Earlier today, on August 16, a crypto expert from Forbes, Naeem Aslam, tweeted that Ripple’s XRP is currently oversold. ‘It could be a good buy at the current price’, he says.
XRP price is going down but not much
At press time, CoinMarketCap.com shows that XRP is trading at $0.26, recording at drop of slightly less than 1 percent.
When investors asked Aslam in the comment thread whether XRP quotes will drop any further, like down to 21-17 cents, Aslam rejected that, saying that a move down to 17 cents per 1 XRP is highly unlikely in the near future, unless the SEC makes some unexpected move.
Hummm 17 not any time soon unless there is some serious trouble with the SEC— Naeem Aslam (@NaeemAslam23) August 16, 2019
The fact that XRP is oversold at the moment the expert explains by the position of the IRS index on the daily XRP time frame.
Look at the RSI on a daily time frame— Naeem Aslam (@NaeemAslam23) August 16, 2019
Recent XRP events
As reported by U.Today previously, the XRP rate recently tanked around 60 percent on the Beaxy exchange.
All XRP trades and withdrawals were suspended over a suspiciously high trading XRP/BTC volume. Later, the exchange technical support team found out that some dirty players were trying to exploit the tfPartialPayment vulnerability.
The culprits were later identified and actions were taken against them.
Also, the crypto community expects the XRP volume to rise in the near future, as soon as the Chinese state-backed cryptocurrency hits the market.
XRP and the ‘China Coin’
Previously, U.Today wrote that the Chinese central bank (the PBOC) has announced that the cryptocurrency (which most likely be centralized and only partly blockchain-based) is ready to be released.
The XRP community reckons that as soon as the ‘China Coin’ kicks off, XRP will get to be used for bridging this new asset and coins circulating in the rest of the world.
Two years ago, China introduced a crypto ban, first prohibiting ICOs, then making some crypto exchanges leave for other jurisdictions and shutting down the other ones. The recent target of the Chinese government has been crypto miners.
For that reason, some believe, XRP will come in useful in the future – to ensure the ‘China Coin’ can be easily bridged with other crypto assets.