XRP is the native currency of ripple and only exists within the network, so we’ll be using XRP/USD and compare it to both BTCUSD & ETHUSD.
XRPUSD had a significant peak on 05/17 and then dropped for 70% before placing a low on 05/27 same as the rest of crypto-currencies. Since then Ripple only saw a shallow bounce before staying sideways to lower, while ETHUSD saw an impressive +200% increase in value compared to +45% for Bitcoin.
Ripple Elliott Wave Technical Chart
Despite the 40% drop since June the 1st , XRPUSD is reaching a short term extreme area at equal legs ( $0.2324 – $0.1893 which will provide a floor as buyers are expected to show up for a 3 waves bounce at least from there. The Instrument already ended a double three correction at 05/27 low ( $0.1190 ), so while the instrument stays above that level then it should be able to rally for new all time highs with a minimum target at $0.55 area.
The Ripple protocol has been increasingly adopted by banks and payment networks as settlement infrastructure technology , it’s system have a number of advantages over other cryptocurrencies, that’s why it’s being used by companies such as UniCredit, UBS & Santander. So the digital coin looks to have a bright future as it will be implemented in the financial system and despite its current low price it can catch up the move to the upside really quickly.