Why is XRP not growing?

April 24, 2019   XRP

Why is XRP not growing despite the company's success?


Cryptocurrency assets traded yesterday in different directions. Bitcoin has grown significantly to the resistance of 5600 dollars, Ethereum has reached 173 dollars, and the price of XRP fell to the level of 0.3230 dollars. The total capitalization of the cryptocurrency market increased to 184 billion dollars. Bitcoin has grown since mid-December by 75%. At the same time, the Ripple token (XRP) showed an increase of only 15% over the same period. Why is the cryptocurrency is not growing, despite the many successes of the company Ripple to attract new partners?

A range of crypto experts suppose that as support from the World Bank and the IMF continues to grow, Ripple’s business, as a company, will surely improve, and holders of XRP coins will have the possibility to make good profits. In theory, this may be so, but the mood of the XRP community suggests otherwise. Many crypto enthusiasts argue that Ripple and XRP are fundamentally different things with a minimum of common features. It is obvious that cryptocurrency investors should distinguish between Ripple and XRP clearly in order not to get into the trap, hearing about the Ripple's success, and buying a cryptoasset XRP. XRP is a digital financial asset that is being traded on its own. And Ripple is only a company, developing the XRP software, that owns a large amount of XRP coins. This clearly dictincts Ripple and XRP as two separate structures.

Bitcoin reached a five-month high and added about 8% over the past seven days. The growth of quotations was accompanied by a significant increase in trading. The market capitalization of the main cryptocurrency is now 98 billion, the dominance index is 53.2%. The largest cryptocurrency exchange Binance reported yesterday about the successful migration of Binance Coin tokens from the Ethereum network to its own blockchain. Tokens of the previous standard can still be credited to Binance, after which they will be automatically converted to the new standard. It is noteworthy that the price of Binance Coin did not react to this event, moreover, the token slightly decreased following the results of trading on Tuesday.

The Financial Services Agency of Japan began an unscheduled check of two cryptocurrency exchanges for compliance with customer protection and law. In addition, the regulator examined the application of measures to counter money laundering and found them insufficient. Earlier, Japanese police said that the country has increased 10 times the cases of money laundering through cryptocurrency. In the near future, the Japanese regulator will check other cryptocurrency exchanges in the country.

In our forecast for today, we assume further Bitcoin growth to the levels of 5630, 5650 and 5680 dollars, strengthening of Ethereum to marks 175, 177, 180 dollars, and the restoration of XRP to the levels of 0.3250, 0.3280 and 0.3300 dollars.

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