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.
This post is brought to you by eToro. eToro is a multi-asset platform which offers both investing in stocks and cryptocurrencies, as well as trading CFD assets.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in price and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework.
Past performance is not an indication of future results. This is not investment advice. Your capital is at risk.
Published January 31, 2020 15:29 UTC
Read this article:
XRP Q4 2019: Crypto traders had one shot to make 20% profit - The Next Web
- Cryptocurrency market update: Major cryptos trade in tight ranges on Saturday - FXStreet - April 6th, 2020
- These are the main factors to consider before investing in the cryptocurrency market - CryptoSlate - April 6th, 2020
- Brian Armstrong: Cryptocurrency Boom Will Spawn Millions of Tokens - The Daily Hodl - April 6th, 2020
- Global demand for cryptocurrencies escalating rapidly: What is the reason for this? - Cryptopolitan - April 6th, 2020
- This Cryptocurrency Casino Is the Latest Terrible Idea by Atari - CCN.com - April 6th, 2020
- First Mover: Trillions in Coronavirus Stimulus Bring Out the Bitcoin Bulls - Yahoo Finance - April 6th, 2020
- YouTube Scares Off Cryptocurrency Supporters by Banning their Content - Coin Idol - April 6th, 2020
- Alipays Progress in Developing the Official Chinese Cryptocurrency Amidst the Global Chaos - TWJ News - March 29th, 2020
- Huobi (HT) Buying Bitcoin and Other Cryptocurrency Is Easier With Huobi Lite - The Cryptocurrency Analytics - March 29th, 2020
- Lukka debuts resource library on all things cryptocurrency - Accounting Today - March 28th, 2020
- Not Convinced New Investors are Buying Bitcoin, Top Analyst Says - newsBTC - March 28th, 2020
- How to identify when a cryptocurrency is about to skyrocket? | The Home of Altcoins: All About Crypto, Bitcoin & Altcoins - Coinlist - March 28th, 2020
- Coronavirus Crisis Shows Benefits of Virtual Reality to Cryptocurrency Enthusiasts - The Merkle Hash - March 28th, 2020
- Report: Asian Nations are Increasing Cryptocurrency Usage - Asia Crypto Today - March 28th, 2020
- President of Brazilian banking On cryptocurrency: They do not fulfill any of the classic functions of currency - Crypto Daily - March 28th, 2020
- Cryptocurrency Accounting Firm Launches Library of Legal and Tax Advice - Cointelegraph - March 27th, 2020
- Binance Reveals the Secret Behind Its Cryptocurrency Futures Success - Cointelegraph - March 27th, 2020
- What Happened In Cryptocurrency Tax Space In Q1 2020 - Forbes - March 27th, 2020
- What Will $6 Trillion in Monetary Expansion Do To Cryptocurrency? (Opinion) - CryptoPotato - March 27th, 2020
- Why this cryptocurrency just surged 16% on news of a key Binance partnership - CryptoSlate - March 27th, 2020
- The Role of Cryptocurrencies in the Rise of Ransomware - Cointelegraph - March 27th, 2020
- Cryptocurrency Market Update: Dash and Monero edge above Bitcoin to lead a remarkable recovery - FXStreet - March 27th, 2020
- Bitcoin news: Price hit by dramatic value fluctuations amid coronavirus panic buying and selling - The Independent - March 27th, 2020
- Bitcoin in the Palm of Your Hand Crypto Hardware Wallets Review - Cointelegraph - March 27th, 2020
- Ranked: US cities with the most crypto owners - Decrypt - March 27th, 2020
- The Coder and the Dictator - The New York Times - March 27th, 2020
- Cryptocurrency Market Gains $25.7B In 24 Hours As It Recovers From Massive Sell-Off - Benzinga - March 27th, 2020
- Chinas Cryptocurrency Is Closer Than Expected, Already Working On Legislation - CryptoPotato - March 27th, 2020
- We Implemented Cryptocurrency In Our Cannabis Business. Here's What We Found. - Green Entrepreneur - March 27th, 2020
- How To Make Money When The Cryptocurrency Market Is Tanking - Forbes - March 19th, 2020
- Thousands of These Computers Were Mining Cryptocurrency. Now They're Working on Coronavirus Research - CoinDesk - CoinDesk - March 19th, 2020
- Itiviti and Gemini to offer Nyfix connectivity for cryptocurrency customers - Finextra - March 19th, 2020
- 6 Cryptocurrency Exchanges That Don't Require KYC - Bitcoin News - March 19th, 2020
- How to Seize What Might Be Unprecedented Crypto Buying... - Coinspeaker - March 19th, 2020
- Will iMining Blockchain and Cryptocurrency (CVE:IMIN) Spend Its Cash Wisely? - Simply Wall St - March 19th, 2020
- How Do You Maximize the Benefits of Cryptocurrency While Avoiding Near-Term Tax? Consider a Self-Directed IRA - The Block Talk - March 19th, 2020
- Russian Premier Bank Signals Red For Cryptocurrency Circulation And Issuance - TWJ News - March 19th, 2020
- Cyber Thieves Using Coronavirus Fears to Steal Bitcoin (BTC) and Cryptocurrency - The Daily Hodl - March 19th, 2020
- BitGo Starts to Further its Cryptocurrency insurance policies - Crypto Daily - March 19th, 2020
- Cryptocurrencies see $93.5 billion wiped off value in 24 hours as bitcoin plunges 48% - CNBC - March 15th, 2020
- [Updated] The Real Reason Behind Bitcoin And Cryptos Massive $50 Billion Crash? - Forbes - March 15th, 2020
- 50 Companies Back New Cryptocurrency Project Competing With Facebook's Libra - Bitcoin News - March 15th, 2020
- The unlikely cryptocurrency bill that went to Congress - Decrypt - March 15th, 2020
- Bitcoin Just Failed the Coronavirus Test - Motley Fool - March 15th, 2020
- XRP on the Verge of Free Fall - Crypto Briefing - March 15th, 2020
- Cryptocurrency exchange CoinDCX invests $1.3M in education initiative 'TryCrypto' - YourStory - March 15th, 2020
- Rise in trading volume a positive sign for cryptocurrency - BTC Wires - March 15th, 2020
- Elon Musk and Daniel Craig Featured in Cryptocurrency Scam Promising Massive Returns - The Daily Hodl - March 15th, 2020
- South Korea passes one of the worlds first comprehensive cryptocurrency laws - TechCrunch - March 10th, 2020
- Bitcoin And Crypto Investors: Avoid This New Cryptocurrency Like The Plague - Forbes - March 10th, 2020
- Over $26 billion wiped off cryptocurrency market in 24 hours after massive oil price plunge - CNBC - March 10th, 2020
- Chinese Nationals Charged with Laundering More Than $100 Million in Cryptocurrency | Chief Investment Officer - Chief Investment Officer - March 10th, 2020
- View: Why it's better for RBI to just wait and watch on cryptocurrency - Economic Times - March 10th, 2020
- Will Japan have a National Cryptocurrency? - Asia Crypto Today - March 10th, 2020
- Cardano (ADA) Cryptocurrency Going Great with Commercialization Measures - The Cryptocurrency Analytics - March 10th, 2020
- Binance Coin (BNB) Cryptocurrency Is Surging: Here's How It Can Refuel BTC - newsBTC - March 10th, 2020
- Is the Coronavirus The Black Swan Event That Crushes Cryptocurrency? - newsBTC - March 5th, 2020
- Nearly $10bn worth of cryptocurrency was stolen in the past three years - TechRadar - March 5th, 2020
- Latest news on the cryptocurrency market - Born2Invest - March 5th, 2020
- Coinbase CEO Reveals Controversial Bitcoin (BTC) and Cryptocurrency Prediction With Major Shift Incoming - The Daily Hodl - March 5th, 2020
- Elon Musk Just Sent The Best Cryptocurrency And Prank Bitcoin Rival Sharply HigherHeres Why - Forbes - March 4th, 2020
- Who Needs Cryptocurrency FedCoin When We Already Have A National Digital Currency? - Forbes - March 4th, 2020
- Binance, Coinbase, And Other Cryptocurrency Exchanges Reportedly Targeted By A New Trojan Virus - CryptoPotato - March 4th, 2020
- North Korea may Have to Forfeit 113 Cryptocurrency Accounts - The Merkle Hash - March 4th, 2020
- Elon Musk says Dogecoin is the best cryptocurrency - Decrypt - March 4th, 2020
- CoronaCoin: Cryptocurrency that bets on coronavirus deaths - Business Today - March 4th, 2020
- Meet the Northumbrian using cryptocurrency to address the UK's housing crisis - North East Times - March 4th, 2020
- How UNICEFs crypto currency fund could change the UN - Quartz - February 28th, 2020
- When IRS Asks About Cryptocurrency On Your Taxes, Answer Carefully - Forbes - February 28th, 2020
- While The Rest of the Market Tanks, One Cryptocurrency Is Above All-Time High - newsBTC - February 28th, 2020
- Crypto in the Hermit Kingdom: Understanding the Objectives of the Pyongyang Blockchain and Cryptocurrency Conference - RUSI Analysis - February 28th, 2020
- Warren Buffett: Cryptocurrency 'has no value' 'I don't own any and never will' - CNBC - February 28th, 2020
- VeChain (VET) Billion Dollars Partners Believe in the Cryptocurrency - The Cryptocurrency Analytics - February 28th, 2020
- Yemens Civil War Shows the Dangers of Crypto - Yahoo Finance - February 28th, 2020
- Fantom Foundation (FTM) 20 Cryptocurrency Transactions in a Single Second on the Blockchain - The Cryptocurrency Analytics - February 28th, 2020
- VertCoin (VTC) One Click Miner Beginning To Rock the Cryptocurrency World Already - The Cryptocurrency Analytics - February 28th, 2020
- A plan to sell Perth Glory to the LFE cryptocurrency firm is over, but the deal never added up - ABC News - February 28th, 2020
- Crime And Punishment In The Cryptocurrency World - Forbes - February 27th, 2020
- Cryptocurrency in Focus: Ethereum Is on Fire - TheStreet - February 27th, 2020
- Warren Buffett says he will never own any cryptocurrency - Yahoo Finance - February 27th, 2020