Ripple’s token was moving against the market the whole day but in the end, it fell in the bear clutches as well. This nice run generated a strong delusion in the XRP community, with some even starting to call for “flippening” of bitcoin (they need mere $65 billion and they are the number one crypto).
Even though, the day was marked with XRP holders gloating about the performance of their token but it cracked under the pressure and start falling along the market. Right now, XRP is at $0.47, almost 6% down for the day.
However, XRP was the best choice to park your money for the last month or so as it strongly outperformed BTC and other altcoins. It is up more than 20% on BTC for the last seven days.
This is not an unprecedented scenario in crypto markets – every coin falls but one that is surging, at first. However, the bear wave gets to that coin as well and it drops as well, sometimes even heavier than the rest of the market.
The volume is low, market sees no new funds entering and even though Ripple keeps a constant flow of positive news around the project, it is still unrealistic to expect that this growth is sustainable.
As one XRP holder plainly puts it:
“while XRP does have an underlying use case (that does not yet have widespread adoption), the way the price is holding up at the moment is more a reflection on the weaknesses of all the other coins (BCH schism, PoW centralisation, increasing mainstream view that Bitcoin/Ethereum ICOs/cryptocurrencies failed to live up to the hype) and the fact that XRP is not affected by those same weaknesses.
It could reach 60-70c before the end of the year, but mostly that will be from people seeking safe harbour for their money, rather than reflecting true recognition of underlying value and utility. That’ll come next year.
Another way to look at it is money that is already in the cryptospace is flowing in to XRP (or out of crypto entirely). But that doesn’t mean new money from outside of crypto is flowing in to XRP, which is what is really required for XRP to take off.”
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