The only crypto that hasn’t dropped with 50% or more during this bear market is Ripple (XRP). Today we take a look at why Ripple is standing strong in the current bear market and if it’s a good buy.
What has been going on with the market?
The last month has been very stressful for the crypto community as the price of Bitcoin has plummeted from $6 500 to $3 400.
Click here for Bitcoin’s updated price.
But the strong hands are looking forward to February 2019 for the SEC’s decision on the ETF as well as the launch of Bakkt. Through all the madness, Ripple is the one crypto who has really been standing strong. In the past month, the price of Ripple has been stable and has gone up with 11.04%. Those who have been hodling Ripple instead of Bitcoin, have managed to secure and protect their funds.
What is Ripple?
Ripple (XRP) was launched in 2012 and is meant to support financial authorities and organizations across the world. It aims to introduce its blockchain technology to simplify payment processes as well as currency exchange and remittance amongst others.
For more, read Bitmart’s blog on Ripple. Click here.
Ripple in the news
Recently Ripple has been making headlines. It was announced on 7 December that Coinbase may be listing the XRP token soon. The R3 blockchain software firm announced that XRP will be used in its new universal payment settlements platform called Finextra.
Korea’s first blockchain-powered mobile payments app has also recently been launched. The platform called Cross, makes use of Ripple’s xCurrent. xCurrent aims to reduce transaction costs whilst increasing transaction times.
An independent developer built an iOS implementation whereby users can send XRP tokens via voice command. You can now command Siri to send a certain amount of XRP tokens. The developer created a communication link between XRP TipBot and Siri. Even though the software was not developed by Ripple nor Apple, it’s a sign of the community taking a keen interest in the token.
General opinion on Ripple
In the beginning, the crypto community was divided on Ripple. Some claim it was a coin that is controlled by banks and is not decentralized. In actual fact, Ripple works towards strengthening financial telecommunication.
Currently, the general opinion on Ripple is that it has a lot of potential and is worth holding on to. Reason being it has real use case. It is said that should a number of banks sign on to use the xRapid software, the price of the token could increase significantly. The fact that XRP is holding its SATS position in the market, is a good sign of things to come. Another event that will also impact Ripple’s price is more big exchanges adding the XRP token as a trading pair.
There is no way of telling with how much the price will increase. In the meantime, be sure to get your hands on some Ripple and let’s hope for the best.