Today's post is about a crypto asset which is very dear to me. Why you ask. Because this was my first foray into the cryptocurrency market. Ripple's crypto asset XRP has been as much in the doldrums as any other alt-coin. This has been despite the constant barrage of good news which the market is weirdly ignoring. If it were for any other crypto asset, we would have seen a humongous rise in the price.
Is there more to it than meets the eye. Why is smart money not moving into XRP since valuations in my opinion are extremely cheap. There is seemingly a possible overhang of the Ripple-R3 lawsuit. Smart money probably is waiting and watching to see in whose favor will the decision be upheld. To refresh, R3 were entitled to 5 billion XRP at a next to nothing price. If R3 wins this lawsuit, then there is a possible dumping of R3 on the market. That is enough to drive the price down to sub 20 cents.
In traditional technical analysis, there is a saying that 'Price is King'. Price is demonstrative of current sentiment and possibly fear of the lawsuit decision. However a different school of thought also is that this 5 billion dump by R 3 (if they win the case) is priced into the current value.
After all said and done, I am extremely bullish on XRP because this is a disruptive crypto asset for the banking industry. I am surprised at how short sighted the general public is and they are not able to see XRP's immense potential in driving the Internet of Value'. My price prediction for XRP would be double digits for latter half of the year. Remember that the move will be very 'SWIFT' (No pun intended.. LOL) and will take everyone by surprise, similar to what happened in December last year.
For now, it’s a wait and watch for the next move by XRP.