Early on 20th March, 2018, Ripple price has staged a recovery of sorts, trading at about $0.70 though we cannot yet be confident that the upmove would be sustained. The month of March, 2018 has been particularly harsh for the crypto markets and Ripple price was no exception. Google and Facebook deciding to ban advertisements related to cryptocurrencies, the SEC clamping down on ICOs and cryptocurrencies in general and regulatory action from other parts of the world came down in a heap affecting the sentiments. Ripple price on 18th March was $0.56 and the 25% gain in the space of two days can potentially augur well for Ripple price going forward.
During the same period, while Bitcoin has managed to stay around the $ 8530 mark, Ethereum is in the red with a loss of about 2.0 %, trading around $537.0
Ripple can potentially be the Crypto of 2018
According to Thomas Ramsay from CryptoDaily, across 2017, Ripple price appreciated by over 7,000%.However, in January, 2018, $3.41 was the highest price achieved by Ripple and mid March saw the crypto sliding further to the sub $0.60 level. Thomas Ramsay opines that most cryptocurrencies can potentially move up if marketed correctly. But, when prices are headed south investors tend to indulge in panic selling offloading their holdings. On the other side, there are also investors who take advantage of a falling market to add to their holdings at cheaper prices. Some investors are also focused on cryptocurrencies making headline news while others consider strong financial backing like in the case of Ripple. But many believe that the positive trend of Ripple price now can potentially be helpful in breaking above the trend line that is presently bearish.
Ripple price may experience a major correction soon
Many experts like Craig Cole from CryptoMaps opine that Ripple could just be a catalyst that can bring cryptocurrencies into the main stream. Ripple enjoys inherent strengths like lower fees and faster speeds with transactions making it easier for the financial industry to embrace this digital currency. The financial industry has the opportunity to save significant amount of money by using Ripple and is likely to be adding more clients to its existing base of 100 plus players from the banking and financial industry. However, it remains to be seen whether the fortunes of Ripple and Ripple price will keep pace with each other, in the days ahead. In an earlier article, we had explained why Ripple XRP or Ripple price is not the same as Ripple the Company. But, when we consider the market cap of Bitcoin at about 191 billion, Ethereum in excess of $84 billion, the $35 billion market cap of Ripple fades and it could take a significant effort from Ripple to challenge the position of Ethereum or Bitcoin any time soon. Another factor that could potentially impact Ripple price is its centralized character as against the decentralized character of most other cryptos. For Ripple price to rise, it should be useful for the masses in their day-to-day transactions which is not the case presently.
Coinbase adding Ripple could be a major trigger
In the last few weeks, there have been strong rumors that Coinbase could add Ripple anytime soon. However, Coinbase has consistently denied any such move but the hopefuls are in no mood to give up.
On 26th March, Asif Hirji, the COO of Coinbase is slated to speak to Brad Garlinghouse, the CEO or Ripple on ‘Fast Money’ , the CNBC show. Market pundits are predicting that the Coinbase COO will make an announcement regarding addition of Ripple to the exchange Currently, Coinbase allows only Bitcoin, Litecoin, Ethereum and Bitcoin Cash for trading. The exchange has also recently ramped up its staff strength potentially indicating its intention to do more business. Thus, if Coinbase does decide to add Ripple any time soon, we could potentially see Ripple price moving up north on a strong trajectory.
Woori Bank partnership adds to sentiments
While Ripple has been consistently adding customers from the financial industry, nearly every week, its recent partnership with Woori Bank of South Korea has boosted the sentiments with traders . Woori Bank has announced that it is testing the distributed ledger technology from Ripple in cross-border payments to reduce transaction costs and time.