Is the price of XRP at the right level to buy as we head towards the close of 2018? As one of the most talked about cryptocurrencies of the year, bears and bulls have come into and out of the market repeatedly throughout 2018. Looking at the latest XRP price chart, a base around $0.46 appears to have formed. Despite trading above $0.48 for a brief period in the final days of October, a correction has seen the XRP price in dollars average out just shy of $0.46. Indeed, in tracking the XPR price live, support has grown around the upper end of the $0.45-mark.
XRP Price Remains Attractive
At this stage, the token powering Ripple’s payment systems will need to show a few more breaks into the $0.46 range before it can establish a solid base and mount a charge towards $0.50. However, given the latest trends, anything around the $0.45 price point seems to a solid bet moving into November. If that proves to be the case, the price of XRP on October 30 is worth paying attention to. As shown on the daily XRP price chart, the coin was trading within the $0.44 for much of the day. For short-term investors, that’s the sort of level that would suggest it’s time to buy XRP.
Of course, as has been the case for much of 2018, anything can happen. However, there does appear to have been a significant shift in the perception of XRP in recent weeks. Prior to October 1, the token’s potential had only been proven in theory. Despite reports that Ripple’s xRapid was performing well in private tests, the public at large hadn’t seen its true value. However, with the crypto-based payment platform now live, XRP finally has something tangible to fall back on. Even at this early stage, this appears to have stabilized the price of XRP and given bulls a reason to enter the mix.
xRapid May Not Unlock a Price Rush
For those pinning everything on xRapid, caution should still prevail. While the signals seem to suggest now is a good time to buy XRP, we don’t know how well xRapid will be received. One potential stumbling block is the fact that Ripple’s xCurrent is already being used by major banks to lower international remittance costs. Unlike xRapid, this cross-border payment platform isn’t powered by XRP. Therefore, if banks opt to integrate this system with existing technology such as SWIFT, it could lead to the demise of XRP. What’s more, there is still the issue of XRP being defined as a security. Although reports suggest the Securities and Exchange Commission (SEC) is going to rule that it’s not, the coin is still in limbo.
An unfavorable result in either instance could see the price of XRP fall as we head into the new year. However, on the flipside, positive results could build on the progressive this digital coin has already made this year. On balance, the technical analysis in conjunction with the innovations surrounding the token would suggest buying XRP is +EV right now. However, as we’ve seen with this cryptocurrency before, it’s also wise to err on the side of caution.
*Information in this article should not be taken as investment advice.