XRP Price Analysis Shows Steady Sideways Action Against BTC Trading Pair as Community Weighs In
All coins shrank alarmingly during the freefall in November last year. Most coins have since made small recoveries, while some have obviously outpaced others. As the first quarter of the new year rolls by many have observed a buildup of momentum that will hopefully aid in starting a bull run. One coin in particular that people have been eyeing is Ripple [XRP], especially in the next week or so. The coin has been making steady if minuscule progress.
XRP Prices On The Road To Recovery?
It is well established that the industry leader, Bitcoin drives the crypto market. An upswing in that coin sees most of the altcoins sway in towards green as well. In the past month, XRP has held steady around the 0.30 – .33 price band, and the last week it has hovered around the .31 mark. And sustaining this hardly seems like an issue.
However, the XRP/BTC pair would need to see some changes, for the token to make a real comeback. As of now, One XRP is valued at a little less than 8,000 Satoshi[ the smallest measurement of BTC], with no real changes expected anytime soon. Small losses of 0.35% recently usurped the little that the coin had gained, 0.12%, over in USD value. Thus it seems like the XRP/BTC pair is counterbalancing most XRP/USD gains, even as there is a concerted effort to thrust upwards.
The Community Takes:
This trend has not gone unnoticed and several enthusiasts, online, have been commenting on the current market trend. Perhaps unsurprisingly, the general feeling amongst the members is that of unrest, most wanting to see a market shift. This has led to a lot of chatter, for example about a flashpoint event that could trigger XRP’s bull run.
On the other hand, there are people who believe that the coin is already the world’s most liquid asset. A Twitter user, Neil J Duncan says
“The biggest likely correlated upward pressure on #XRP's price might come from people wanting to hold the world's most liquid asset. A psychologic reason might be both that you can convert it to ANYTHING else that you need instantly.”
It will be interesting to see if that happens. After all, while liquidity is undoubtedly important there is no direct correlation to actual value.
And then there are reactions of XRP “haters”. Not too impressed with Ripple, to begin with, these people have been arguing that the coin is likely to stagnate and even see a price reversal. However, as XRP/NEO noted, these assertions hardly seem to be based on hard facts, instead of depending on emotions. That hardly seems like a good barometer of the coin or the company's success.
Observing the current market trend, it does not seem a big upswing is very likely. Yet, neither does anything point to prices fluctuating in the negative. The coin seems to have hit an equilibrium, in the short term and seems like the current status quo will be maintained. This will be the case so long as the XRP/BTC is unable to break away. One hopes XRP can cross the invisible threshold that seems to be holding it back, soon.