CryptocurrenciesX

Ripple Network and XRP Overview after Getting Knocked Down by IOTA

By 12/05/2017 No Comments

Ripple Network Overview: Ripple is now the 5th largest cryptocurrency by market cap, trailing behind Bitcoin, Ethereum, Bitcoin Cash, and IOTA. Its market cap stands just above $9.49 billion as of December 5th according to coinmarketcap.com. Meanwhile, IOTA has reached $11.4 billion in market cap.

 

What is Ripple Network?

It’s good to remind you that Ripple is both a payment network (RippleNet) and a cryptocurrency (Ripple XRP) created in 2012. RippleNet connects banks and other big institutions. It allows them to transfer money and other assets through the network. All transactions are recorded on the decentralized XRP Ledger.

 

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So how are Ripple and Bitcoin different? Ripple is a payment network for financial institutions. It can also be traded.  But was never intended to be a payment method for buying stuff online.

Bitcoin, on the other hand, aims to become a globally adopted currency that could improve or even replace conventional money.

 

Ripple’s XRP Overview

Now let’s take a look at XRP’s price versus the USD. After it first became available on online exchanges for trading in May 2017, XRP’s price has mainly ranged between 0.28 and a median support level of 0.19. While we don’t yet have much data to conduct a thorough technical analysis, the Ichimoku cloud has kept its flat format.

Ripple Network XRP Technical Analysis

Ripple Network XRP Technical Analysis

 

The cryptocurrency has yet to reach its ICO price level of 0.37, even during high volatility and breaking news. With this, we may be able to see another test of 0.19, which could be an attractive buy limit order potential for those who are interested in getting exposed to Ripple and adding XRP to their cryptocurrency wallet.

 

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Final Thoughts…

As the 4th point of the IDDA, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.

At this point, no one can be sure if Ripple’s XRP is a good investment. The cryptocurrency has gained a lot of attention since it was introduced.

But it’s hard to say in which direction the price will move in the future. If Ripple can get more banks on board and transform the financial sector with its payment network, you can expect the price to skyrocket. If the opposite happens and investors don’t pour their money into the Ripple Network, the price can experience a massive drop.

 

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Kiana Danial

 

 

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