Concerns about Ripple mounts as it’s price against the dollar has remained stable. What level is the digital currency currently trading? Read the latest 26 January Ripple Price Fundamental Outlook and learn.
26 January, OctaFX – In the past few days, Ripple’s price against the dollar has remained unchanged. Partly, this is because of new concerns about the currency and its valuation.
Some financial experts have continued to question Ripple’s listing alongside bitcoin and Ethereum. Their argument is that its technology is not decentralized unlike that of other cryptocurrencies. As such, having a centralized platform makes no sense for its claim to be a blockchain platform. For miners, there is no method of mining the ripple ‘coins’.
Multiple people like Jens Bader, a successful cryptocurrencies trader and founder of a company called much better have raised these concerns. Recently, he said:
“It might be a good complimentary currency to bitcoin and Ethereum, but since it is a centralised system, it does not live up to the brief of what a cryptocurrency is meant to do, and the USPs of blockchain technology.”
Remember, Ripple has a different role than bitcoin. Its main role is to ease cross-border settlement among financial institutions. On its part, bitcoin is positioned as a digital currency, which people can use to make transactions.
Therefore, given its centralized system, some have argued against its valuation. According to Coinmarketcap, Ripple is the third largest ‘cryptocurrency’ with a valuation of more than $51 billion. In the just-released ratings by Weiss, Ripple received a C-rating which is similar to that of Bitcoin.
26 January Ripple Price Fundamental Outlook
As shown below, Ripple is currently trading at 1.3040 level. At this level, it is at the apex of a symmetrical trading pattern, which means that a breakout can happen in either direction. It is also trading at the same 50 and 14-day moving average. All this is an indication that the pair could go in either direction.
This article about 26 January Ripple Price Fundamental Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.