A few weeks ago, news of a hack would send the affected coins crashing by huge margins. However, that seems to be longer the case today. Take Ripple (XRP) for example. Even as news emerge that ripple (XRP) was the target in the Bithumb hack, the price of Ripple (XRP) has remained stable at around $0.55 – $0.50. This can only mean one thing, the crypto market, and Ripple (XRP) in particular has hit its bottom, and will most likely hold above $0.50 going forward.
In the last few months, Ripple has seen widespread adoption all across the world. It is currently being used by over 150 banks, and a host of other financial institutions. All these good news point to a future where Ripple (XRP) could replace the SWIFT system, currently used by banks. That’s huge, and should reflect in the value of Ripple (XRP) up to this point. However, this has not happened. If anything, the price of Ripple has been sliding lower, just like the rest of the market. The only sign of a turning point could be the fact that Ripple (XRP) is now trading in a stable range despite it being the target of the Bithumb exchange hack. This could mean that investors believe that Ripple (XRP) has accumulated enough intrinsic value, for it to be swayed heavily by such negative market news any longer.
It could also mean that investors have noticed a pattern in all these recent exchange hacks, and are no longer moved by them. At this point, anyone keen enough on the crypto market will realize that a curious trend is emerging. Every time the market makes a sustained push to the upside, news of a random exchange hack come out, and drive it back down. It’s like the hacks are coordinated to prevent a market rally, and keep prices low for as long as possible. Crypto investors are beginning to realize this, and the massive selloffs that follow hacks might not hold much water going forward.
The good news is that, if indeed Ripple has hit the bottom, then the current market price offers a great point to buy into Ripple (XRP). That’s because when trading at the very bottom, any positive news have the possibility to drive the price of ripple (XRP) up exponentially. Big money would begin flowing into Ripple (XRP) on the basis of its risk/reward ratio. It’s what smart money does. They only buy when the market is trading at a low, where the chances of a downside risk are most minimal. An influx of smart money into Ripple (XRP) at these price levels could easily see it test $1 in the next few weeks. That would offer a good return for someone who gets in at current prices.
Besides, ripple (XRP) is best held for the long-run, in order to take advantage of its rise, once it replaces SWIFT. In a few years, it could easily be worth over $100 a coin.