XRP, A Sleeping Giant Ready to Awaken?
Alright guys, so here is my usual dose of XRP. Now, I'm no financial advisor, but I've been keeping a close eye on this one, and I've got to say that things are looking pretty interesting.
First of all, let's talk about what has been going on with the XRP price as of late.
The price is up around 2% over the last two days. I know, it's not exactly earth-shattering news, but it made me think, "Could this be the calm before the storm"?
There is also one on-chain indicator that has brought me to this conclusion, and that is the supply of XRP on exchanges. Now why should we be concerned about supply on exchanges? Quite simply, when less is available, it commonly means people are holding their tokens, not preparing to sell them. And guess what? The current supply on exchanges is at its lowest in about seven months.
Now, I'm not saying this is a surefire sign of an incoming price explosion, but something to keep your eye on. It is like when you see the dark clouds gather in the sky, it does not mean it surely will rain, but you may want to take an umbrella with you just in case.
The legal issues
A further twist in the continuous legal drama between Ripple and the SEC is another point that could stir the waters.
Last month, Ripple was ordered to pay a fine but way less than what had initially been asked by the SEC. To some, this is being claimed as a win for Ripple. However, two sides have until early October to challenge the ruling. It's like an intense game of legal chess, and the world is waiting to see who makes the first move.
My take is this: XRP might be the sleeping giant. The combination of reduced supply found on the exchange, with possible good news stemming from the court case, may amalgamate in a 'perfect storm' to drive prices upwards. But, as in crypto, nothing is ever certain.
What to do with this information? That, of course, is totally up to you. I am not here to tell you how to invest your hard-earned cash. But if you are interested in XRP, now may be a good time to do some deeper research and keep a close eye out for unfolding events.
Finally, price predictions that are floating out there.
Some folks, are just bringing some pretty crazy numbers out. While it's fun to dream big, I'd say keep your feet on the ground. We might just see some cool movement when it comes to XRP, but in this space, it always makes sense to approach these kinds of things with a level head.
Posted Using InLeo Alpha