While BTC has had a massive rally, alt's have been left in the dust. In particular is ripple, XRP/USD. Ripple has been getting a lot of buzz lately but where is the buying pressure with all the buzz it's getting? The first thing to realize is that XRP just released 314 million of XRP from escrow, or about 1 billion ripples. That needs to be dumped on the market to raise cash for the parent company. That's a lot of selling pressure to add to the already mounting selling pressure that XRP has been facing. While BTC has had massive rebounds, XRP just hasn't or the rest of the alt's for that matter. But XRP has been particularly bad.
If we zoom out and look at he really big picture we can see that ripple has been creating lower high's for quite some time (see my previous idea). If we zoom as this idea indicates the prospects do not get much better. Until we have a solid clean break of 36 cents, we'll head down.
@MagdyEl-Nidany, Maybe? 15-16 cents is more feasible at this point I don't know about all the way to .08 though, we'll have to see
monguilhot
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WOW... XRP FAT fingers... to $0.10? 0.15? come on!!!
Sherem
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@monguilhot, They are releasing 314 million worth of XRP on the market. That's roughly 1 billion xrp that's got to be dumped, maybe more now that the price is lower! Look at this last move, 30 to 25 cents in minutes! 15 cents is where we are going
I think XRP coin price is being held more or less stable to prove to bankers that it is a "stable" basis for their transactions. XRP is going for IRL use cases not looking for exchange price increases. Banks don't make returns on XRP price it is a utility for them so a low stable price is best for them. However, they also hold a lot so a downward price move will mean they have to buy more on the exchanges to cover their transactions. I think demand will eventually push price much higher but IMHO you won't see big fast swings either way.
stell_s1
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Where we can see this release of 1 billion ripples, any link to chain or?