of the traditional bank settled system.
Imagine for example, that Ripple decides suddenly that crypto investors have lost their damn minds and decide they need to increase the supply to regain control over pricing and liquidity. Well, they don't need consensus from their users to "hard fork" or the equivalent to change the parameters of the market.
I would recommend those gambling with Ripple pay close attention to how this market works because you could be playing with fire, but just like buying futures or options if your duration is short enough then you can probably make money here without getting burned if you allocate your portfolio with attention to managing risk.
Enhancement321
⋅
@powderpc, Great post. I was burned before by XRP, I will not be done so again.
ottobloom1
⋅
@Enhancement321, interesting. Can I ask how? Has it increased this way before and then dipped?
Enhancement321
⋅
@ottobloom1, Not as much, this situation is way beyond anything before.
ottobloom1
⋅
@Enhancement321, thank you. Good luck with your trades. I hope you won’t get burnt again.
Juanchobanano
⋅
Hey @Sebastian.seliga.7 this is such an amazing job :) What do you think about Ripple´s $3 target?
sebastian.seliga.7
⋅
@Juanchobanano, Hi! :) The next target I see is at the level of $2.43 first. :) The $3.00 is possible as well :)
wkriski
⋅
Just closed my XRP at 55% gain in past few days. Not gonna get greedy like I did with BTC. I'm concerned about the centralized nature, the amount of tokens not in circulation, etc. But these things will go up and down so we will have many chances to buy in to various cryptoassets.
@S252512, Thank you! I love this site as it's more logical and strategic. Going to try and wait for definite up and down trends to get in for long/short. Made mistakes of buying during consolidation, not selling during a big rise, buying on the down trend, etc. Never again!
Clearly, there is a lot of speculation going on in the market regarding Ripple. Speculation that could end disastrously for some that have no idea what the fundamentals of the market look like.
Ripple is meant as a transactional coin and it is controlled by a corporate entity that can adjust the functionality and supply distribution strategy if deemed necessary.
ripple.com/insights/ripple-to-place-55-billion-xrp-in-escrow-to-ensure-certainty-into-total-xrp-supply/
It was never meant as a store of value. A good store of value should not fluctuate by 60% in a short period of time. With volatility like that and a very significant supply disadvantage over other cryptos Ripple was never designed for "hodling" or speculation. This idea that people are "investing" in Ripple based on an expectation that Ripple's "users" will grow significantly is flawed since an ideal use case of Ripple involves quickly entering a transaction and exiting a transaction with no change of value through the time involved in transacting. Since Ripple's basic feature requires that there be no significant fluctuation in price for Ripple tokens during the transaction there will be no way that this kind of speculative activity will be allowed to get out of hand as it essentially breaks the functionality of Ripple as a fast, cheap, reliable form of quickly moving funds outside of the traditional bank settled system.
Imagine for example, that Ripple decides suddenly that crypto investors have lost their damn minds and decide they need to increase the supply to regain control over pricing and liquidity. Well, they don't need consensus from their users to "hard fork" or the equivalent to change the parameters of the market.
I would recommend those gambling with Ripple pay close attention to how this market works because you could be playing with fire, but just like buying futures or options if your duration is short enough then you can probably make money here without getting burned if you allocate your portfolio with attention to managing risk.