XRP, just like Bitcoin BTC, Ethereum ETH, and other cryptocurrencies in the market, has been struggling to survive the recent bear wave. However, XRP is suffering more than others and is now among the biggest losers in 2019 According to our Ripple News yesterday. The price of XRP is falling irrespective of the fact that the XRP price prediction was bullish in the beginning of the year.
Many public figures within the cryptocurrency industry believe that the price of XRP is falling due to regulatory concerns and Ripple’s sale of XRP tokens. The complaint which was filed against Ripple last year and was reviewed on the 5th of August reignited the regulatory fears among members of the XRP community. Hopefully, the Ripple partnerships that have been sealed recently will aid a decent XRP price recovery when the bearish storm ends.
Read: Ripple XRP News: August 27 Why XRP Isn’t Gathering Enough Momentum Despite All The Partnerships Ripple Sealed Recently
While making a XRP price prediction can be hazardous, XRP has been in the news lately for their very encouraging partnership with the popular money transmitter MoneyGram. It was recently announced that Ripple would be investing in MoneyGram while purchasing up to 10% of the entire company. Ripple also plans to be even more aggressive and purchase more of MoneyGram in the future. It seems likely that Ripple sees a future with MoneyGram due to the infrastructure that the company already has in place with those who have a need for transmitting large amounts of money quickly and conveniently.
While fundamental news might be good and popular opinion is that Ripple is on the right track, the price has told a different story over the past few weeks. Ripple’s price currently sits at under 30 cents, which is far off the all-time high of over $3.00.
|Live Market Cap:||
|24-hour % Change:||1.12%||24-hour Volume:||$939,171,032|
|1-Week High:||$0.3061||1-Week Low:||$0.2523|
|52-Week High:||$0.5054||52-Week Low:||$0.2523|
From a technical standpoint, the price of XRP is currently resting on an all-time support level that is crucial for it to hold in order to have any hopes of regaining the momentum that the coin once had. A dip below 25 cents would certainly prove to be very damaging to the long-term health of the price.
The most discouraging sign associated with the price of XRP is that it has repeatedly been rejected from increasing in price and surpassing 50 cents for months. Any rise that XRP has seen has been immediately thwarted by the general outlook of the crypto market.
However, there are also plenty of signs to suggest that XRP is right around the corner of a dramatic recovery back to higher levels that were last seen in 2017. On the daily timeframe, there are several indicators that are bottomed out and showing that they are ready for a new cycle to begin. Depending on how sustainable the increase is, this could be a recipe for recovery.
The weekly timeframe shows a similar picture. With a recent spike in volume and bears tiring out, we could be in store for a total recovery in the coming months. The first step in all of this is beginning a new price cycle and seeing some positive price action. We would be on the lookout for candles to close above key MA levels on high time frames to be encouraged about where the price of XRP is going in the coming months.
While not quite a XRP price prediction, the trading sentiment by Trading View is a good high-level indicator of what the XRP price might do based on analysis of the technicals.
XRP Price prediction for August 19, 2019:
The experts at fxstreet.com are bullish in the short-term. While it has lagged the rest of the crypto market, especially Bitcoin (BTC), XRPUSD has finally passed the SMA 10-1d level of $0.2846, which now serves as the support line.
However, XRP is unlikely to recover to $0.2990 in the short term. The 10-day moving average of $0.2860 is behaving like a dynamic support above the 200-day moving average of $0.2840, putting a downward pressure on the XRP price.
Beyond that, the XRPUSD will face the next resistance at $0.3156 – the Fibonacci 23.6% 1-month level.
Ripple/XRP is a project based on small free software that pursues the development of a credit system based on the end-to-end paradigm. Each Ripple/XRP node functions as a local exchange system, in such a way that the entire network forms a decentralized mutual bank.
While it has been around since 2012, it is still solidly backing up banking and financial institutions in their quest to provide more efficient and faster transactions that can be built around customers’ trust in each other and the network.
In other words, the Ripple/XRP platform is a distributed social service based on the honor and trust of existing people in real-world social networks. In this way, financial capital is based on social capital. A reduced version of the Ripple network would consist of an extension of the existing hierarchical banking system.
The XRP powered payments processor xRapid is now live and saving many individuals, businesses and banks real money. The ever-expanding list of companies joining Ripple are making real savings in real time. And that is the point here, Ripples XRP coin solve’s real-world problems, transaction time and above all else, saving money.
At the moment xRapid is servicing a small number of customers with a relatively low transaction volume. However, once the volume and customer base increases exponentially then we will see some seismic shifts in XRP coins value. When you analyze the potential of all of this, add in a little intelligence, you can make a reasonable Ripple price prediction for 2019.
To understand Ripple/XRP’s place in the crypto universe, we have to value its contributions to the industry. In addition to being one of the most renowned digital tokens out there – even competing for the second spot in market share, behind Bitcoin, with options such as Dash, Litecoin, and Ethereum – it is also one of the most efficient payment networks for financial transactions in the planet.
The Ripple/XRP technology is, in fact, more widely known for its digital payment protocol than for being a cryptocurrency. Since being co-founded by Chris Larsen and Jed McCaleb in 2012, it has flourished, reaching worldwide recognition and market success via the digital coin, the XRP.
Ripple/XRP functions in a decentralized platform that fosters money transfers in any form. It is open source and peer to peer, and can work with several exchanges and currencies, physical or crypto, such as US dollars, Yen, Litecoin, and Bitcoin.
To work correctly, Ripple/XRP implements the Gateway medium, which serves as the link in the trust chain between two parties wanting to make a transaction. Gateway is the credit intermediary, the one in charge of receiving the funds to public addresses managed within the Ripple/XRP platform. In Ripple, anyone can sign up and open a gateway that authorizes that person to be the middleman for exchanging currencies.
The XRP (Ripple) is the associated cryptocurrency of the platform. It performs the part of a bridge currency to other tokens without discriminating between fiat and crypto, facilitating exchanges between different coins.
According to Ripple’s chief cryptographer, David Schwartz, the payment systems of today are where the email was in the early ’80s. Every provider built their system for their customers, and if people used different ones, they couldn’t easily interact with each other. The purpose of Ripple is enabling the connection of different payment systems together.
A common source of confusion for those who are investing in XRP is the difference between Ripple and XRP. These terms are often used interchangeably among investors and those who own the coin. However, these are two different things. XRP is the coin that is used on the network and Ripple is the company/network itself. A good way to think about this is that XRP is to Ripple as USD is to banks and the current financial system. While Ripple aims to build a thriving network, XRP aims to provide the currency for that network.
The Ripple network has an associated cryptocurrency; the XRP, which has the power of liquidity by serving as a bridge between other means of payment, making the exchange more comfortable for all parties involved in a transaction.
While there are no central authorities that control Ripple/XRP’s price and behavior in the market, the right answer to the question seems to be no: the platform is not entirely decentralized. That doesn’t mean it isn’t successful, as worldly famous financial institutions such as Santander, Bank of America, UBS, American Express, RBC, and Westpac, just to name a few, use it for operations.
The blockchain technology doesn’t allow any party or the network itself to control anything regarding transactions, whereas these banks and institutions, using the Ripple’s distributed ledger, can charge their specified transaction fees.
People can’t pre-mine XRPs, unlike the cases of Ethereum and Bitcoin. They are fully decentralized platforms backed by millions of miners all around the planet. No person or entity can have control over them. Ripple, administrated by the Ripple company, sees its nodes handled and managed by the mentioned financial institutions.
There is a maximum number of Ripple tokens to be hand in the world, set at the moment of its inception to the market. The said number can’t go higher, which means that there aren’t any new XRPs being created.
The Ripple protocol was first created over 15 years ago in 2004. However, the company wasn’t really legitimate until the founder, Jed McCaleb, was able to get a worldwide network of large investors to invest in Ripple Labs, which is the administrative and technical wing of Ripple. Since then, Ripple and XRP have turned into crypto powerhouses with a giant market cap and hundreds of potential applications.
Ripple’s original and intellectual authors are Arthur Britto, David Schwartz, and Ryan Fugger. They formed Ripple Labs in 2012 and came up with the initial release.
The project is written in C++ code, under the operating systems GNU/Linux (RHEL, CentOS, Ubuntu), Windows, and OS X. We can consider Ripple to be a real-time gross settlement, currency exchange, and remittance network.
Ripple’s first significant period ranged from 2012 to 2013, involving OpenCoin and Ripple Labs. OpenCoin started the development phase of a new payment protocol, named Ripple Transaction Protocol (RTXP), with Fugger’s ideas, primarily instant money transfer between two parties. By that time, the company had already created its digital currency, the XRP, in the same mold as Bitcoin.
Later, between 2014 and 2017, Ripple began to focus on the banking market, with Ripple Labs taking part in related projects. They experimented with an App for iPhone that enabled users to send and receive transfer between them. Since 2013, the Ripple protocol has been adopted by numerous financial institutions to offer an alternative remittance option to people.
German bank Fidor was the first to use the Ripple network to allow cross-border payments, in the first part of 2014. American institutions Cross River Bank and CBW Bank quickly followed, and later on, Ripple began working with Earthport.
From that point on, success followed, and more prominent banking institutions, such as HSBC and Bank of America, utilize the Ripple protocol to perform operations in astonishingly quick times.
Bitcoin, along with other renowned cryptocurrencies in the market, performs its operations with the proof-of-work system. Others, such as Nxt, use proof-of-stake; but Ripple implements the consensus protocol.
The consensus protocol validates account balances and transactions in the network, improving overall integrity by avoiding double spending. The system will automatically delete malicious advances from morally shady people looking to send one deal to multiple gateways.
In short, the protocol consists of distributed nodes deciding by consensus the transaction’s pecking order through a majority vote. One would think that they take a lot of time to complete. Well, five seconds isn’t a whole lot, is it? Ripple is a decentralized platform because it doesn’t involve any governance or central authorities in any part of the process.
While the transactions are all made public in the consensus ledger, there is still anonymity because they can’t be linked with the involved people’s ID or account. All users or gateways have a database of every registered IOU.
The consensus ledger that the Ripple system implements is versatile and fast enough that each day, more and more banks and financial institutions are adopting it as their preferred way to perform their business operations.
Ripple provides an improvement on the traditional way that banks use to work. The transactions are completed, settled and registered in a matter of seconds despite the high amount of traffic that the platform experiences everyday. That is a vast improvement over, say, the Bitcoin system, which takes an average of ten minutes to complete an operation.
Traditional banks and financial institutions can take days, or even weeks, to perform a wire transfer, and let’s face it, that delay isn’t going to cut it in our current financial reality. On top of all that, the transaction fees in Ripple are almost non-existent: the minimum is 0.00001 XRP. That’s nothing if you compare it to the costs of a cross-border payment.
Because of how innovative the Ripple network is, there are hundreds of potential use cases for the coin and the network. The overall vision for the Ripple network and their coins is to be a complete solution for the problem of liquidity and inefficiency of current financial institutions. Ripple has lended its technology to established banks as well as large companies such as MoneyGram. Their mission isn’t to completely replace our current financial institutions, but rather to assist them and meld traditional finance systems with cutting-edge blockchain technology.
Since Ripple’s mission is to assist with some of the biggest financial processes in the world, they have also been able to partner with some very prominent clients. The efficiency and technology that Ripple has to offer has attracted companies such as American Express, SBI Remit and Santander in addition to MoneyGram to the XRP token that the company has issued.
While numerous people within the industry state that Bitcoin and Ripple/XRP are competitors, that may not be precisely the case. There are some differences, though: Bitcoin implements the proof-of-work system, which is a piece of data difficult (costly, time-consuming) to produce but easy for others to verify. It has to satisfy a set of requirements, too. In the case of Bitcoin, it implements the Hashcash proof of work system.
Ripple/XRP, meanwhile, uses the already explained distributed ledger, the “consensus” one, so there are notable differences in the modus operandi. Ripple is owned and administrated by OpenCoin and the Ripple Company, whereas Bitcoin is a decentralized system in which there are no central authorities.
Now, what would you say if we told you that Ripple’s traits and features could benefit Bitcoin users? Remember, Ripple/XRP is best known and has attained most of its international recognition, as a payment system or protocol.
Ripple/XRP can provide Bitcoin with more ways to connect with those using other forms of currency, as it preaches expedited transactions and increased stability. On top of that, Ripple is a distributed network and therefore does not depend on a single company to manage and secure the transaction database. As a result of that scenario, users don’t have to wait for block confirmations.
Selena Larson of CNN Tech explains that Ripples (XRP) cannot be created, or “mined,” by users as it happens with Bitcoin and other cryptocurrencies. The company has control of its destiny in that regard.
Stellar Lumens (XLM) is probably the closest comparison to XRP. XLM was actually also co-founded by Jed McCaleb and has served as some of the most stiff competition to XRP. While they are attempting to accomplish many of the same goals, they have each taken very different approaches to them. XRP has prioritized large establishment clients while XLM is going for a more grassroots user movement to gain adoption.
It is also designed to facilitate international money transfers, and its price increase has closely mirrored XRP’s. The main difference is that XLM is designed for individuals to make international money transfers, or currency exchanges, directly with each other peer-to-peer.
Essentially, it lets people exchange currencies and send money overseas by trading directly and automatically with each other, and cutting banks out of the equation.
And for Ripple/XRP’s price to see major growth it needs to have banks using XRP to conduct international transfers on behalf of individuals. While it’s still a long way off, the future of technology is increasingly based on decentralized peer-to-peer systems like XLM, rather than centralized systems like Ripple/XRP.
This town is big enough for both XLM and XRP, but there’s only so much money to go around. Ripple/XRP still has plenty of growing room, but anyone in it for the long run will want to pay close attention to the news, and how the world’s changing.
ETH isn’t the most decentralized cryptocurrency, but it’s still more decentralized than XRP. ETH is way more open source and is easy for developers to build various applications on top of that have no limitations.
You can buy XRP on Coinbase, which is probably the easiest method for buying crypto. You can also purchase XRP on any number of various cryptocurrency exchanges out there using BTC, ETH, or other trading pairs.
While Ripple is one of the more controversial blockchain companies out there because of the centralization of the network, it continues to make solid progress by partnering with large companies to implement payment and liquidity solutions that are unmatched by pretty much any other solution currently on the market. It would not be surprising to see XRP and Ripple continue to grow hand in hand as a result of their powerful partnerships.
The Ripple protocol is designed to enable banks as well as individuals to transfer money anywhere around the world at the click of the button. Overall, more than 100 financial institutions are currently using the ripple protocol in order to transfer money.
Many of the banks are also trying to use the ripple protocol in order to transfer money for their clients. As the number of these clients goes on increasing, the value of ripple would also go on increasing. In the future, with the rise in the value of ripple, you can be sure that the founders are of ripple would be much more valuable as well.
The truth is that the founders of Ripple/XRP have actually created a product for which, the need was around for quite some period of time. If you compare it with the techniques which are used by banks as well as financial institutions to transfer money around the world, they are still pretty old and it takes between 2 to 3 days in order to transfer the money. On the other hand, when you’re speaking about the usage of the ripple, you would realize that it is lightning fast and also it can deliver money to the recipient anywhere around the world almost instantly. This is one of the main reasons why ripple is so valuable as well. The usage of ripple is increasing significantly as well.
Since touching a high of $ 3.84, Ripple/XRP has fallen off from those levels. It remains to be seen whether Ripple/XRP is able to gain those levels again or not. One thing which is for sure is that the numbers of companies which are using the Ripple protocol in order to move the money around are surely increasing. That is why it is an expectation among the investors that Ripple would also be able to get new high and owing to this very reason, the ripple would be able to make its founders as well as investors richer in the future as well.
XRP has so far been one of the most exciting and successful stories to come out of the new blockchain economy. They have made several meaningful partnerships and made an actual use case for their product. This guide has provided you with a complete outlook when it comes to technical and fundamental analysis of XRP, and what Ripple Labs’ ultimate goal is as a blockchain company. While making a XRP price prediction is difficult, this guide should help you make better decisions.