What started as a glorious year in the world of cryptocurrencies turned sour in mid-February as the prices started to fall at a rapid rate leading to one of the worst bearish runs since the advent of cryptocurrencies. XRP in particular saw its price fall heavily as most of the 30000% returns gained in 2017 were quickly wiped off the charts as the coin dropped from an all-time high (ATH) of $4 across some exchanges to below $0.25 USD in mid-August.
The start of 2018 saw the cryptocurrency field experience the greatest soar in prices amongst current exchange traded assets anywhere in the world. A magnificent feat no doubt. But as some enjoyed the huge returns on their investments, a number of people were buying at these astronomical prices. As they say, the rest is history. Investors of XRP, most of them chose to leave the coin during this period as the losses today total to a loss of 93% from its ATH.
However, with the increasing adoption of Ripple Technologies by Ripple Labs in financial institutions across the globe, and an uptake of the xRapid and xCurrent features, it seems only a matter of time before XRP can start to be taken up again to highs seen earlier. This is the hope the investors currently stocked up on XRP are carrying as we head to the end of the year. They choose to live with it.
XRP is not dead!
XRP experienced a short bullish run in September as its price increased by 22% through consecutive days for the first time since the mega bear run started. This caused a lot of focus from the mass media to the various causes for such a rise on a coin some had dismissed as dead.
The major argument against XRP seen from many of the critics is the ability of Ripple Technologies to survive without the digital asset as most bank do settle bank transactions without using XRP.
However, a question would arise, why should Ripple Inc. continue holding the digital asset if it is of no use? They are not the creators of the coin hence selling off XRP, especially during the bull run, would make more them some profit. If by any chance Ripple Inc. integrates XRP to the technologies, the digital asset will no doubt soar.
Is it possible for centralized banks to accept XRP in its transactions?
While the issue is still a hot topic across governments and central banks worldwide on accepting cryptocurrencies, XRP may find a leeway to start its gradual global adoption. Countries like Cyprus, Malta, Seychelles and very recently Singapore are taking a very friendly view on integrating cryptocurrencies with the countries seeing a number of cryptocurrency firms having moved their offices to these countries.
Ripple Inc. was in talks to relocate its offices and servers from the Silicon Valley which would be a big step in ensuring regulation does not get in the way of XRP’s integration to xRapid. If they move to a friendlier country, XRP will definitely have a chance to integrate the banks of these countries which would bring massive swing of stance to most of the other central banks across the world.
Will XRP ever be king in the cryptocurrency world?
Every cryptocurrency wants supremacy and that’s the fact of things. It however will need to wait as Bitcoin’s dominance does not seem to be fading away anytime soon as the 39% dominance seen at the start of the year has increase to 53.5% today, even as the number of altcoins increased significantly during this period.
With XRP having dethroned Ethereum at some point at the start of the year and more recently in September, the investors started to believe in the coin actually taking the top spot. Bitcoin will be outdated at some point in its lifetime as the platform gets slower and slower as scalability problems affect the throughput of the network. Ripple remains one of the fastest transaction platforms and with the world moving towards blockchain technologies, XRP has a chance to edge out BTC.