Ripple price had an impressive performance last year. In fact, most of the price surge happened towards the end of the year after a long and boring price consolidation. Once the selling was exhausted, the price run up by multiple folds to offer its investors one of the Top returns in Cryptocurrency investing in 2017.
Our Ripple Price update will present our readers with an overview of what is happening right now with Ripple price from an adoption perspective as well as from a chart analysis perspective.
Ripple Price in 2018 set to benefit from new clients using its infrastructure
A very good question we got from readers after our last Ripple article was how do the client list additions impact Ripple price? Do they actually even have an impact on the price?
Big names in the banking and remittance services provide exposure to Ripple. As much as Cryptocurrencies are making more and more to headlines, the average investors let alone the non investors are not necessarily familiar with most Cryptocurrencies. They know Bitcoin Period. So these major associations provide Ripple (the company) a global exposure that leads to people finding out about XRP (the Cryptocurrency).
The direct impact on Ripple price comes from Buying / using XRP. So if investors want to quantify the projected use of XRP when they read these announcements, they need to see if the company in the release will be using their xRapid for the settlement of the retail remittances or the corporate transactions.
According to Ripple:
xRapid is a cross-border payments that uses XRP uniquely to offer on-demand liquidity, which dramatically lowers costs while enabling real-time payments in emerging markets. Built for enterprise use, XRP offers banks and payment providers a highly efficient, scalable, reliable liquidity option to service cross-border payments.
In a precedent-setting moment, Cuallix became the first worldwide institution to use xRapid — Ripple’s solution that utilizes XRP as a liquidity tool — to reduce the cost of sending cross-border payments from the U.S. to Mexico.
Cuallix was followed shortly by MoneyGram. Other companies using xRapid include Mercury FX and IDT Corporation. Western Union now confirmed piloting xRapid after previous testing with Ripple’s network. Other adoption news include both testing the Ripple’s network for cross-border payments by the UAE and Saudi Arabia. None of these two is using xRapid.
Ripple price at Crossroads in 2018: Further Upside or Consolidation ahead
Although it looks like XRPUSD might have formed a bottom on the chart, Ripple price is still in a heavy resistance area. While we maintain our Bullish outlook on the price for 2018, investors need to be ready to handle a possible price consolidation period. For now, the important level that needs to be crossed is the 1.20 to 1.25 USD with volume. Bitcoin’s performance is important for investors to watch as well since BTCUSD is acing as a strong sector leader.
It the price gets rejected at 1.20 USD, it will likely trade sideways in the 0.50 to 1.20 area.