The Ripple price charts have taken a tumble once again, but this time it might not be a bad thing. Looking at the Ripple price live on September 11, a 4.33% drop overnight had taken its value in dollars to $0.26. For those who invest in this crypto, that price point will look familiar as it’s where Ripple ended 2017.
Given what’s happened so far this year, the natural assumption is that XRP coins are set to remain in the doldrums for the next few months. However, others are less pessimistic. Writing for Digital Journey, Ken Hanly believes the current price of Ripple might be a blessing in disguise. In his view, the low price might encourage more people to invest, regardless of any issues the project might be facing.
Is History Repeating?
Although investments don’t typically work that way, the analysis does have some merit. For starters, the crypto boom of 2017 was partly due to the low cost of emerging tokens. As Bitcoin’s price started to skyrocket, the rest of the market followed and that gave low-level investors a chance to get in on the bottom floor and make a profit. Another potential positive is the movement XRP made earlier this year.
Following a low of $0.24 in November 2017, the Ripple price in dollars boomed in January. With a two-month stretch, the value topped $3 and it looked as though XRP was on its way to challenging Ethereum for second spot on the crypto rankings. Of course, we all know what happened after that. However, there is clearly a historical precedent when it comes to cheap digital coins hitting an unexpected upswing.
If Cryptos Don’t Replace Fiats Its Good for Ripple’s Price
In tandem with the movements of the past, Ripple has been responsible for a number of interesting innovations in recent months. The platform’s blossoming relationship with American Express has given the project some mainstream exposure, while successful xRapid trials have shown Ripple has real utility. Another interesting wrinkle that could affect the price of XRP coins in the coming weeks came courtesy of CEO Brad Garlinghouse.
Describing the current debate regarding whether XRP is a security or not, Garlinghouse said that there is no point replacing fiats with cryptocurrencies. The process of replacing one for the other has been researched by Imperial College experts, but Garlinghouse believes it’s not necessary. The implication here is that Bitcoin et al aren’t worth investing in. In turn, because Ripple’s XRP token isn’t intended to be a currency, this is worth investing in.
Of course, there’s a natural bias here and others in the sector will disagree with Garlinghouse. However, if investors pick up on this, it could sway the market and save the Ripple price charts from any further downward trends.
*Any information in this article should not be taken as investment advice.