Right now, we are undergoing a period of market-wide correction, and XRP is caught up in it like all other cryptos. During late December/early January, XRP has a huge rally that was obviously not going to be sustainable long run (we’re talking about an over 10,000% increase in a matter of a few weeks). It was driven by massive coverage of XRP in the mainstream media, and of course many people jumped on the bandwagon, and XRP skyrocketed. Not to mention pretty much all coins have recently skyrocketed, so that’s why we have this overheated market finally correcting itself.
The price of XRP has skyrocketed in recent weeks, reaching an all time high of $3, but is now undergoing a market-wide correction. (Price in USD, source: WorldCoinIndex.com)
But the questions are, will the crypto market recover, and if so, who will recover after things are finally done and dusted? In my opinion, I can see the correction lasting for another few weeks or a couple of months more. To address the first question of whether there will be a recovery, I would have to say yes based on history. If we look at the history of Bitcoin, we can see that there have been numerous bad crashes, much worse than what we’re witnessing right now. But the market always bounced back. So in my opinion, XRP will recover, and recover strongly.
Bitcoin has crashed numerous times since 2010, with corrections lasting for prolonged periods of months, followed by strong recoveries.
Why do I think XRP will recover? Because if a coin like Bitcoin, which is slow, has high transaction fees, isn’t scalable, and in my opinion is not very useful for the real-wrold, then XRP will easily recover. I believe from 2018 onwards, that the price of coins will be largely driven by utility. Only coins with real world use will survive. XRP has real-world use, and is already being used in diverse sectors of the economy:
|Company||What the company does||How the company is using XRP|
|MoneyGram||Money transfer||Piloting XRP for money transfer|
|Arrington XRP investment fund||Investment fund||Fund is denominated completely in XRP|
|West Coast Classic Cougar||Sells classic car parts||Accepts XRP payments|
|Selly||Digital retailer||Accepts XRP payments|
|Cuallix||Financial institute||Using XRP for US-Mexico cross border transactions|
|IDT corporation||Global payment provider||Using XRP to settle remittances and corporate transactions|
|MercuryFX||Global payment provider||Using XRP to settle remittances and corporate transactions|
|BiChip||Making next generation implant microchips with RFID and Data for humans||Implementing XRP into payment systems|
|FlashFX||Foreign currency transfers||Using XRP to transfer money|
The future uses of XRP are there and XRP is looking like a shining star! Real world utility and adoption are already here and ever increasing. This is owing to it’s groundbreaking technology – speed, scalability, low transaction costs. Spread the news, and if you’re already a big holder of XRP, or thinking of getting in, remember the value of XRP is increasing fast. So don’t forget to store XRP safely by using the popular and trusted Nano Ledger S Hardware Wallet.
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Disclaimer and disclosure: This post is my own personal opinion. I am not a professional financial adviser and am not responsible for your own investment outcomes. At the time of writing this post, I hold units of XRP.
Categories: Ripple XRP