- Ripple and other assets continue to suffer from the correlation with Bitcoin.
- XRP is gaining real world use-cases especially when it comes to cross-border remittances.
- We could see a break above $0.35 and $0.36 respectively.
Ripple has performed extremely well in comparison to other legacy cryptos like Bitcoin and Ethereum. Like the majority of the assets in the market, XRP has hit the bottom with the retracement from the all-time high traded in January 2018 reaching in the excess of 90%. However, when compared to Bitcoin and Ethereum, which have slashed their value by over 50 percent in the last 3 months, Ripple has remained relatively stable and unchanged.
In October, XRP/USD embarked on a sole recovery exercise where it increased almost doubling its value. This spike meant that investor’s sentiments towards XRP were changing for the better. However, Ripple and other assets continue to suffer from the correlation with Bitcoin, a situation that has resulted in either up or downswings of the entire market in relation to Bitcoin price action.
Ripples payment solutions are steadily setting it apart from the rest in the market. XRP is gaining real world use-cases especially when it comes to cross-border remittances. Its RippleNet blockchain solution is said to have more than 100 registered partners from around the globe. The company is looking into other markets like the Middle East and Asia which are ripe for XRP. SWIFT has been experiencing frequent delays warranting the banks and other financial institutions to seek alternatives.
Another service from the company, xRapid is used to lower liquidity cost while utilizing XRP. The digital currency can be used as a link between a currency to another.
While Ripple continues to push for adoption of its token, XRP. The market is yearning for a reversal. Bitcoin was predicted to rise past $20,000 and even hit $40,000 by the end of 2018, however, the asset has explored annual lows in the last month of the year. Some experts believe that XRP has the ability to “decouple” from Bitcoin XRP has weathered down the declines in the last three months, it will not be surprising to see XRP take the lead especially in 2019’s anticipated bull rally.
At press time, XRP is trading at $0.34 after correcting higher from the intraday lows around $0.33. The upward is capped at $0.35, although is trading above the moving averages to show that bulls are present. We could see a break above $0.35 and $0.36 respectively, the move that will bring $0.4 into sight as Ripple recovery continues.
XRP/USD 1-hour chart
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