I know, I know. Ripple is a controversy topic in cryptos. "It's not decentralized!", "Bank-scum!", "Cash-abolition!" and so on, and so on. But you know what? As a trader, I don't care about opinions. There are as many opinions on this planets as there are humans and none of them are flawless. As a trader I analyse a business and act according to that, to make profit.
So, why did Ripple drop that much for so long? Actually I don't know. For sure because Ripple is big in Korea and we had the kimchi premium issue + korean regulatory news, so a lot of panic was going on. Probably more panic than there should be. And by now I think this bad news are digested.
What does Ripple do? It's targeting the banking system to make transactions secure, instant and almost free. Through its xRapid technology the customer is able to transfer coins over the globe with no volatility. Basically the price of the coin is frozen when purchased intended to make a transaction via xRapid so the receiver gets the money without some coin volatility. Minus transaction fees logically. THIS is a real product. This is a transaction currency. What Ripple does here is building up a niche in Cryptos, and it is doing it good. It knows how to make real life business. It targets to erase the SWIFT system, used by banks, which has 31million transactions A DAY. You see where this is going?
On the chart we can see that this big down-trend was dissolved in a sideways consolidation which now has its final stage. The volume is very low, almost no movement, running on the support at ~0.877 for some time now. A up-trend-line on the logarythm chart is very close. Support is strong, the past down trend was dissolved with little Volume, just enough to run ontop of it, so an additional support. 3xSupport on one spot is always a good sign.
Do you think ripple is worth more than it is right now? I'm very bullish on that question. They do real life business; are accepted by most governments, so they work WITH the regulation; have not the volatility as btc(especially with xRapid); no ICO-mania like ETH. It is just itself, it is Ripple and it serves a niche with a lot of money. I'm very bullish on Ripple for a long-term trade and now might be the right time to go in. Are you with me?
Swift has rolled out its upgrade SWIFT GPi in response to xRapid and Banks preffer to upgrade there system then migrate to new one. Having said its only a matter of time than Banks eventually move on to xRapid as they are already testing it. I would give it one more year give and take.