The price of XRP, the cryptocurrency of Ripple, just won’t rise. And that despite the high expectations in the run-up to the Swell conference on 6 and 7 November. Despite all social media posts, the price of XRP remains around $ 0.29 (26 or 27 cents).
Expectations not fulfilled
The Swell conference is accompanied by bizarre price forecasts, even 8 dollars per coin were possible. But XRP just can’t get close to the annual high of 0.47 dollars (0.42 euros).
XRP is currently trading below the level of January 1, 2019, when the price fluctuated around $ 0.35 ($ 0.30).
The XRP-army tweet is only too happy to #xrpthestandard. By this they mean that the currency claims a use case within the current financial system and banking world. And maybe even the new world can become reserve currency.
US national debt is now $ 23,000,000,000,000
The need for a new world reserve currency is bigger than ever. @ RippleS $ XRP sacrifices:
Total supply 100B to provide liquidity.
Extreme scalability.
Inexpensive to use.
Super fast transaction & settlement times.Retweet for $ XRP!
– Crypto Sham (@CryptoSham) November 3, 2019
Many transactions
XRP has not been able to break through that $ 0.30 resistance for some time, not even with more transactions on the network. At the end of October there were a bizarre number of transactions, normally there are around 720,000 a day, but that rose to 1.6 million transactions. In the past three months, not as many transactions have been done as now. However, the sudden peak may have been caused by a coordinated activity related to Ripple’s Swell conference.
Data from bitinfocharts.com
Escrow to Ripple
In addition, every month 1 billion XRP from a sort of savings wallet is moved to the Ripple wallet. These can be spent at will, but usually a large part is sent back to the savings account (escrow). That was also the case last time, no less than 400 million XRP were returned. On average, 200 million coins are issued or sold per month via this route.
In June, Ripple bought many shares from MoneyGram. This was then accompanied by a price increase of 9%. But even this has not saved the course this year. And if you compare the performance of the price of XRP with that of other large and well-known cryptocurrency, then you can only conclude that the growth is lagging behind.
It is certainly not the fault of the community. They remain enthusiastic by tweeting and creating content. The Dutchman Zerpenator, for example, made The XRP DROP, a peek into the kitchen of XRPL Labs.
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