Despite seeing a week of harsh markets, falling prices and pessimistic investors, XRP has continued to press on and make progress, despite it remaining very much undervalued. Thanks to falling market prices, the market cap of XRP has once again surpassed Ethereum, bringing XRP back up to second place, way behind the huge market cap of Bitcoin. As we know, this switch first occurred towards the end of 2018, however through the start of 2019, thanks to a more optimistic market, Ethereum did eventually take the second place spot back. With this in mind and based on recent developments, we can see that XRP is still promising to increase its market cap through 2019. We don’t expect XRP to overtake Bitcoin this year, though it wouldn’t be totally unrealistic to argue that in a couple of years time, it could.
The market cap of XRP will grow as more institutions start to use Ripple’s technologies, this is because as Ripple grows and as their services grow, more people are looking to switch out their Bitcoin for XRP in the hope that eventually, the value of XRP will surge and offer a great return for investors. Indeed, this could happen, given that many people believe XRP should be valued at around $10.00, a far cry from today’s low value.
Remember, we are not investment advisors and this is not investment advice, therefore we are not saying that XRP will hit $10.00 any time soon, in fact there’s a very long way to go before this does happen, however, we are suggesting that one day XRP could, assuming that Ripple continue to make the positive progression that they have made over the past year.
If you do decide to invest in XRP, you should do so based on your own prior research. XRP is as volatile as any cryptocurrency and therefore the risk in investment is high, only invest what you can afford to lose and always remember to trade safe!
What has happened this week?
So, as we have stated, Ripple have been in the news for a number of reasons this week, reasons which we have reported on through the week, but want to take some time to re-cap on.
Firstly, a Senior Market Analyst at eToro, the crypto trading platform, Mati Greenspan has spoken out about XRP, referring to the on going securities debate that has crippled XRP through 2018. In this, Greenspan explicitly states that XRP is not a security. You can see our coverage of this story for yourself,
“Greenspan was asked for his views on the token to which he confirmed that he is still bullish on the payments settlement token. In a webinar he said that the token could disrupt the whole banking system and also argued that XRP shouldn’t be classed as a security in the United States. On top of this Greenspan said that its characteristics more closely resemble those of a utility token. Greenspan said XRP is not a security, in my personal opinion. My best understanding is XRP is logically a utility token [but] the SEC may see things differently.”
Will the SEC categorise XRP as a security token? We don’t know, as it stands, nobody really knows what is going on with this, so we’ve just got to hope that 2019 finally brings a conclusion to this long and drawn out episode of crypto regulation.
The CEO of Ripple, Brad Garlinghouse this week announced that more and more large banks are now starting to adopt Ripple’s technology. Granted, this is not directly related to XRP however it does mean that Ripple is continuing to make ground on an institutional level, something that in turn will only have a positive impact on XRP. See our full coverage of this story for yourself,
“Garlinghouse predicted that there were so many banks which would eventually turn to the Ripple platform. The Ripple CEO made a big prediction at the Money 20/20 European Fintech conference in Amsterdam by saying that there will be a big number of banks coming onto the Ripple network saying, I’ve publicly stated that by the end of this year I have every confidence that major banks will use XRapid as a liquidity tool.”
And finally, big news from within the Middle East – Kuwait Finance House, one of the biggest banks in the Middle East have announced a new working partnership with Ripple that promises to have a big impact on the adoption of Ripple’s technology across Asia – as covered by Crypto Daily:
“Kuwait Finance House is one of the biggest Islamic banks across the globe and it was the first Arab nation’s first bank to team up with RippleNet, an enterprise network for worldwide remittance payments. It isn’t yet known whether the Finance House is using Ripple’s enterprise software solution that allows banks to settle cross-border payments instantly with end-to-end tracking, xCurrent.”
The take-home message here is that even when the markets are falling, cryptocurrencies can still make progress. Hold on, hold tight and keep your eyes on the prize!
Bank of America Patent Displays use of Ripple Ledger
A now publicly available patent from Bank of America (BofA) has revealed a system of real-time settlement that utilizes the Ripple ledger for inter currency transactions, July 20, 2019.
Huge Breakthrough for Ripple
Bank of America’s patent reveals the exclusive usage of the Ripple ledger to improve efficiency and cost-effectiveness of transactions as well as bookkeeping.
In the patent document, BofA recognizes that distributed ledger technology (DLT) has the potential to truly disrupt banking and accounting. Advantages of their new patent include the option to eliminate physical accounts, real-time payment advisory, alternative implementations for the bank’s general ledger, and a change from end of day (EOD) settlement to real-time settlement among others.
Ripple has long said that their ledger and protocol allows for improved ease of transacting when it comes to inter currency transactions. Using the native XRP token, clients can easily convert one currency to another, minimizing costs and translation losses.
Reconciliation of statements, balance management, and account investigations become much easier due to increased clarity in operations and the state of accounts.
To break down the patent, many charts depicting the process are shown by BofA; it seems to show a process whereby two clients who are each transacting in a different currency, can easily exchange value with each other using Ripple’s protocol. By managing a validator node, BofA would act as the intermediary for the transaction between their client and the other bank.
Not many doubted Ripple Inc’s capacity to bag high-value partnerships, but their public sale of XRP has been criticized as fairly useless. As it is a token to be used by institutions and their other clients for transacting between different currencies, many have debated the point of retail investors holding these tokens for capital appreciation.
The King of Partnerships
Ripple Inc has been bagging partnerships with leading banks such as SBI Japan and Santander since it first developed its product.
It’s suite of products includes xRapid, xCurrent, and xVia, all of which are institutional payment remittance protocols with different focus points.
Moving from fiat currencies issued by governments to the self-sovereign Bitcoin isn’t possible in a single day. Ripple aims to function as the bridge between decentralization and centralization.
XRP and 2 Other Cryptos Are Ready To Breakout, How High Can They Go?
A couple of days ago, the crypto market experienced a huge sell-off which saw coins losing double digits of their values. The total market cap fell to $249.1 billion from $294.9 billion. This drop of more than15% in a few days was a rude shock to traders and enthusiasts. Lots of digital assets plummeted and some even fell below crucial support areas. Fortunately, this effect reversed on Thursday.
Some heavily hit cryptos such as XRP, EOS, and Bitcoin Cash are showing bullish signals. How high can they go?
XRP (XRP) Price Today – XRP / USD
XRP Price Prediction 2019: XRP/USD Stuck in Range Accumulation
XRP had a chance to break out from range accumulation and enter a bull market on June 22. The market participants succeeded in pushing the price above $0.46 resistance. At this time, the bulls just needed the price to stay above the level for a couple of days for a rally to happen.
Sadly, the price could not be sustained, and the bears took over. This event triggered the massive selloff that pushed XRP price to the recent low of $0.2825 on July 16.
the sharp drop in price to the support level of $0.29 placed the market in the oversold territory. Now the bulls took a chance of the bearish exhaustion and the price started a journey back to the bullish territory.
XRP may be an ideal investment if trader buys at support level $0.29 or close. Other targets to monitor include range resistance of $0.46 and range midpoint of $0.375.
Bitcoin Cash Price Prediction: BCH Correction Has Been Exhausted
BCH also suffered a massive price correction after it reached a 2019 high of $517.20 last month. It lost almost have its value on July 15 in less than a month. The coin looks ready to surge after it reclaimed range support.
It has been able to stay above the support level of $300. the market is currently flashing the oversold signals on the daily RSI.
The ideal buying area is as close to $300 while looking out for the $515 and $407.50 targets.
EOS Price Prediction: EOS Is Also Breaking Out Soon
The coin with the worst correction was EOS as it plunged from its high of $8.6503 to $3.30. this loss amounted to more than 61 percent in a few months since May. EOS price took the worst hit but seems ready to bounce back. The market isn’t fully out of the bearish trend, but it is clear that the worst is over at this point.
At the moment, EOS is in the oversold position on the daily RSI. The bulls are also back to its defense at the support level of $3.60. Earlier in March, the bulls established a base using that price level which would launch the coin above $8.00. it isn’t shocking that the bulls are struggling to control the support level.
Trader may benefit from the is EOS market if they consider buying at the support level of $3.60 or nearby. The target prices to look out for include $6.85 and $5.225.
The Correction Allows XRP, BCH and EOS to Take Control of the Dip
The recent pullback drove many large-cap cryptocurrencies to their support areas. At the moment, the bulls are protecting these territories.
All three coins show oversold readings, and this means the bulls can easily maintain the trend. The market could move higher in the short term. This may just be a good time to buy the dip.
Ripped Off: Australian Couple Falls for Crypto Scam, Wipes Out Pension
Mike and Karen Taylor say their entire retirement savings has evaporated after they got caught up in a cryptocurrency scam in Australia.
The Melbourne couple say they were traveling around the country in a camper van when they decided to invest some of their savings through a website. Eventually, they tapped into their pension until their total investment reached $633,000 ($900,000 AUD). Months later their money was gone.
Mike Taylor tells local media outlet 7News that the website looked legitimate but after a few months they never saw any return.
Regulators in the US issued a warning last year about crypto scams and created a fake website to illustrate just how easy it is to get enticed – and later ripped off – by a slick, professional-looking website.
Says Taylor, a bus driver,
“That was the whole of our superannuation – that’s now gone.”
According to the report, Taylor will return to work, and he plans to sell his 1965 Pontiac to make some money.
Crypto scams that promise high returns are becoming increasingly widespread in Australia where fraudsters made off with $4.3 million ($6.1 million AUD) in 2018.
A recent study shows that the Taylors are among a growing number of Australians being targeted by cryptocurrency criminals.
“Online scammers generally tricked consumers into buying various cryptocurrencies through fake platforms, but when consumers tried to cash out their investments, scammers “made excuses or were no longer contactable,” explained the ACCC report.
Some investment scams also asked victims to pay in cryptocurrency for forex trading, commodity trading or other investment opportunities, asking victims to visit bitcoin ATMs to convert fiat into the cryptocurrency and then transfer it to them.”
You can check out the full study here.