By
Chimamanda U. Martha
April 18th, 2024
XRP is down 16% since the Swell event in Singapore. And though there are factors telling that it may go up again there are still a lot of doubts.
In what has been seen by many in the crypto space as a massive disappointment, Ripple Labs’ XRP token has fallen 16% to new lows since the swell event which held earlier this month in the Island Nation of Singapore. The token which has been seen by many to be one of the most innovative in the cryptocurrency basket has filed to meet the expectations for many factors some of which can be directly traced to actions by the parent company.
Firstly, the burning of 55 billion Stellar Lumens (XLM) by the Stellar Development Foundation has had a massive effect on other tokens especially XRP. The limited supply of Lumens has created a scarcity that raised prices. At the same time, the continuous release of XRP tokens from escrow by Ripple Labs Inc has also created an oversupply of the token thus ensuring that prices have remained depressed.
This, of course, has hampered the long-term prospects of the price rise of the token to all-new highs.
Like and retweet if you would like for Ripple executives to stop dumping #XRP so price can finally move up.
— CryptoBull (@CryptoBull2020) November 12, 2019
However, there are still people who are still quite bullish about the token’s prices. This has led to outlandish predictions which many consider being “out there”. And these folks also have the strong support of XRP fans globally.
https://twitter.com/BrumDogMillion/status/1193149275389284354
In all honesty, considering the current climate which has seen the token go to new lows, XRP may still go down to as low as $0.25 all factors considered. This, of course, may also reverse as the crypto space is topsy-turvy at the moment.
However, there are other ways this can play out as well. In terms of adoption, the XRP token has been one of the fastest adopted tokens and this has generated lots of interest not just in the token but in cryptocurrencies in general. With over 200 institutions on RippleNet and loads of partnerships, one would have expected that prices would have been riding to new highs but as of yet, there is no end in sight for the prices to be in the clear just yet.
One factor that could change all of this is the recent addition of XRP to the Coinbase card (powered by Visa) which is aimed at 29 European countries but can only currently be used in Bulgaria, Croatia, Denmark, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania, and Sweden. As we have already covered it in our articles, the card converts cryptocurrencies on-the-fly into fiat currency and can be used for just about anything.
Other cryptocurrencies that have been added to the Coinbase card include XRP, Basic Attention Token (BAT), Augur (REP), 0x (ZRX) and Stellar (XLM).
While this may just cause a slight blip in XRP prices, support from ZB.com could also boost prices as well.
For now, though, any price increases in XRP will be next year as this year rounds up.