According to Ripple’s Q4 report for 2018, Ripple sold $535.55 million worth of XRP in 2018 so we are taking a closer look in the report in today’s altcoin news.
The report notes that the sale of XRP tokens in Q4 2018 was close to $130 million which is approximately 0.24 percent of the global XRP volume. The average XRP daily volume for Q4 2018 was close to $585 million and it is the highest level since the first quarter of 2018.
3 billion worth of XRP was released during the Q3 in 2018 while 2.4 billion were returned. The report shows that the remaining 600 million XRP that were not returned to an escrow is now used in ‘’multiple ways to help support the XRP ecosystem, including the RippleNet Accelerator Program and Xpring investments like Securitize.’’
The high volatility of XRP led to daily returns up to 5 percent in Q4 which is the lowest value since 2016 Q4. In the last quarter of 2018 the correlation of XRP price movements that were ‘’returned to the elevated levels seen through the end of the first quarter of 2018 to Q3 in 2018.’’
Before releasing the report, the crypto analytics company Messari published their own report where it shows that the XRP’s market capitalization could be overestimated by as close to $6 billion. The report points out that the liquid circulating supply of XRP could be overestimated by 48 percent thus the actual market cap stands at $6.9 billion instead of the $13 billion reported.
Messari also noted that it is impossible to make precise estimates without having a disclosure from Ripple themselves which still hasn’t happened.
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‘’we’ve added more than 150 employees last year, at a time when I think others have been less focused on solving real world problems. There’s been a bunch of lay offs in crypto community over the past weeks.’’Ripple intends to work with regulators for more clarity and he wants to see the US becoming a leader in the crypto industry which will not happen without regulatory clarity. He also said that XRP’s value is north of $10 billion so this valuation for the IPO presents an opportunity for Ripple shareholders which will give the platform more flexibility to pursue deals such as their $50 million investment in MoneyGram:
‘’When I step back and think about it macro, I think it’s really healthy and constructive for the entire crypto blockchain community to see central banks and central governments lean into what can these new technologies do to make our economy more efficient, our payment infrastructure more efficient… so at large I think it’s really positive.’’
Ripple Has Room To Double As Technical Strength Grows
“Looking at XRP/USD on the Weekly timeframe, we can see that price broke out above trendline resistance from June 2019 a couple of weeks ago on strong volume, and has now found resistance at the prior swing-high at $0.36,” he said.In order for the cryptocurrency to rally past this resistance, it will probably require Bitcoin to see some further momentum. Patel said that he does believe XRP will ultimately see some significant upwards momentum and set a mid-term target with highs around $0.56.
“Volume continues to rise and I am firmly of the belief that dips are for buying, with the ultimate target being the high at $0.56 from June 2019,” he noted.Patel also explained that the cryptocurrency is right now "consolidating above its 200-day moving average" and a strong defence of its key defence at $0.27 could spark a new short-term movement to over $0.36 soon.
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Binance US News: XRP Is The ‘Future Of Banking Remittance Services’
- Their statement which shows that "Ripple has one of the largest and tight-knit communities."
- The fact that the Xpring SDK makes it possible for "developers to easily integrate XRP in their apps."
- Ripple's support for BRD's vision to make their wallet "the cheapest and easiest place to buy XRP."
- BRD was "impressed with the adoption of XRP for real use cases around the remittance, payments and cross-border banking initiatives."
"The BRD team has helped consumers on-ramp $6 [billion] worth of traditional currencies into digital currency, making them an ideal partner to continue the proliferation and adoption of cryptocurrencies like XRP to solve real-world problems," he said.Three days ago, the Binance US news coincided with these news and showed that the exchange is adding XRP support to its mobile app. The Binance news were taken well by many and the exchange called XRP "the future of banking remittance services" which was another compliment for the network coming from an authority in the field. https://twitter.com/BinanceAmerica/status/1227683795123556355 Launched in September 2019, Binance US is a digital asset exchange that is "powered by matching engine and wallet technologies" which are licensed from Binance but operated by the San Francisco based BAM Trading Services. The market situation for XRP is also good and the token is at $0.33 today with a 3.48% rise following all of these good news. The total (combined) cryptocurrency market cap, on the other hand, went above $300 billion a couple of days ago and is now trading at $306 billion.
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