As the weekend dawns upon the cryptocurrency industry, it remains to be determined if any real market price action will occur. Speculators and fans of the XRP price expect big things, albeit the market has remained rather docile for most of 2019.
Similar to most of the alternative markets out there, the XRP price chart has been rather unusual this year.
A Weak Year so Far
The year 2019 offered a glimpse of hope with XRP prices remaining near $0.35 and even surpassing $0.43 in July. At that time, Bitcoin also showed some returning bullish momentum, to little avail. It has been difficult for any market to sustain an uptrend, let alone return to some previous price levels noted throughout 2017 and 2018.
That in itself is worrisome, but all markets are cyclical. There will be ups and downs, as well as periods during which absolutely nothing seems to happen. It is the same problem all financial markets struggle with, and cryptocurrencies are no exception in this regard.
Following the July 2019 uptrend, the XRP price quickly reversed course shortly after. With the value breaking through the $0.4m, $0.35, $0.3, and even $0.25 support in the months to come, it appeared Ripple’s native currency was stuck in a free fall. Not the outlook that investors had hoped for, but it is a bit inherent to all markets that aren’t Bitcoin this year.
The opinions on Ripple and XRP will always be divided. Some see it as a banker coin, whereas others see merit in its potential to disrupt global money transfers. While cryptocurrencies are destined to “destroy banks” in the minds of some, Ripple’s approach has been the exact opposite. That too is a business model that can work for all parties involved.
Signs of an XRP Price Bounce?
As far as the XRP price momentum is concerned, there hasn’t been much excitement. Even today, the small increase in value isn’t triggering much excitement. It seems plausible to assume that the value will remain above $0.22, but a push to $0.23 or higher seems unlikely.
The XRP hopeful won’t be deterred by this price trend. Kyle Combs, for example, points out how the current XRP price is very similar to that in early December 2017. A few weeks after, its value had risen to $1.12. While such a scenario can certainly repeat itself, it would appear fairly unlikely given the overall market momentum currently in place.
— Kyle Combs (@Kylecombs68) December 7, 2019
A similar sentiment is echoed by CryptoDan. He isn’t too happy with people claiming how the value of XRP will go to $0. It is certainly one of the more actively sued digital assets in the real world, thus it will always have value to the right people. Some may argue it is well undervalued, whereas others would love to see it collapse entirely.
I like how people are saying #XRP will go to $0.
Right… because the crypto with the most use case and being used by banks and FI's will completely lose its value.
Literally makes no sense lmao
— CryptoDan (@CryptoDannnn) December 5, 2019
With plenty of trading volume to go around, the buy orders vastly outweighing sell orders on the top liquidity markets, it seems as if there will be an XRP price surge of sorts. However, the main exchanges driving the trading volume are not necessarily platforms most people will rely on. Some interesting action could take place today, but no one should expect any miracles.