In spite of latest updates announced Ripple (XRP) price still continues to fall
Contrary to what was earlier assumed The Ripple project might perhaps not be ready with an instant solution on revealing international banking payment methods.
The Ripple (XRP) seems to be going back to square one, its market price has dropped yet again, this time to even below a dollar to $0.92 showing a familiar market descent. Updates which were earlier seen as a step towards progress have still not managed to change XRP’s bad fortune. XRP market price may be a victim of their own speculative logic in this case, and also seem to get hugely affected by automated bot trading.
XRP slid a net 13.4% this week, around 5% just In, the past 24 hours itself, the price of XRP saw a 5% drop sliding down to $0.90 Overall in this week the net value of XRP fell by 13.4%. Also, XRP was quite feeble while trading against the Korean Won, although the downturn against Bitcoin also cannot go unnoticed.
A minor group of Crypto enthusiasts says that XRP has no way of showing any momentous growth simply on the announcements of developments and potential use theory. They firmly believe that Ripple has been finished and since the fall from the December peak it will not rise high anytime soon
However, a majority of the people still haven’t written off Ripple just yet, but have clearly been showing a sense of discomfort since they purchased Ripple at its peak and hoping for it to reach at least $5 soon.
Mexican payment system Cuallix just recently announced they were implementing XRP for international money transfer specifically to the USA. This niche adoption was seen as a major achievement, However, it wasn’t meant to be as Ripple could not show any indication of overthrowing the current SWIFT banking payment system anytime soon. Thus it couldn’t materialize any further than the performing tests.
Ripple, perhaps being a classic example of a product launched too soon as it is in no way a complete solution. As a matter of fact, its network and ledger are also still a work in progress. Also one of the long-awaited services, xRapid, is still in the beta phase.
In a recent AMA on Reddit, the chief Ripple cryptographer David Schwarz stated
“It has only been a few months since the first working version. When you’re dealing with real money and rapid payments for enterprise customers, the reliability bar is extremely high. There are a lot of possible exceptional cases and you have to make sure they’re handled correctly. The margin of error is very less”
For the past couple of months, a lot of hype was created regarding Ripple. Now people are wondering It was perhaps overhyped. However, forecasts of a minor or huge price rises, which involves automated bot-fueled pumps, cannot be left out of the equation, And while a rising price make present XRP as quite an appealing cryptocurrency, the harsh truth is that the time of easy price growth may be long gone, and from a sophisticated point of view an investor should be prepared to face losses