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XRP Currently Undervalued, Needs To Cross $0.50 For Continuing Bull Rally

From the beginning of time, there has been a strong correlation between bitcoin and altcoins. Therefore, any surge in the price of bitcoins causes a surge in the price of altcoins and vice versa. However, since last year, XRP has been breaking free from Bitcoin’s grip as it becomes more and more of a standalone asset. XRP is now being used as a base asset for most crypto-to-crypto trading pairs just like BTC.

Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc., a US-based technology company. Ripple price found support near the $0.4450 level and recently climbed higher against the US dollar. The price is now trading well above the $0.4600 level and the 100 hourly simple moving average. After a strong upward move, ripple price corrected sharply below $0.4750 against the US Dollar. The XRP/USD pair even broke the $0.4600 support and traded close to the $0.4450 level. However, the Bulls defended the $0.4450 support and the 100 hourly simple moving average. As a result, the price started a fresh increase above the $0.4550 level and the 100 hourly simple moving average.

XRP broke several resistance levels as the price of BTC moved above $11,200 in a parabolic bull run. As expected, the bulls retreated dragging the price of XRP below the support levels it formed on its way up. Now, the XRP price prediction and the XRP price analysis on NewsBtc suggests that the bulls have retreated and will not show up fully until the price is able to make its way above $0.50.

Numerous cryptocurrency analysts have agreed that the XRP token is currently undervalued. Over the last six months, it has been ranging safe for the few times when the price surged significantly. This is why irrespective of all the progress Ripple has made, many investors are still skeptical about XRP. Another reason why investors are skeptical of is that Ripple is still fully in control of about 60% of the total XRP in circulation. Even if the company has vowed not to sell all its holdings at once, having that much has raised centralization concerns. Some people have accused Ripple of manipulating the price to favor its institutional clients at the detriment of retailers.

About Umme Haani

Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.

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