XRP Q4 2019: Crypto traders had one shot to make 20% profit – The Next Web

Ripple XRP (XRP) is stillarguablythe most polarizing digital asset in the cryptocurrency space.

Powered by a network of less than 100 validators, Ripple Labs pitches XRP as a liquidity tool for the traditional finance sector. Its supporters fervently believeadoption is coming, while critics have long claimed that regulators may one day classify XRP as a security.

[READ:XRP bag holders are begging Ripple to stop dumping its coins]

Still, quarter after quarter, Ripple Labs sells millions of dollars worth of XRP to investors. This quarter saw the firm earn $13.08 million by selling XRP, down from $66.24 million in the previous three months.

Ripple, like Bitcoin, declined in value for most of 2019s third quarter. XRP opened July trade at just above $0.41, but would fall more than 40 percent to hit $0.24 by the end of September.

Swing traders were practically without luck. Aside from a handful of ineffectual bounces, the price of XRP was more often than not in the red.

Even the most obvious bounce, which occurred mid-September, didnt leave speculators with loads of opportunity. That event only pushed XRPs price up roughly 16 percent, with any momentum generated unfortunately short-lived.

2019s fourth quarter gave traders a little more room to breathe, with market performance generally split in half.

From October 1, XRPs price gradually rose from $0.257 to just reach $0.30 on November 6. This would however mark its high for the quarter, with XRP retracing more than 35 percent to end the years trade at $0.194.

Those who opened longs at the start of October wouldve done well to get out before mid-November. In fact, market bounces were incredibly shallow for the rest of the year, which rendered swing trading relatively ineffectual.

At most, traders who bought XRP at the very start of the quarter couldve made around 20 percent had they bought XRP at the very start of the quarter and sold the $0.30 top.

Last quarter saw Ripple Labs (the company behind XRP) complete its acquisition of a $50 million stake in MoneyGram, a US-based money transfer firm, one of the largest in the world.

This means Ripple now owns a little less than 10 percent of MoneyGrams outstanding common stock.

The firm also invested $750,000 into mobile wallet provider BRD through its investment arm Xpring. The deal aims to support a new strategic partnership between the two companies, with XRP added to the app so that users can hold, buy, sell, and send the cryptocurrency.

Aside from investments, Ripple continued to deal with an ongoing class action lawsuit that alleges it illegally sold unregistered securities in the form of XRP cryptocurrency.

The adoption of XRP cryptocurrency by the internets cyberbaddies also reportedly grew, with cryptocurrency analysis firm Elliptic providing evidence of $400 million in illicit XRP transactions.

Ripples year-to-date market performance has been pretty strong. Backed by a resilient Bitcoin, the price of XRP is up almost 24 percent this year, rising gradually from $0.19 to $0.235 at pixel time.

Its unlikely that these gains would continue without Bitcoin also moving upwards, so speculators would be wise to keep an eye out on sudden short-term downtrends in more dominant markets.

On the horizon, Ripple Labs CEO Brad Garlinghouse teased the companys IPO plans, noting that he didnt want to be the first or the last cryptocurrency company to go public.

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Published January 31, 2020 15:29 UTC

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XRP Q4 2019: Crypto traders had one shot to make 20% profit - The Next Web