There’s one token you either love or love to hate: XRP, which was launched by Ripple Labs for faster cross-border transfers. It made big waves last year, and now there’s more good news. On Monday, XRP was added to the Coinbase Pro exchange, putting the Ripple token within easy reach of millions of crypto users.
XRP is controversial, but does it deserve all the hate?
Our analysts took a deep dive in our latest Digital Asset Report, and gave the Ripple token one of the highest grades yet.
XRP scored a lot of points for a fast cryptocurrency and a strong network of banking and financial partners. Not all Ripple products use cryptocurrency, but some of their partners are using XRP. That could be the beginning of a new cross-border payments system, which would be much faster and more efficient than interbank transfers today.
But our analysts also found a few reasons to worry. One of the biggest questions is whether XRP should be considered an investment security–which would make it illegal to sell or trade the tokens. There’s also the chance that big banks like JPMorgan could build their own blockchain solutions.
But all in all, our experts say the advantages of Ripple’s XRP outweigh the risks. You can read the full details of the report for free on Crypto Briefing’s website. Now let’s focus a bit on price action for XRP lovers who are looking for an optimal price to buy the token. Now that XRP is available on Coinbase, we might as well look at its price versus the USD. Up until now we mainly focused on the XRP/BTC pair.
XRP’s Price Action Analysis
Now the XRP/USD pair remains below a bearish Ichimoku cloud and seems unable to break through. Even Monday’s massive Coinbase news didn’t help. With this, if Coinbase news can’t help the pair gain a bearish momentum, probably nothing else can in the medium term. Which means, we could see XRP bounce back down to 28 cents and consolidate below 42 cents for a bit longer. For XRP lovers, this could be a good opportunity to buy.
Now here’s a disclaimer, I personally own a bunch of XRP but you should only invest the money you can afford to lose in the crypto market. For more on risk management, please visit investdiva.com.
I’d also like to hear from you. How excited are you that XRP is now listed on Coinbase? Do you think this offsets the risks of JPMcoin? Once you’ve subscribed, head over to the comment section and let me know if you think XRP is the real deal, or it’ll fade away as time goes by.
Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. Don’t forget to complete your risk management due-diligence before developing your investment strategy.