Ripple (XRP) is perhaps one of the most controversial currencies in the market, which is mostly due to the numerous allegations that Ripple Labs, the company standing behind XRP currency, is centralized.
XRP (XRP) Price Today – XRP / USD
Price 24H (%) -2.8%
However, with all these allegations negated by the company’s representatives, as well as having the lawsuits on this subject ruled out in favor of Ripple Labs and XRP, XRP can turn to a different focus – progressing in the market.
We have had a chance to see XRP in an extraordinary bull run in the period when the representatives announced xRapid to be released as a regular financial tool for banks and financial institutions, where the currency “easily” doubled its price in the course of several weeks.
But, XRP is caught up in a dip once again. XRP is not in any way an isolated case in this scenario as the majority of cryptocurrencies, including the top ten list of digital assets, is dropping relentlessly.
This case calls for an action, but also poses a question: will XRP rise again?
Is Ripple able to bounce back up in 2019?
Will XRP Rise Again? Can Ripple (XRP) Reach the $1 Price in the Following Months?
XRP had doubled its value in the market in around 6 days, which was marked as an extraordinary progress, originally driven by the announcement on the xRapid release.
This product, xRapid, is the only product designed from Ripple Labs that actually needs XRP in order to work, so it is no wonder that the hype caught on, driving XRP to the new heights.
Within this bull run, and despite all the dips that came on afterward, XRP is marking over 127% of gains in the course of the last year, as XRP is also showing a positive return , going up by nearly 38% against the dollar.
The obvious positive return in the value of XRP is what might drive the currency up and make XRP rise again in the following months.
In case XRP would encounter an increased adoption, although it seems that the progress of this crypto is slowing down at the moment, XRP might even reach a symbolic price of $1, in accordance with the price momentum noted at the end of 2017.
Independence of Ripple’s XRP
As per the recent second quarter 2018 reports for its cryptocurrency XPR published by Ripple2018, the report, sales of Ripple XRP tokens were a “drop in the glass” compared to the total XRP market.
According to the report, Ripple sold $ 75.53 million in the second quarter in total. Of this amount, the company sold $ 56.66 million through programmatic sales, which amounted to 0.125 percent of the $ 45.350 million in Ripple sales throughout the second quarter.
While Direct sales equaled 16.87 million, made with XPR, the subsidiary of Ripple II, LLC, a registered and licensed money service business (MSB).
The reports also highlight the low volatility of XPR in the second half of 2018, channeling a 9 % drop in prices in line with the drop of Bitcoin by 8.2 percent.
What do the reports say
Also, the report covered the custody activity, stating that 3 billion of XRP were released from custody contracts in the second quarter, while 2 billion of XRP were placed on new custody contracts.
The previous year 2017, Ripple placed 55 billion XPR currency in an encrypted custody account, which indicates that the could only access the remaining 13 percent of the total outstanding XPR now. Ripple said that the 300 million XRP left in custody had been used to support the XRP ecosystem.
The report also mentions some new entrants to the XRP ecosystem in the second quarter, including the Coil micro-payments application, and the SB Projects content monetization platform. The company also noted how both the new entrants are supported by Ripple’s Xpring initiative only, which is solely responsible for partnerships and mergers with companies and projects ” run by proven entrepreneurs’ as well as new endeavors.
The report stated how the fall in the price of the XPR token was in sync with the general trend that the crypto market had been following lately, relating to the fall in the overall market capitalization of all the cryptocurrencies. Falling from $ 603.7 billion in January 2018 to $ 254.7 billion in the mid of the year. Regarding the general market in the second quarter, Ripple emphasized the independence of Ripple’s own XRP. The report notes that Ripple had its best quarter in the second quarter in terms of signed clients:
“It is also important to note that although Ripple had the best quarter of its history in the second quarter (in terms of signed customers), the price of XRP continued to fall with those of other digital assets, underlining the independence of Ripple’s XRP. ”
XRP, the third largest cryptocurrency by market capitalization so far, reached its historic high of $ 3.81 at the beginning of 2018. At the time of this edition, the token is trading at $ 0.46, falling almost 10 percent during the last week, according to Cointelegraph’s XRP price index.
Which Factors Could Drive XRP to Rise Again?
In case the market reflects even a partial success of the last year’s bull run when there was a mass rebound that led to the crypto market reaching all-time highs, XRP could easily pick up the value of one dollar per one XRP.
Back in December of 2017, during the second week, XRP was valued at 0.23$, however, in the course of only three weeks by the beginning of 2018, XRP was marking its record price of over 2$.