Ripple’s (XRP) Outlook In the Aftermath of XRapid Announcement

Kiana Danial  |


Ripple’s XRP was the main buzz in the market in the past couple of weeks when Ripple’s CEO announced three companies are now making commercial use of the digital asset. XRP saw major fluctuations, testing as high as $0.79 on September 21st, and then floating back to a range around $0.52. Here’s a quick overview of Ripple’s recent development and its future outlook.

xRapid Announcement

Starting with the buzz itself, xRapid is Ripple’s product which uses the XRP to carry out international transactions in “a matter of minutes. The three companies who will be using xRapid for cross-border payments are MercuryFX, Cuallix, and Catalyst Corporate Credit Union. Ripple (the company) remains the biggest holder the XRP tokens in existence and keeps on selling them through its subsidiary XRP II.

XRP’s Price Action

Now looking at XRP’s price action throughout the buzz, first, we saw the jump before the official announcement as the market reacted to the rumors. Then, once the price reached the 4-month high levels, XRP holders who had been sitting on their losses for a while took profit. By contrast, some investors who were excited about the news started buying XRP. This caused the price fluctuations thereafter.

XRP/USD Technical Analysis

Now looking at the price action and market psychology. It appears that XRP/USD is in the process of forming a Double Top bearish reversal chart pattern. That means we could expect a temporary pullback in XRP prices, potentially towards $0.41. Meanwhile, the daily Ichimoku cloud has now turned into a support layer which could prevent XRP from dropping more dramatically.

Ripple XRP price action
Ripple XRP price action

Now I’d like to hear from you. What do you think about XRP’s future? How bullish or bearish are you on the cryptocurrency? Let me know in the comments, and subscribe to get more updates! As the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.

Don’t forget to complete your risk management due-diligence before developing your investment strategy.


Invest responsibly,

Kiana

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

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