By Gaurav S. Iyer, IFC Published : December 4, 2017
Although Bitcoin, Ethereum, and Litecoin are trading at all-time highs, Ripple prices remain stuck in first gear. There are glaciers that move faster.
However, we believe that XRP is still on track to reach $2.00 in 2018. This may seem like blind optimism, but it is exactly the opposite.
Ripple is one of the only cryptocurrencies whose fundamentals are undervalued. If you doubt that, here’s a list of seven developments you may have missed:
- November 28: TechCrunch founder starts $100.0-million crypto fund with XRP
- November 22: Ripple launches payments corridor for Standard Chartered PLC (LON:STAN)
- November 16: Ripple opens a payments corridor for American Express Company (NYSE:AXP)
- November 13: Ripple hosts private New York meeting of central bankers
- October 16-19: Finance and tech leaders meet at Ripple’s first conference
- October 10: “RippleNet” hits 100 financial firms benchmark
- September: Ripple opens new offices in Mumbai and Singapore
This is a stunning list.
You can draw a straight line from some of the earlier developments to the later ones. The launching of a payments corridor for Standard Chartered is almost a direct result of opening an office in Mumbai and Singapore.
Moreover, financial giants like American Express and Banco Santander, S.A. (NYSE:SAN) are already using Ripple’s products to send value across borders. So why are XRP prices stuck at $0.25? It seems ridiculous.
We suspect that investors are simply failing to distinguish what makes Ripple unique from its competitors. This much is obvious because XRP prices fall whenever Bitcoin takes a hit.
Sooner or later, the market will mature. Investors will begin to differentiate, and that will put XRP prices on a one-way trip to the moon. And then, this timeline will look like a prelude to the real Ripple expansion.
Ripple Price Chart:
What’s Going on with XRP Prices?
At the time of writing, Ripple prices had fallen 0.88% against the U.S. dollar. This brought the Ripple to USD exchange rate to $0.253410. Meanwhile, the Ripple to Bitcoin rate fell 3.29% to 0.00002222 BTC.
A Brief History of XRP Trades
Investors swapped $140.19 million worth of XRP in the last 24 hours, which is not the highest or lowest we’ve seen in the last week. Therefore, it’s not surprising that Ripple prices didn’t move much on Monday morning.
Bithumb was the most active exchange for trading XRP. It accounted for 22.52% of total volume. It was distantly followed by Bitfinex and Poloniex, which accounted for 9.65% and 8.90%, respectively.
We maintain our $2.00 Ripple price prediction for 2018.
Also Read: Ripple Price Predictions 2017: XRP Price Could Cross $1 Mark by End of Year