Are We Experiencing a Ripple Rally? Price Indicates Yes

Ivan Schwartz
September 25, 2018

XRP posted the largest gains of the top cryptocurrency markets rallying by 100% before violently retracing to post daily gains of around 50% during this writing. Generally in these bubbles, after you go through several months of a downtrend you hang out in a range for a while... As recently as September 12th, in the face of multiple ongoing legal actions and a damning assessment of its marketing and potential value by the Bloomberg-backed Satis Group report, XRP was struggling to keep above the $0.25 mark. For those invested in the project and tracking the price of XRP (the crypto on which Ripple has built its products), the hope that xRapid will succeed is what's been keeping the dream alive.

R3's complaint and lawsuit originated from the fact that the XRP price increased over 3,000 percent a year ago.

On the week, the price of Ripple's XRP has twice recorded double-digit percentage upswings, though the digital asset's +70 percent price surge today, September 21st, has taken most everyone in the space by surprise.

If we take a look at the most trending subreddit, Ripple is the hottest one right now.

Ripple protocol is able to help the banks, as well as financial institutions, transfer the money from one place to another within seconds. These collaborations are essential in providing the ecosystem in order to facilitate xRapid. For now, Treasury Management will only be accepting inbound transactions using the product. This makes the process of cross-border longer and more costly.

At present, Ripple has major institutions and companies testing xRapid, and these include MoneyGram, Western Union, Mercury FX and Cambridge Global Payments.

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Nevertheless, he, Douglas, also believes XRP would be traded against major world currencies like the dollar, pounds, and euros in the foreign exchange market in five years.

According to Sarbhain, there are around 120 banks and financial institutions that are already partnered with Ripple.

In an interview with Coindesk, Ripple's Senior Vice President Asheesh Birla noted that PNC has already conducted its pilot phase and proof-of-concept, and the bank will begin using xCurrent immediately in a production environment. For instance, a bank can process a transaction from United States dollars to a currency of choice.

As Oracle Times notes, "using the term "real-time payments" implies that this partnership is using xCurrent, as xRapid "settles" in real time. While this is great news for many crypto enthusiasts and especially for XRP fans, it remains to be seen if the bullish trend will prevail, given the current market conditions that have seen almost all cryptocurrency losing around a great deal of their value since the beginning of the year".

"I think that the holders of crypto or the holders of Bitcoin really have very little understanding of what's going on in macro environment". A user needs to perform only one; others will be done automatically.

"There are some cryptos that are working with regulators".

Other reports by GizPress

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