The cryptocurrency industry is still reeling off the back of bitcoins most recent surge. We can only say, wow, this was unprecedented and it’s still pretty shocking. The beginning of this week saw the price of Bitcoin fall off its previous high of about thirty-three thousand dollars to about twenty-nine thousand dollars.
That’s about 4000 off the top. Some analysts had the foreboding that the price fall wasn’t done yet, while some were pretty optimistic, it wouldn’t fall further. But no one predicted this much of a surge as it rose as high as thirty-five thousand dollars.
That’s about 6001 solid moves and it has reportedly consolidated at that value. You can’t help but smile while thinking about what this means to the crypto industry at large. Today we’ll be looking at the vital signs of XRP, whether you should buy, keep or sell.
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The rise of Bitcoin has got people digging into their own pockets, trying to earn as much as they can before it’s bullish trend expires or consolidates, this degree of bullish run far exceeds the one we’ve seen in the past.
It was only a few months ago that we were looking at Bitcoin at sixteen thousand dollars and then it hit twenty thousand in December. Twenty twenty, they fell back and then rose again to twenty-three thousand and then twenty-five thousand.
January twenty twenty one has seen the price of Bitcoin rise about ten thousand dollars, which is about 40 percent increase from its closing price in twenty twenty other altcoins, namely Ethereum, RIPPLE, XRP, litecoin, bitcoin, cash, chainlink teather, etc.
Are not hitting the headlines as much as bitcoin except RIPPLE. Except, of course, this rise is coincidental with the current events surrounding Lexar P. Technically, as things seem to worsen for XRP, it just keeps getting better and better for Bitcoin. The SEC landed a bombshell on the cryptocurrency backed by the labs.
The company runs a payment system that is renowned among some of the world’s biggest financial institutions, or technically the beneficiaries of its exclusive service riposted out of the bunch when it aimed against the run of other cryptocurrencies by using its decentralized currency to work in favor of centralization.
How well, it’s known as the ripple effect. Sarpy works together to help organizations such as banks operate much better. At the start, it seemed as if Sarpy was sort of being antagonistic of an industry in which it is a member. It was suggested the SRP was going to be the bad egg of the group.
It was supposedly handing power to financial institutions that hold custody of fiat currencies. The ideology behind every cryptocurrency industry was to Detroit and the expensive and pretty burdensome fiat currencies for a more standardized digital asset that would ultimately offer more access, easier transactions, payments and currency conversion.
Lexar must have been deemed counterproductive and thus might have made it seem all the less adopted. Unlike most other cryptocurrencies that we see today, Rypple XRP has been in the works since twenty twelve, it was a cryptocurrency that merely served as a medium of transaction in the rendering of cross-border payments.
Now, how does this work? And making payment from one part of the world to another. The currency of the sender say euros is converted to its equivalent in XRP and then in a matter of seconds the XRP is sent to the receiver as XRP, but the process then converts to the receiver’s currency.
That’s pretty much the basics of the transaction aspect. It offers one of the swiftest methods of making payments directly challenging Swift, which is the oldest platform being used by most of the world’s banking system, is dangerously close to becoming numero uno of payment systems that the world is depending on.
How soon XRP will rise heavily depends on how much it improves its adaptability, that is, it needs to grow in the number of users and industries ascribing to its services.
It’s believed that the more RIPPLE products are used to facilitate transactions, XRP will be considered as the crypto being used. This business model, though, leaves no room for a long term wait to appeal to the interests of individuals to start using the coin for transactions.
This would ultimately take time and even more stress and may not even work out well enough for the cryptocurrency. Although the model is ever dynamic with the growing desire of people to make cheaper and faster transactions without the hassle of having documentation or long waits queuing in banks to make transfers to other countries. It also does a good job of keeping up with other cryptocurrencies.
It’s pretty much the most feasible of all without having the potential to facilitate the transactions of other cryptocurrencies as well. The growth in other cryptos is bound to be reflected in the crypto itself.
It is a multidimensional tool left completely subject to the hands of investors in the cryptocurrency if other altcoins are enjoying any form of attention out of the current state of the cryptocurrency industry.
SRP can’t affirm that it’s not hard to see why. After all, it is staring down the barrel of a gun aimed at undermining its existence. The uncleared issue of being a security Eurocurrency makes it somewhat difficult to follow any pattern to establish a new cryptocurrency.
The idea of initial coin offerings making cryptocurrency security or a currency is pretty questionable, with no specific laid down the rule that any crypto developer must follow. The very idea of decentralization is being threatened, especially if the cryptocurrency has to be registered to the SEC before instead, it becomes a stable coin, bullied into some rather appalling situations.
Now to the question of whether you should buy, keep or sell XRP, there is no reason to panic over the XRP price. Things are pretty much still going on track with the coin. The company still going about its regular activities since the year began. Its business as usual with XRP and RIPPLE is the payment system still makes use of XRP to facilitate transactions while still maintaining its cheap and fast network.
And with the pandemic persisting in the world, more banks are expected to adopt Rupel as a viable transaction system as they look to surpass the old Swift platform. Additional partnerships with big banks and financial institutions are also expected to increase SRP beyond its current levels to around 60 to 70 cents in twenty twenty-one.
There is some analytical prediction for Rexhepi, emphasizing that the number of big projects involving XRP is rapidly increasing. It is strongly believed that with the increase in the adoption of Ripple’s technology, the price of XRP will soar. The truth remains that XRP is down but not out of the picture as is normal with any cryptocurrency.
This represents the best time to buy with a price looming at twenty-two cents, which is about forty-eight cents off its high in December. Twenty twenty and some people adopting a fast sell-out principle.
Many experts are waiting to be bought a cheaper price and you can avail yourself of this rare opportunity to buy and hold the crypto while you wait for it to rise significantly. XRP, as we said, is not good news for short traders at the moment, especially those who are looking to make a quick buck off the top.
It has steadily built itself into a lasting bullish set up despite its recent drop from grace. What’s more interesting is that the factors surrounding Ripple’s current case scenario are not necessarily economical. That is, it’s not caused by any form of market price control tactic or volatility or any response against another coin.
This kind of case sets up XRP for quite the enormous rise, given the odds stacked against it. I mean, what’s going to happen to the rise of crypto other than a defeat of its biggest challenge yet? It may not be making any waves in the market now, but it sure will when the news of its victory goes around and investor interest in the coin is restored.
While exchanges that have stopped trading of XRP pick it up once again and allow the users of their platforms to begin trading XRP once more, the sky will be the limit for XRP and it will experience quite the surge, as has never been seen before in any cryptocurrency. What more can you ask for? Therefore, if you already have XRP stored up, do well to keep it. It will take a whole lot more than a lawsuit such as this to bring XRP down to its knees.
Even if the case goes sideways in court, we will have a stable commodity in the store that will continue to rise and stock as its parent company continues to indulge in relatively new partnerships, set new milestones and keep dipping its feet in the sea of the financial world.
Keepers need to be focused right now, instead of panicking and bursting into a flurry, you should relax and listen out for the news. Ripple is doing its utmost to fight this case, and it will take a while. But pending that outcome, the coin is not exempted from operating as a currency, and it is also subject to the happenings in the crypto industry.
This chart shows three conditions for investors to buy into XRP, the first condition is that the SEC provides a clear direction on the lawsuit with Rypple. Secondly, it predicts that XRP must break above the uncertainty triangle before it will rise.
And finally, SRP must consolidate after the breakout to create new support at a high of about eighty-two cents. You might have to hold on a bit longer for this to happen. Remember this, the greater the resistance, the greater the rewards.
With Bitcoin’s recent successes, altcoins are lining up to consolidate and ultimately go on bullish runs of their own, and XRP is not exempted from the scenario.
Things are expected to pick up for RIPPLE in XRP once it settles down into a defined pattern of operation in twenty twenty-one Ripples.
Technical analysis is positive when viewed in the long term, you can’t profit as a short trailering trading XRP.
It’s quite risky, but analysts remain optimistic that XRP can experience the same boost as time proceeds. Twenty twenty-one is the catalyst. XRP will rise in the long run as it develops new products partnerships and engages investors.
Buying and holding as much as possible of the cryptocurrency is not a bad idea. We hope you enjoyed this video. Don’t forget to give it a thumbs up. Subscribe and click on the notification bill.
XRP price is on the mend. What do you think? Let us know your answers in the comments below while you’re here.
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