It will appear the once tagged worst performing crypto in 2019 is beginning to find its feet. The coin under the spotlight is Ripple’s XRP. It is no secret that XRP didn’t start the year on a good note. The price of the digital asset is still down by 9.74% in the last 24 hours.
XRP price opened January 1 at the $0.35 level but eventually dropped to $0.28 by January end. After which XRP had a brief rally in the middle of February, only to close the quarter trading around $0.30.
XRP (XRP) Price Today – XRP / USD
Ripple’s XRP Began Q2 of This Year On A Good Note
So far in Q2 of this year, XRP has done well. The digital asset began the quarter in the best way possible. XRP, just like its fellow top 3 tokens, began this quarter in a good note. Cryptocurrencies like Bitcoin and Ethereum began well with XRP. XRP went up to $0.345 in only the first few days of April.
XRP has had its share of inconsistencies and bright spots. Now the coin has closed Q2 having gained 29% to the price it opened with, trading at $0,399 as of the last day of trading for quarter two.
XRP Lost Almost Half of its Market Dominance in Q2 despite Many Positive Developments
During the ongoing quarter, Ripple sold $251.51 million worth of XRP. Of this figure, $106.87 million worth of XRP was via institutional direct sales. In quarter 2 of 2019, XRP lost nearly half of its market dominance. This was inevitable despite the fact that the coin was packed with announcements of more adoption and partnerships.
One of such is that of Spanish bank Santander. The financial powerhouse announced that it was extending its XRP-powered international payments product One Pay FX to non-users. There is also Ripple’s expansion, opening offices in South America in Switzerland and Brazil, and the network’s partnership with MoneyGram.
XRP has a real Chance of Moving Over the $100 Mark
In Q3, we have already heard about Ripple’s partnership with MoneyGram. The funds transfer powerhouse is reportedly going live on the xRapid platform which uses the XRP token. Designed for enterprise usage, XRP gives banks and payment providers a trustworthy, on-demand option to navigate liquidity for cross-border transactions.
An uptrend appears to be on the way of XRP as a trader known as Credible Crypto points out how the digital token has managed to retrace its movement from the previous bull action, that was seen before BTC prior to the 125x upside surge.
According to Magic Poop Cannon, a crypto analyst, price-wise “there’s a clear path to XRP prices moving over $100, and $200.” We only need to watch for a support via the bottom of the ascending channel for confirmation later in the year. Once, it theirs a big bounce in that position, it is going to be game over the third-largest crypto by market cap is going to blast into a new dimension.”
Magic, an analyst who is extremely bullish on Ripple’s XRP says something more important than the price is the fact that the only crypto that is working hand in hand with banks and financial regulators. Currently, the XRP/USD pair is trading at $0.317 having made 24 hours gains of 0.86%. Magic says, XRP price is “coiling up right now,” and whatever way it breaks, will be “explosive.”