Why the price of XRP is not increasing?
We've been getting great and amazing news from the Ripple world but the price does not seem to go up. What is the main reason behind it?
What's happening in the Ripple world?
South Korea's Woori Bank is starting to test out Ripple for transaction which is great news and we have Cambridge which is another financial institution is also testing our XRP.
We have another payment provider Fleetcor which is also testing out XRP. I mean as you can see a lot of these financial institutions are testing out XRP. They're going shifting from the X-current to X-rapid.
But why Is the price of XRP not going up?
Yes indeed the price of XRP is not going up and this is one of those questions which I believe many will be asking. They keep saying look, so many companies and so many financial institutions are joining Ripple but the price is not going up, in fact, it just drops down every time something major is announced from Ripple.
No matter how good the news is, it just does not go up which is kind of sad and funny at the same time but it is kind of true. But we are entering into Market Stagnation Period where no matter how the good news is, the price would not go up.
There are a few reasons which can cause the price of Ripple XRP to jump up, and these could be:
- A very large financial institution which actually starts using X-rapid. I am not talking about a small financial institution but a large one such as Bank of America or any other larger Bank. If they start using XRP, the price could go up.
- If a large chunk of money from the equity market comes into the crypto market, the price may go up but right now that is not happening as we can see.
- If XRP becomes listed on Coinbase, we have a love-hate relationship with Coinbase but yeah it can actually cause the price for XRP to go really high.
If you have been following the crypto market you would already know about this, and that is I believe Bitcoin is causing the price of XRP to not really go high. A lot of money that was pumped into Altcoins is now being shifted back to Bitcoin.
06 February last month, when the prices of both XRP and Bitcoin reached it's lowest. But the prices gone up again and if you do the math, Bitcoin is increased by around 80% while the price of XRP has increased between 45 to 50 percent. So the money that was supposed to go into Altcoins such as XRP or other Altcoins is now actually being pumped into Bitcoin because a lot of people think that bitcoin is going to go really really high.
We have to look at the bigger picture here, even though the XRP is not at the price that you personally want it to be but it has actually increased from it's lowest point which was around February 06. Bitcoin is taking a lot of big chunk of the money from XRP and a lot of other cryptos out there but this market stagnation period might be over soon.
Note: These are my own personal opinions so please don't take this as a financial advice.
Thanks
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