XRP is making a slight upward momentum reaching $0.325 in tandem with the entire crypto market. Meanwhile, as per the upgraded B- Weiss Rating, the agency is giving a buy signal to the investors.
XRP in green at $0.325, Weiss Ratings upgrades XRP
XRP price is fairing decent enough along with the entire crypto market. At the time of writing, it has been registering slight gains of about 1.16 percent at $0.3255. The world’s third largest cryptocurrency first started its upward ascend last week and reached $0.372.
Since then, as you can see in the chart below, XRP has been constantly moving up and down between the $0.319 and $0.352 range.
With a market cap of over $12.8 billion, it is managing the 24-hour trading volume of $216 million. Though XRP/USD is feeling a bit positive, XRP/BTC is still in the red by 1.17 percent.
The current price movement might not be looking a good deal right now, given the fact that it reached $3 at its peak time. However, Weiss Ratings definitely wants you to buy XRP.
Reportedly, XRP has gotten an upgrade from the first Rating Agency in the crypto industry. Previously having received a C +, this time a B – has been given to XRP. Though not a vast improvement, but a B negative means buy at Weiss Ratings.
As pointed out by the Redditor, Markus-H,
“Out of a hundred rated values, XRP ranks first with Cardano and EOS. The B- at Weiss means “BUY”. The rating of XRP progresses from C + to B -.”
XRP becomes a hot commodity
The reasons for this basically are the two developments viz. the move towards decentralization and implementation of Codius.
First, when it comes to Codius, it is an open source secure hosting platform that is available for anyone who wants to host or built a smart contract. This means people won’t have to build from scratch and experimentation on blockchain would be available more widely.
As for the decentralized part, a controversial topic, recently Ripple’s CEO and CTO further emphasized XRP being decentralized and not a security. David Schwartz, the CTO even said XRP is more decentralized than Bitcoin and Ethereum. Apparently, improved decentralization significantly helped in kicking up it’s rating a notch.
In the recent times, Weiss Ratings has gotten immensely amiable towards XRP which have been propelled forward with the Tweet:
Juan Villaverde to XRP community: “Thanks, guys! You’ve convinced me. I now use XRP myself to move money between exchanges. No wait for confirmations. Really fast.” #XRParmy #XRPthestandard #XRP #crypto #cryptocurrency
— Weiss Ratings (@WeissRatings) August 9, 2018
And then, of course, the Binance should add XRP as the base currency Tweet.
But later on, they balance things out after Juan Villaverde has said: “My positive comments about #XRP have been blown way out of proportion. We have pointed out its shortcomings and benefits. Again – we never take money from issuers or coins period. We do our research and that forms our opinion.”
The Ripple company plans on integrating all of Ripple’s software products of #xVia, #xCurrent and #xRapid into one convenient solution known as Convergence. It looks like a complete solution aimed at the banks to push the #XRP token on them. Maybe they’ll bite? #crypto
— Weiss Ratings (@WeissRatings) August 20, 2018
Making moves toward decentralization and further strengthening the fact that XRP is not a security will definitely help in boosting its listing by the crypto exchanges. Moreover, Codius implementation and wider adoption of xRapid will certainly play a part in driving the XRP prices up.
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com