In my opinion Ripple is still undervalued compared to Bitcoin and Ethereum. Why? If you put the value of Bitcoin in relation to its circulating quantity and you compare this as an index with Ripple, the price of Ripple compared to Bitcoin is 12, if Bitcoin would be 100. The Index of Ethereum is 38, just for info. This could mean two things: Bitcoin is overvalued compared to Ripple or Ripple is undervalued compared to Bitcoin. I guess both are true. But Bitcoin is the main currency, it cannot be overvalued in this model, because it defines the price ratio. However, this means for Ripple that the price could rise, if only to compensate the undervaluation.
Ripple is a blockchain application for financial service providers and banks. Ripple connects them and companies to send money globally. It is more a competitor to SWIFT than to Bitcoin. Many friends of decentralized cryptocurrencies have a problem with Ripple because Ripple is for banks. By the way I am a fan of decentralized cryptocurrencies and I am convinced of Ripple technology. Both is possible. This means Ripple can exist alongside Bitcoin and Alts. But it is still interesting that the price of Ripple follows the price of Bitcoin. It can be assumed that Ripple will uncouple itself more from Bitcoin as the leading currency, but not in the coming months.
The performance of Ripple was not really good in the last few weeks. Too much action with BTC. But I think we saw the lowest low. A down to 0.10 USD is technically still possible, but the support at 0.15 USD is very strong - as we have seen. So this should indicate the confirm of the trend reversal. An up to 0.60 USD until the end of the year is possible.
Let's see what happens. Happy trading. :-)
See also:
Chart Aug 20
Chart Jul 23
Chart Jul 11
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in addition: close-up (8h) of the current situation
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ripple on track ... update chart 8h
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current close-up, just for info:
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current update... everything depends on the development of bitcoin at the moment, although ripple doesn't really have anything to do with it. it is a completely different technology with a completely different mission. just for info. also looks at my post to btc.
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update ... ripple on track. dashed line works.
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addition: i meant the dashed long term trend line from the main chart
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Ripple touched Fibo 0.5. Next step on the way up to the solid trend line (0.225 USD).
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New Chart ... Ripple/BTC
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ripple (8h) update. close up current situation: on track.
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no news on ripple. is on its way.
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Ripple/USD (1d) update: positive trend continues.
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Ripple/USD (8h): Convincing development. Ripple broke important resistance.
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ripple update (8h): currently we could see a test of the broken resistance lines. if this goes well, the way up should go further.
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ripple/USD (8h) update: ripple nails just the middle line of the bollinger band. let's see where this goes.
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ripple/usd (8h) update: back on track
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ripple/usd (1d) update: let's see if this is a bull flag. and whether torronto will be a success. so it should go further up.
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ripple/usd (8h) update: we broke the bull flag upwards. let's see where it leads.
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rippleusd (4h): swell is starting ...
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ripple/usd update: the bottom could be near ...
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ripple/usd update: current situation - near support line
A gentlemen made an interesting point on my Ripple thread earlier this week reminding us that XRP is not really a currency, but more of a digital asset. it is useless outside of the Ripple protocol. So it is interesting that it is so closely correlated to BTC. This gets complicating, but If BTC is mainly paired with USD, when BTC goes down, its Correlation with the USD goes up, if there is enough pressure on USD it could effectivly cause XRP/USD to go down thus mimmicking BTC. I use to trade currencies and I would see correlations like that all of the time with cross pairs.
BTCINVESTING
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@Netrunner, That's an interesting point. I think there's a lot of truth in that. Nevertheless, the correlation between BTC and Ripple is currently strong. Let's see how this works in the future. Thx for your comment.
@nergissanalsactasarimmerkezi, With the current supply, that would put the total market cap for Ripple to over $3.8 trillion dollars. if the supply expands, then it would be even more... I'll leave it to you to figure out how ridiculous that idea is.
BTCINVESTING
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@jewbacca, that's a good thought. thank you. here my short answer.... it is so that only a part (40%) of all ripples are traded on the market. the rest are held by the owners to use them for transactions. on the other hand, parts of riple (0.00001 XRP) are burned per transaction. another point is: measured by the amount of ripple, the price of ripple is only 10% in relation to the amount of bitcoin. in my eyes, it's an undervaluation. Let's see where the price of ripple ends. :-)
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@btcinvest.de, I completely agree that Ripple is undervalued at the moment. I was just telling the guy above who thinks that Ripple's going up to $100 by 2020 that it's damn near impossible for that to happen. :) $100... no way. But a 300-500% gain sometime in the next 6 months seems very possible!
BTCINVESTING
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@jewbacca, great, that's clear now. I agree with you. thx for your comment.