After reaching to $0.75 on the anticipation of xRapid launch, the actual launch took XRP downwards to the $0.51 level. With the prices currently down 8 percent in the past 24-hours, will XRP spike to $1 this year?
XRP drops about 8% as xRapid launch fails to bring in bulls
The world’s 3rd largest cryptocurrency is on the decline despite the launch of xRapid. At the time of writing, XRP has been trading at $0.5184 with a 24-hour loss of about 8 percent. With a market cap of over $20 billion, the daily trading volume has taken a hit as it registers just about $875 million.
A few days back, XRP reached $0.75 on the anticipation of xRapid launch. However, the actual launch failed to bring the bulls in as bears took charge as shown in the below 1-month chart. But, the digital currency is still managing to stay above the crucial $0.50 mark.
Is $1 still in the picture for this year?
Recently, the CEO of deVere, Nigel Greene had shared that XRP will hit the $1 mark this year as it is favored by a number of positive factors.
According to Marouane Garçon, the managing director of Amulet, a crypto-to-crypto derivatives platform, it is still a very much possibility,
“I definitely agree with that assessment. The price had already pumped to $0.75. If Ripple’s partners start utilizing XRP during their day to day operations before the end of the year then I think $1 is a modest price point.”
He further shared with Forbes while elaborating on this point:
“From here on out it depends on developments and usage. They’ve made promises that some of their partners will use XRP and once people see that happening they will have to gain unwavering confidence and that will certainly be reflected in the price.”
Chris Kline, the co-founder, and COO of Bitcoin IRA also share the same sentiment for XRP as he believes a number of factors like xRapid launch along with “Google’s and Facebook’s recent reversals on crypto advertising bans” will result in a year-end surge in value.
However, XRP needs more developments to reach this mark as Joe DiPasquale, the CEO of crypto fund of hedge funds BitBull Capital comments,
“(XRP) is more likely to trade around the $0.80 to $0.90 range for an extended period of time unless another major announcement is made before the New Year.”
The experts and investors are surely positive that XRP will hit the $1 mark, however, with the way xRapid going into commercialization failed to make an impact, it is yet to be seen how the market realizes.
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.