Is the Ripple [XRP] Coin an Over Hyped Market?
Members of the public have given various opinions regarding XRP. Many individuals are anticipating for a brighter future resulting from the launch of XRapid product and the holding of the Swell 2018 meeting.
The two issues have attracted the attention of the main stakeholders within the online payment business. As a matter of fact, they are hopeful that the new product will improve service delivery in this industry.
However, the investors must be careful while trading in this market irrespective of the improvements witnessed. A recent survey done in September 2018 reveals that XRP is the best cryptocurrency in the industry. Such a declaration is expected to attract a huge number of investors who anticipate in investing this particular product.
Reasons for Believing the Information
There are high chances that what happened in the past might still occur again. Most new people in the cryptocurrency business may not be mindful of XRP rose. It is expected to increase its value before the end of January this year. That value is expected to grow to $3.84 within the same period. Later, it will decrease in value by a very high percentage although it is gradually recovering its lost value.
Analysis of the Existing Competition in the Industry
XRP is experiencing stiff competition from other players in the industry. The company has responded by introducing new products in the market. Currently, the corporation’s main competitor is Steller lumen. It has developed appropriate procedures that will assist in improving its update.
The company recently moved services closer to clients by decentralizing its exchange. Most of these businesses have a centralized form which proved to be unreliable in the past.
Both XLM and XRP are closely associated with each other. The increase in the price of XLM has an effect on XRP investors. This is because the two foundations have similar goals that they intend to achieve. The two foundations anticipate offering better payment platforms for their clients. Another reason is offer alternative saving tool for the unbanked individuals all over the world.
The traders’ sentiments have a big influence in the market. This is the reason why there is high unpredictability in the digital market business. The public comments currently favors XRP since it has a chance of gaining and becoming more stable. Therefore, these products might be more attractive to the potential investors.
Any further swing can also lead to the reduction in price and the trading volumes. Most of the shareholders might experience huge losses resulting from a drop in the market price of XRP.