Over the past two months, XRP price decreased by 40%, and on May 13 it traded at $ 0.74. According to analysts, the price of altcoin will drop to $ 0.41.
XRP Price Is Falling
On Thursday, July 12, the average market price of Ripple fell to $ 0.43. The third cryptocurrency has fallen in price by 3.4%. During the same time, the Bitcoin price fell by 3.5%, Ethereum- by 2.7%. According to experts Ethereum World News, in close future XRP price will continue to fall.
Analysts noted that the price of the coin has been under pressure since it fell below $ 0.50. The rate of the currency fell below the important zone at $ 0.46. This is likely to be followed by a decrease in price to $ 0.42, then to $ 0.41.
If in the near future XRP rate starts to rise, which is unlikely, the growth decelerating at around $ 0.45. In order the altcoin began to rise in price in the long term, it should gain a foothold above the level of $ 0.46, experts say.
Two months ago, XRP price was above $ 0.75, since mid-May, the currency has fallen in price by 40%. The total market cap of the cryptocurrency market during this time fell by $ 145 billion, to $ 245 billion.
Ripple Wants to Beat Bitcoin in India
Meanwhile, Ripple plans to conduct a large-scale expansion in the Indian market. At the Scaling and Digital Disruption in Fintech conference, Asheesh Birla, Vice President of Product said that his company intends to displace bitcoin and has already prepared a corresponding plan.
He said: “We looked early on at India, and we looked at two billion people – a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away?”
2 billion XRP at the current exchange rate is equivalent to $ 880 million. Initially, the company planned to provide this amount to support the population of the country, most of whom do not have access to banking services, and considered the possibility of allocating billions of dollars in the future.
However, given the difficulties of distributing the cryptocurrency among so many people, Ripple decided to conclude a strategic agreement with the country’s largest banks.
Asheesh Birla explained:
“That was one idea. But then we realised that if you get the top three banks in India onto Ripple, you get 80 percent of the market share. And then we looked at – where’s the future? And so we realised in the next five years, one billion people will become banked in India, but they’ll be banked through their phone. So then we started targeting mobile phone providers and telcos. And so now, I think that in our pipeline we have probably 50 percent of the market in India, either integrated onto Ripple or in the deal, in the sort of pipeline to be signed to India. And guess what, we’re going to take that back to Wells Fargo, and we’re going to say it’s not a better way to send into India than Ripple.”
