The Swell by Ripple conference was held, but XRP price did not break into significant growth. The pressure of sellers increases on the market. Despite the current decline in the price, the WalletInvestor website indicates the possibility of XRP getting into active growth.
According to the AI service data, the price of the token will increase to around $ 0.65 in 2020.
Unfortunately, this value is far from being consistent with the forecasts of the crypto community representatives. Some of them predict a price of at least $1. However, this is just a forecast and no one knows how the token will actually act.
As the main conference for the Ripple community came closer, many analysts promised a doubling of the XRP price. However, during and after the conference, the XRP failed to reach new heights. Today, the token is being traded at $ 0.26. If the cryptocurrency does not consolidate at this level, it will roll back to support near $ 0.25 or even lower ones.
However, the latest revelation by the AI tool may restore some level of hope in the crypto market for investors coupled with the fact that Bitcoin’s halving is coming up next year.
XRP Trend This Year?
Altcoin XRP, one of the largest digital currencies, has been quite inundated with losses in the year 2019.
From January to October, the token collapsed in price by about 30%. At the beginning of the year XRP was trading at $ 0.37, then already in mid-November it fell to $ 0.26. XRP’s market capitalization also fell from $ 14.445 billion to $ 11.423 billion.
Recall, that altcoin for a short time even replaced Ethereum (ETH) cryptocurrency and took the second position in the CoinMarketCap rating. Then many traders predicted that XRP price would soon become the main competitor of the Bitcoin cryptocurrency, but the cryptocurrency later displayed its weakness.
However, further events demonstrated that the token is not able to compete with BTC and ETH. The developers of Ripple startup systematically declares that the project’s services are popular not only among banks but also among many companies.
From time to time, there is an increase in the activity of Ripple’s XRP users, but it is mainly speculative in nature. Therefore, there is still no actual capital inflow into the altcoin. The daily turnover is estimated at approximately $ 1.7 billion.
Such a significant decrease in transaction volume was the result of the withdrawal of some Korean traders from XRP due to the tightening of control over speculative operations in South Korea.