Ripple’s XRP price drops considerably within minutes to $0.4755 at the reporting time. XRP has been trading within the range of $0.51 to $0.54 in a range for the last few days. Is it a signal of a bear market?
XRP price took an upside rally around 3 weeks ago from $0.326 to as high as $0.62 on the speculation of Ripple’s launch of xRapid, which enables financial institutions and banks to do cross-border transactions in a fast and cheaper way than it is now.
Has XRP reached a market high or is the market crashing?
If we look closely, XRP moved oppositive to the entire cryptocurrency market during its bull run, and it was not a normal bull run, XRP price short up in 2 digit percentages.
The market has to correct before it can shot up again because the reason for everyone being optimistic about Ripple’s xRapid and RippleNet launch still holds.
Slow & Steady wins the race
The market correctness is only to wipe out the short-term speculators. Those who know the advancements in Ripple labs, know that Ripple as a company has a lot of potential at going mainstream in terms of cryptocurrency usage.
Is Ripple working with SWIFT?
Ripple recently launched its product xRapid in its Swell Conference and claimed that 3 financial institutions, including MercuryFX, have even started using its products. Banks and financial institutions, a majority of which currently use SWIFT for all cross-border transactions might be looking forward to using xRapid now. But some hints in the past few days show that Ripple & Swift might just be working together and looking forward to launching as partners.
What is next?
While there can be a price decline in the short term while the market corrects, Ripple is making huge advancements in taking XRP to the mainstream usage, and in the long run, XRP is not going anywhere. We are positive for XRP. What do you think? Tell us in the comments section below.
