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Market Update and Ripple XRP Price Analysis: January 28, 2019

Reading Time: 2 minutes by on January 28, 2019 News

The total crypto market cap lost $7 billion of its value since January 25 and now stands at $113 in the early hours of January 28. Bitcoin is down three percent for the same time period, ether fell eight percent. 

XRP/USD

The Ripple company token closed January 25 at $0.319, right below the $0.32 support level. The XRP/USD pair was trading in the $0.314 to $0.324 range during the day, but a series of bad news had their impact on the performance of the coin.

On January 24, Ripple presented its Q4 2018 XRP Markets Report. The company metrics show that there were $129.03 million worth of XRP sold in Q4 2018 with $535.56 million for the full year 2018. Additionally, Ripple Q4 sales accounted for 0.24 percent of the global XRP volume. Total sales of XRP from the company dropped by almost 25 percent to $129 million versus the previous quarter when we saw sales worth of $163 million. There were over 30 new exchanges that listed XRP in Q4 and now there are more than 100 exchanges worldwide that offer the coin to its client.

Prior to the market report, crypto research firm Messari made the news with the shocking claim that the XRP total market cap is overstated by 48 percent and its real value is around $6.9 billion. According to the company, Ripple does not provide accurate market information through its XRP data API about the circulating supply of the tokens. As per Messari as much as 19.2 billion XRP out of the 41.0 billion in circulation (and worth around $6.1 billion), may be inaccurately included in XRP circulating supply and they are either held in escrow or distributed to people and organizations with contractual restrictions on selling. A Ripple spokesperson called the report replete with “inaccurate assumptions around lockups and selling restrictions” and “[based] on an incorrect calculation of market cap”.

On January 24, Ripple announced their “blockchain technology research scholarship program” with a Chinese university. The U.S.-based crypto company will partner with the Institute for Fintech Research at Beijing’s Tsinghua University (THUIFR) and will provide graduate students in China with advanced knowledge in the blockchain space a “focus on international regulatory policies and the development of blockchain technology.” Back in June 2018 Ripple launched its Blockchain Research Initiative to support academic research and innovation in blockchain technology, cryptocurrencies, and digital payments.

In a discussion panel on the future of crypto hosted by CNBC at the World Economic Forum in Davos, Brad Garlinghouse, CEO of Ripple suggested crypto liquidity and instant transactions can rewire how modern financial infrastructure works during pre-funding rounds. He also shared his opinion on Bitcoin, claiming that the most popular coin will most likely be considered a digital store of value in the future instead of actual currency and its value won’t go to zero.

The XRP dropped even further on January 26 and stopped at $0.318 in its second consecutive red candle on the daily chart. It fell with another 2.7 percent to $0.3099 on January 27 and moved below the 78.60 percent Fibonacci level. The Ripple token was now eyeing the psychological level at $0.30 and it managed to break it in the early hours of January 28, now standing at $0.299.

XRP Ripple Movement

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