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XRP’s price could be tied to success of Ripple and Forte projects, says Ripple’s David Schwartz

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XRP's price could be tied to success of Ripple and Forte projects, says Ripple's David Schwartz
Source: Pixabay

Despite the XRP community’s anxious wait, the price of XRP did not seem to be going anywhere, but sideways. Ripple’s CTO, David Schwartz, spoke about how the success of companies and projects played a major role in the pricing of cryptocurrencies.

Schwartz said that there were a lot of factors that fuel price change of a cryptocurrency, including the success of the company linked to the crypto. He said that “the prices are a metric of the success of the project,” among other things. The success of a company or the project would depend on the use case being developed, and the market for that product.

Moreover, Schwartz stressed on the trustworthy and secure nature of blockchains, and how they’ve developed over the years to run consistently without going down, an upgrade when compared to traditional systems.

Additionally, the CTO said that the price of XRP was not affected by Ripple’s developments, saying that this was “strange.” He explained that the market was unable to distinguish the attributes of certain projects, and that they were betting on the ecosystem as a whole.

Schwartz said he wanted XRP’s price to be linked not to the company Ripple, but to the ecosystem concerning XRP and Ripple. However, exchanges did have an effect on the prices of cryptos, he confirmed, calling it the “Coinbase Effect.”

Speaking about Ripple and XRP, David Schwartz said that the primary use case that Ripple was focusing on was international payments i.e., inter-currency payments. He added,



“There’s a huge explosion of innovation not just around the XRP ledger but the entire space and the biggest challenge is finding the use cases that fit the technology, and I’ll be honest, we haven’t done a good job at that.”

A YouTube user, GivingYouTruth commented,

“In the interview, David says if he knew the answer, he would be rich. David you are rich!!!!! You are Rich beyond our wildest dreams!”

Another YouTube user, E Deveney commented,

“I liked Corey, but David should definitely take a more visible role. He explains everything very well and instills confidence. We always think in a 1-2 year timeline, I’m thinking 5”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

XRP

Has XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?

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Hash XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?
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Opinion: Bitcoin, the first cryptocurrency, has had over ten years to grow. However, other altcoins did not have the liberty, due to which Bitcoin exerts its dominance over almost all altcoins in the ecosystem, be it Ethereum, XRP, or Cardano. The price of altcoins generally tends to rise if Bitcoin’s price surges rapidly. The same can be said about the downtrend as well, which is why altcoins are said to be coupled with Bitcoin.

However, the recent buzz on crypto-twitter is that XRP is on the verge of decoupling from Bitcoin. A Twitter user @XRPMOONSHINE tweeted:

“DO ME A FAVOR OPEN UP A BTC/USD CHART AND AN XRP/USD CHART. THEY HAVE DECOUPLED AND ARE MOVING DIFFERENTLY.”

In a very general sense, the comparison of the price change of XRP and BTC gives a crude understanding of whether the prices have actually decoupled or not. Hence, the daily chart attached below shows the price of BTC and XRP against the US Dollar and extends from August 2018 to April 2019. The price of XRP seems to be following a lag from the price of BTC and do not necessarily mean that it has decoupled.

However, there are timeframes where the price of XRP has moved completely unrelated to that of Bitcoin. For example, the meteoric rise of XRP from September 18 to 22 was far higher than the price pump of BTC over the similar timeframe; but the drop of XRP from November 18 to December 16 was exactly the same as that of BTC’s.

Furthermore, XRPMOONSHINE suggested that XRP price was being manipulated. He tweeted:

“It is being manipulated to keep it from rising. For example look at XRP/BTC pair. Keeping it under the down sloping resistance from .80 in September. Thats what I mean by Suppressed, Although im expecting a fairly large move to the upside before 4/24/19.”

The “idea” of the price of XRP being manipulated is not unpopular within the XRP ecosystem as Peter Brandt, a famed trader, suggested the same in one of his tweets.

Brandt tweeted:



Conclusion

XRP may have started to decouple from Bitcoin, but it surely hasn’t decoupled completely. The notion that XRP is being manipulated to keep its price below certain levels can also not be confirmed without proof.





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