Crypto Analysis Report 9-21-18 XRP Rips Higher
How do you go from being one of the worst performing major cryptocurrencies this year and at one point down almost 90% from the high to pass Ethereum as the world’s second largest crypto?
Just announce make an announcement...and that's what Ripple, the company behind XRP.
Sagar Sarbhai, head of regulatory relations for Asia-Pacific and the Middle East, earlier this week told CNBC that Ripple Labs is close to launching a new product, xRapid that could help banks speed up cross-border transactions using XRP.
I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production," Sarbhai said.
People continue to hate (like me) on Ripple and all they do is continue to develop their global payments network. This week, U.S. banking giant PNC announced it would use Ripple's blockchain technology for cross-border transactions like wire transfers. Ripple has additional features designed for enterprise use, including end-to-end tracking and bidirectional messaging.
But because Ripple and its products still have a way to go before they are viable and trusted tools for their customer, expect price to pull back in a major way. The price action observed recently wasn’t for nothing. As price travelled to $0.80, it absorbed many stacks of sell orders.
Nevertheless, these type of moves aren’t sustainable or healthy. Case in point, XRP is back in the #3 spot in terms of market capitalization.
But if you believe in XRP, feel good that buyers finally stepped in on good volume. The chart suggest price will pull back to origin of the strong move near the $0.30 before retesting the $0.80 level were the next stack of sell orders are located.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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by rollandthomas
