The XRP price is seriously undervalued right now. With the current market turmoil brought about by a massive dump of Bitcoin (BTC) and all other digital assets in the crypto markets, our favorite remittance coin is now valued at $0.28 and looks headed to levels below 25 cents. For those who are savvy investors, this is a prime time to pick up some extra XRP. As the saying goes, buy when there are fear and capitulation.
So How Will XRP Price Drop to Zero?
From a financial analysis point of view, the digital asset has dropped by over 90% from its highs back in January. Doing the math, XRP has fallen from its peak levels of $3.82 to $0.28 in the last nine months.
The number of HODLers has surely reduced as their favorite digital asset has dropped by 93% in the same time period. This could be an indicator of a domino effect that could result in the total capitulation of all XRP positions as predicted by John Bollinger a few weeks back. The 25 cent support level could be what is standing between XRP and lower levels below 10 cents.
Secondly, the controversial report by the Satis Group stating that the XRP price will drop to $0.004 in the next ten years, has left many crypto enthusiasts thinking twice about investing in XRP.
The same report states that XRP is a digital asset that has been marketed in all the wrong ways and thus will lead to a natural decline in the markets. The report also states that the centralized nature of XRP could be a cause for the digital asset to drop in value.
Thirdly, despite proof positive evidence that XRP can be classified as being decentralized, the FUD still lingers that it is a security. The XRP community has even highlighted that the comments by SEC Director Hinman with respect to Ethereum included a disclaimer at the bottom which states that:
“The United States Securities and Exchange Commission (SEC), as a matter of policy, disclaims responsibility for any private publication or statement by any of its employees. The views expressed herein are those of the author and do not necessarily reflect the views of the Commission or of the author’s colleagues on the staff of the Commission.”
With this disclaimer, the SEC as an organization has clearly distanced itself from Director Hinman’s comments concerning Ethereum not being a security. The fact remains that the SEC is yet to regulate any digital asset. Therefore, the FUD around XRP is null and void, but the damage has already been done.
Fourthly, as the Ripple company continues to warm up to banks and financial institutions, XRP might be left out of the equation as banks are more inclined to use xCurrent. One can argue that xRapid will catapult XRP to the stratosphere once 100% functional, but this is yet to become a reality. Between now and then, XRP could be headed for more decline in the crypto markets.
In conclusion, the last 24 hours in the crypto markets have been rough and particularly for our favorite remittance coin of XRP. As it continues to drop, the tough question as to whether it will go any lower comes to mind. Stating it will fall to zero is not accurate, but a 97% decline in 9 months is mathematical evidence that it could become a reality.
Polite Note: This piece was not meant to offend any XRP HODLer. It should be taken in the context of a discussion, not facts.
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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 and read our full disclaimer.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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