Despite seeing a week of harsh markets, falling prices and pessimistic investors, XRP has continued to press on and make progress, despite it remaining very much undervalued. Thanks to falling market prices, the market cap of XRP has once again surpassed Ethereum, bringing XRP back up to second place, way behind the huge market cap of Bitcoin. As we know, this switch first occurred towards the end of 2018, however through the start of 2019, thanks to a more optimistic market, Ethereum did eventually take the second place spot back. With this in mind and based on recent developments, we can see that XRP is still promising to increase its market cap through 2019. We don’t expect XRP to overtake Bitcoin this year, though it wouldn’t be totally unrealistic to argue that in a couple of years time, it could.
The market cap of XRP will grow as more institutions start to use Ripple’s technologies, this is because as Ripple grows and as their services grow, more people are looking to switch out their Bitcoin for XRP in the hope that eventually, the value of XRP will surge and offer a great return for investors. Indeed, this could happen, given that many people believe XRP should be valued at around $10.00, a far cry from today’s low value.
Remember, we are not investment advisors and this is not investment advice, therefore we are not saying that XRP will hit $10.00 any time soon, in fact there’s a very long way to go before this does happen, however, we are suggesting that one day XRP could, assuming that Ripple continue to make the positive progression that they have made over the past year.
If you do decide to invest in XRP, you should do so based on your own prior research. XRP is as volatile as any cryptocurrency and therefore the risk in investment is high, only invest what you can afford to lose and always remember to trade safe!
What has happened this week?
So, as we have stated, Ripple have been in the news for a number of reasons this week, reasons which we have reported on through the week, but want to take some time to re-cap on.
Firstly, a Senior Market Analyst at eToro, the crypto trading platform, Mati Greenspan has spoken out about XRP, referring to the on going securities debate that has crippled XRP through 2018. In this, Greenspan explicitly states that XRP is not a security. You can see our coverage of this story for yourself, here.
“Greenspan was asked for his views on the token to which he confirmed that he is still bullish on the payments settlement token. In a webinar he said that the token could disrupt the whole banking system and also argued that XRP shouldn’t be classed as a security in the United States. On top of this Greenspan said that its characteristics more closely resemble those of a utility token. Greenspan said XRP is not a security, in my personal opinion. My best understanding is XRP is logically a utility token [but] the SEC may see things differently.”
Will the SEC categorise XRP as a security token? We don’t know, as it stands, nobody really knows what is going on with this, so we’ve just got to hope that 2019 finally brings a conclusion to this long and drawn out episode of crypto regulation.
The CEO of Ripple, Brad Garlinghouse this week announced that more and more large banks are now starting to adopt Ripple’s technology. Granted, this is not directly related to XRP however it does mean that Ripple is continuing to make ground on an institutional level, something that in turn will only have a positive impact on XRP. See our full coverage of this story for yourself, here.
“Garlinghouse predicted that there were so many banks which would eventually turn to the Ripple platform. The Ripple CEO made a big prediction at the Money 20/20 European Fintech conference in Amsterdam by saying that there will be a big number of banks coming onto the Ripple network saying, I’ve publicly stated that by the end of this year I have every confidence that major banks will use XRapid as a liquidity tool.”
And finally, big news from within the Middle East – Kuwait Finance House, one of the biggest banks in the Middle East have announced a new working partnership with Ripple that promises to have a big impact on the adoption of Ripple’s technology across Asia – as covered by Crypto Daily:
“Kuwait Finance House is one of the biggest Islamic banks across the globe and it was the first Arab nation’s first bank to team up with RippleNet, an enterprise network for worldwide remittance payments. It isn’t yet known whether the Finance House is using Ripple’s enterprise software solution that allows banks to settle cross-border payments instantly with end-to-end tracking, xCurrent.”
The take-home message here is that even when the markets are falling, cryptocurrencies can still make progress. Hold on, hold tight and keep your eyes on the prize!
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