By Gaurav S. Iyer, IFC Published : September 28, 2017
After several strong trading sessions, the Ripple to USD exchange rate moderated ever so slightly. It fell 3.87% to $0.193713, which shouldn’t be all that surprising.
Cryptocurrencies often rise, dip as some investors cash out their gains, and then rise again. It is cyclical behavior that long-term investors should take into account before putting their money in the sector.
Fortunately, the net result of this trend is usually positive over the long term. Ripple prices are up more than seven percent for the week and 2,870% for the year, which leads me to believe continued adoption of its technology will lead to further gains.
There are always massive swings along the way—including the recent slump caused by China’s spontaneous ban on cryptocurrency exchanges—but none of them can derail the long-run Ripple price prediction.
That is why we issued a bullish report on Ripple’s expansion into Singapore.
As a financial hub with openness to new technologies, Singapore is the perfect place for Ripple to forge new partnerships, run pilot programs, and source talent from within the banking community. It is a major catalyst for the currency forecasts.
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In other Ripple news, the currency’s trading volume registered a huge uptick on Wednesday, jumping from $70.0-million to $249.9-million. Contrast that with last week, when there was only $30.0- to $40.0-million worth of XRP changing hands each day. You can see the difference in the chart below.
Most of that volume is still coming from South Korean exchanges like Bithumb, Korbit, and Coinone. Collectively, the three exchanges account for 64.01% of all trading volume.
Our investment thesis for Ripple is simple:
- Blockchain will change the world.
- Enterprise blockchains will beat public ones. (Why? Because it’s easier to work with the banks than against them.)
- Ripple is the leading blockchain settlement platform.
Nothing from the recent slump affected these points.
It is simply in the cyclical nature of cryptocurrencies to have massive price swings, but data shows that holding through the downturns is a winning strategy. Therefore, we will maintain our bullish stance and preserve our $2.00 Ripple price prediction.