Ripple (XRP) – The International Monetary Fund, also known as the IMF, has hinted at a situation where there is global coordination on cryptocurrencies. According to the IMF, the FUD and uncertainity pertaining to Cryptocurrencies is a risk to the entire global financial system. I believe these statements come after last week’s crash that was sparked by the comments of South Korean financial regulators last week. What then proceeded was a total blood bath in all the cryptocurrency markets.
IMF Spokesman, Gerry Rice in a statement last week emphasized the need for more international discussion and cooperation among regulators.
Putting in mind the earlier statements of the Institution’s Managing Director, Christine Ladarde, which stated that Cryptocurrencies will give government issued currencies a run for their money, one can only deduce that this is a way of the IMF embracing the possibility of cryptocurrency being mainstream.
Such indirect endorsements of cryptocurrencies is what we have clearly been waiting for in the Crypto-Verse.
Hence why the current partnerships of Ripple (XRP) with major banks and money transfer services makes a case for XRP shooting up in value since the IMF’s two statements validate the existence and use of cryptocurrencies. These partnerships and use of Ripple software, pleads the case of proof of concept on a higher level for more than Bitcoin ever dreamed of.
In the case of Bitcoin, its value is derived by the aspect of being first in market in the realm of Cryptocurrencies and Blockchain. Also to hammer down this point, Bitcoin is only at its high price due to the speculative aspect of owning the coin. Everyone who buys Bitcoin, does it in the hope that some ‘fool’ down the line will buy it from him down the line.
Ripple not only stores value, it has real life applications.
For this reason, Ripple (XRP) could surpass The Moon and Mars.
In addition to the above, every financial analyst out there has pointed out the potential of Ripple replacing Bitcoin in the near future. With its fast speed, proof of concept, large coin supply that does not need mining and its loyal following by owners of the coins and the developers, it is only a matter of months before Ripple (XRP) pushes Bitcoin out from the top spot on coinmarketcap.com.
I third reason that XRP will probably leave our Galaxy in price this year is the current news that the South Korean government does not have the authority to shut down exchanges or even lay down any action against Cryptocurrencies. The South Korean government does not have any existing laws to issue any directives of that manner. In simple words, any statement from any South Korean official should be treated as FUD. Also, the South Korean citizens have initiated a petition to stop the government from banning Bitcoin and all cryptocurrencies.
With this premise in mind and the fact that the South Korean and Japanese traders are wild over Ripple, it’s price is poised to reach the much awaited $5 very soon and possibly $16 and beyond by the end of the year.
That will be a huge gain of the coin since its $0.20 price listing back in early December, 2017.
A third reason why Ripple (XRP) is soon to explode in the exchanges is because of the pattern it’s price chart is showing. From my perspective, Ripple is exhibiting a ‘Falling Wedge’ pattern. This is generally bullish pattern that signals a likely price break upwards. The wedge begins wide at the top and contracts as prices move lower. The price action is seen to form a cone that slopes down as the highs and lows converge.
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