Ripple, otherwise known as XRP, has had a rough patch this year, especially during the beginning of February of 2018. During that time Ripple traded from 0.58$ to over 3$ per one coin, changing its price rapidly – although not in favor of investors who had bought this coin when it was worth a lot more. That is how selloffs occurred; trying to patch up the “holes” thanks to the rough patch Ripple is going through. What is next with XRP and will this coin manage to bounce off?
Do we remember what Ripple is?
The main idea behind Ripple is very simple, yet demanding – make fast transactions and save money by cutting off the third parties. That is how this digital token was made to support the decentralized network called RippleNet. Within this decentralized network based on blockchains, you can make fast, cost-effective transactions with full encryption, guaranteed safety and without having to pay large fees or wait for your payments to get processed. Since global payments outside decentralized blockchain based networks usually take between 3 and 5 days to get processed with over trillion dollars paid in fees annually, Ripple coin and RippleNet are offering scalable and flexible experience within their network to enable fast and safe transactions.
That is how Ripple has several memberships within their network to answer the demands of different parties’ needs. That is how you can sign up for xCurrent in case you are operating as a bank and use all the perks this protocol has to offer. xCurrent is made to enable easy processing of payments for bank’s customers, offering an improved experience in terms of making global transactions.
In case you want to sign up as a provider, you can use xRapid, which enables on-demand liquidity for all providers. There is also a planned protocol for transactions in case you are signing up as a business owner. In that case, you can sign up for xVia – a protocol that would enable you to make easy, fast and safe payments within the network of RippleNet.
You might think that since Ripple is focused on providing fast payments within a decentralized community would be enough for this token to thrive, but that is obviously not the case.
How Come Ripple is Extensively Dropping Low?
Although Ripple managed to pull off being traded at 3$ per one coin, this digital token seems to have no luck at all as XRP is now being dealt at 1$ per one coin.
After the latest decrease that almost went up to as low as -8%, the final price for Ripple is humbly set at 1.04$ per one unit. February is not doing any good for this coin, and neither did January 2018 as Ripple managed to lose 30% of its value over the 24 hour period exactly one month ago, on January 11th.
But, how come Ripple is going so low? Is there a reason?
Although this digital coin is ranked as the 3rd top coin on global coin ranking list, its price is not speaking in its favor. So, what many people are trying to get to the bottom of is the story behind this massive drop in price.
Apparently, the case with losing the 30% of the total market capitalization in XRP tokens has to do everything with the data exclusion from the part of South Korea. It seems that in South Korea all crypto values have the price of 30% of premium value, which is connected with the 30% of the decrease in XRP’s price.
People got confused as they didn’t know what was going on, so they started to sell off their XRP tokens, consequently lowering its price per unit.
The case of extensive decrease would probably be very odd if it weren’t for all top 20 currencies trading in the red. Ripple is not the only digital token suffering from frequent decreases, as Ethereum, LiteCoin, Bitcoin and the rest of top 20 digital coins are also experiencing turbulent changes, constantly dropping.
Is Ripple Still Worth Buying?
This might be your best shot at purchasing the 3rd largest crypto coin at a very affordable price of only 1.04$ per one coin. If more people were to see this potential, the price would probably jump with an increase or a series of increases that could bring Ripple back to life. Although this digital token is trading in red for some time now, investors should not lose their hope but embrace the opportunity to get in before the next big move higher.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of coinmarketcap.com
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