XRP gains +13000% in 2017

XRP is one of those crypto currencies that seem to annoy many of the original bitcoin and block chain investors.  It has been shilled for being geared towards banks and has not seen the level of price movements experienced by other crypto currencies.

I have been following XRP for some time now, in fact it is the coin that got me interested in Blockchain.  As a non-crypto no techie person, the gains made on bitcoin got me interested in crypto, but I was lost on Bitcoin because I could not see the use case.

That’s when I found XRP and Ripple.  Ripple the company has a suite of products aimed at banks that speed up the transfer of money around the globe and also reduce the cost of transfers.  Behind these products are the coin XRP.

The chart above plots the daily close price as per Coinmarketcap for XRP.  In May the price of XRP increased to $0.40 as it was added to a number of exchanges, and from then has traded between $0.15 and $0.30 until recently.

Keeping a relative steady currency is in favour of Ripple as they expand their customer base with their product offerings. It would be difficult for banks to use Ripple for cross border payments if the currency fluctuation is too much.  There would be fear with bankers that the payment could cost them a lot more XRP in the end. 

Ripple the company owns a substantial amount of XRP.  So much so that many would consider XRP to be a centralized currency.  This however has allowed Ripple keep the price of XRP steady during their product roll out phase.

On saying that, XRP has seen massive gains this year going from $.006 to $.86.  That's more that 13000% in a year.  And people shill XRP lol...... 

In December, Ripple locked up much of the XRP they hold, and will release a certain amount into the market each month over the next few years.  This added confidence to the market that serious amount of XRP would not be dumped at any stage

On the 15th Dec XRP reached a price of $0.86, following a bull run on altcoins.  Using Elliotts wave theory, I decided to see if I could find any possible wave patterns in the price that might be formatting.

The first wave pattern below starts with a price of $0.24 and increases in $0.86 in wave 1.  If this pattern is forming we are now in wave 2 heading down to a price of $.49, however after this we are  looking at XRP peaking in wave 5 at $1.71 before settling after correction at $1.39 around 20th Feb.

Crypto currencies have been very volatile this year, however XRP has escaped much of the volatility.  It is very hard to say with any positive conviction that the wave patter above will follow through. January has traditionally been a quite month in crypto currencies.  The speed of adoption of Ripple and its products, will play an impact on the pricing. Adding XRP to additional exchanges will also play a part in the price changes.

It will be interesting to see how XRP plays out in 2018.  What are you thoughts and feelings on it?  please do comment below

Please do not take any of this as trading advice.  I am not a financial adviser and have no experience in trading crypto currencies. Only ever invest what you can afford to lose and always remember, your investment can go down as well as up.

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