Virtual currencies are growing in the industry and traders are starting to look at altcoins in the space. One of the spiciest ones is XRP, which was able to expand thanks to Ripple and the extensive community this virtual currency has. The XRP/BTC trading pair could look very good this year if altcoins start a new bull market in the space. XRP continues to grow pushed by Ripple’s efforts to offer banks and financial institutions the possibility to perform cross-border payments in a fast and easy way. In this article, we will share with you which are some of the most interesting trading opportunities for the XRP/BTC trading pair. In the future, it may be very profitable to include this virtual currency to your trading portfolio.
Before starting this article, it is important to mention that all the information provided by AltSignals and its writers shouldn’t be considered, by any means, investment advice. All the data shown in these articles is for educational purposes and should be taken as such. Always request professional advice before investing and never invest more than what you are able to lose. Remember that the cryptocurrency market is very volatile and that it could be very harmful to your financial life. The XRP/BTC trading pair has been a very interesting one to analyze and understand. Indeed, it can be very profitable if users know how to handle it. The main characteristic since 2013 is the fact that there have been very fast peaks for XRP against BTC. These peaks can be identified as follows:
This shows that there are moments in which XRP behaves certainly in a bear market and others in which it spikes tremendously. Indeed, all the spikes previously enumerated saw XRP moving by over 100% in just a few days or weeks.
Users should take into account at the time of investing. XRP is a digital asset that attracts a large number of users from many regions and countries around the world. In just a few moments, it can be possible for it to multiply its own price. Indeed, in 2017, the two largest spikes ever experienced by XRP saw the virtual currency move by 720% and by 1.550%. These two massive price increases took place in just a month. Thus, traders should be able to analyze a massive price increase during a week and they would still have time to see their investments grow. Considering that XRP has been in a bear trend since 2017 in USD terms, it may be the time for it to move higher in the coming year. Many users are thinking about XRP growing side by side to Bitcoin in 2020 and 2021.
Compared to Bitcoin, XRP has a very useful characteristic that could help it reach new highs in the future. This is related to the fact that there is an institution such as Ripple helping and pushing for XRPs usage all over the world. This is something that Bitcoin or Litecoin (LTC) do not have and that may be harmful to these digital assets in the future. Bitcoin, Litecoin and Ethereum users claim that XRP is centralized, but they do not take into account that most of the Bitcoin miners are located in China, which could certainly be harmful to the digital asset in the future. Ripple is now expanding the RippleNet, which already has more than 300 companies using its services and the On-Demand Liquidity solution (ODL) that aims at helping institutions perform cross-border transfers without having to be worried about transaction times and fees. Users can simply process transactions in just a few seconds using their local fiat currencies. The process is straightforward. With fiat currency in a specific country, they purchase XRP, after it, they use it to process the transfer to another country. Once the XRP coins arrive, the funds are sold for local currency with a liquidity provider in that region. It is worth mentioning that the XRP/BTC trading pair tends to skyrocket when Ripple makes an important announcement or a company informs it started to use the XRP digital asset.
In this article, we aimed at sharing with you which are the possibilities of handling XRP in the market. At the same time, we have talked about the XRP/BTC trading pair and how it could eventually evolve in the future.
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