Analyst Explains Why The XRP Price Downturn May Have Been Caused By The JPMorgan Coin

Since the beginning of April, the cryptocurrency market has been relatively bullish. The XRP price prediction 2019 became bullish when the price of XRP crossed the $0.38 level. Everyone believed that XRP price was going to cross the $0.40 level and continue surging higher against the USD. Unfortunately, the price of XRP quickly started dropping against the USD. It was stuck in a descending trendline for days and risked falling below the support at $0.30. XRP news at the time suggested that the price of XRP was most likely bottoming out in preparing for a major bull run. An XRP price prediction 2019 on smartereum.com placed the price of the XRP token lower by at least 50% before a bull run can commence. It wasn’t clear why the price of XRP was struggling but an XRP price analysis on NewsBtc suggests that the price of the token may be falling because of the JPMorgan Coin.

XRP Price Prediction 2019 – XRP News Today – XRP Vs. JPMorgan Coin

As suggested by the analyst, the downturn in the XRP price was because of the JPM Coin. How so? When JPMorgan announced that it was releasing a cryptocurrency just like XRP, there were many speculations about how this would affect the XRP price prediction 2019 and Ripple, the company behind XRP. Some people started referring to it as the “XRP killer”. However, the CEO of Ripple, Brad Garlinghouse, said that his company isn’t threatened by the existence of the JPM Coin. The cryptocurrency community doesn’t agree with Garlinghouse and the recent price action of XRP also says otherwise.

Taking to Twitter, many members of the cryptocurrency community suggested that the price of XRP is struggling to gain ground because of the increased competition from the JPM Coin. The thread started when a popular member of the cryptocurrency community called Crypto Dog said that JPM Coin is a strong competition for XRP. In his words;

“Not hating on this tweet, just genuinely curious: Why would any bank use a volatile currency like $XRP over a ‘bank approved’ stablecoin like JPM coin?”

Another popular trader called Harry replied to Crypto Dog saying;

“JMP [sic] coin likely only has value on its own network, moving money between networks will require something different, maybe interledger, maybe $XRP but let’s assume it will be something without any counterparts.”

XRP Price Prediction 2019 – Current Price Of XRP – XRP News Today

At the time of writing, XRP was still underperforming the entire market trading at $0.327801. This means that it is up by 0.51% against the USD and down by 4.58% against the price of BTC. The trading volume over a 24 hour period is $1,156,328,744 and the market capitalization is $13,769,278,357. The price has been unable to leave the current trading range between a support at $0.28 and a resistance at $0.38. It is a little above the weekly low of $0.31. One more pull from the bears and the price of XRP will lose the resistance at $0.32 and $0.30.

XRP (XRP) Price Today – XRP / USD

Name Price24H (%)
XRP (XRP)
$0.398286
0.85%

What do you think about the XRP price prediction 2019 and the current price of XRP in our XRP news today? Is the JPM Coin responsible for the current XRP price action? Share your thoughts in the comment section.

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