If there’s anything that the cryptocurrency market has shown over the past years, is that it’s full of hope, surprises, and the certainty of uncertainty. The market’s volatility could flip sides and make you a millionaire within hours and likewise, can it make you lose everything you’ve invested within a split of a second.
The crypto market can be a little tricky at times, and having to know the right spot to hit in the market makes it even scarier. Many new investors are putting their money on the relatively lesser-known currencies with strong foundations to make them rich when they start performing on the market. That was the idea of XRP holders when they opted to take a chance on the digital currency some years back in hopes of it repaying them in many folds. Well, the journey has been a bittersweet one which has had many investors thinking if the digital coin is still worth all the risk.
Ripple’s XRP started on a very bright note and showed this massive potential of becoming a top coin with intrinsic value to the crypto market. Its glowing self-endorsement attracted many investors who fell in love with the coin and decided to take a chance with it.
The digital currency didn’t disappoint and started making its way up to the top of the crypto ladder. Even though the coin was picking up pace, many investors and experts were still waiting for the “moment” when the currency will show the world a glimpse of its capabilities. Well, that time finally arrived in the first week of 2018, growing more than 1000% in value within a month, and hitting an all-time high price of $3.84.
Analysts at that time, outline a sustained momentum and recent announcements as the major factors which fueled the currency’s gains and with Ripple having so much in stock at that time, its projected future couldn’t be any better.
Fast forward, the digital coin has got stuck in the dark and only exhibited a pale version of what it used to be. With abysmal performance on the crypto chart last year, investors were hoping this year would be better.
Well, the digital coin this year hadn’t shown anything promising and took a big hit last week when its value tumbled to $0.29 against the U.S Dollar, which was a new swing low.
The digital coin has seen bearish trends for the majority of the year, and even though it has managed to move above $0.32 level this week, which by the way has been its resistance level for the most part of the month, there are still doubts about its projected growth.
What makes the notion of Ripple being a ‘bust’ this year even stronger, is the rate at which they are attracting institutional investors and still failing to live up. The digital coin within a few months has seen a new office launched in Zurich, Banking giants attempting to create “Ripple Killer,” SBI Holdings looking to enable in-store payments with XRP token, as well as American Express confirming its use of Ripple’s xCurrent.
With all these developments, the coin was expected to gain some momentum and now investors, as well as experts, believe that the digital currency may have lost its mojo and still opting to make financial gains off it could prove to be costly.