Checking In On Ripple As xRapid Goes Live

Ripple’s XRP coin was front and center in the cryptocurrency market over the past couple of weeks, as the company announced three companies are now making commercial use of the digital asset. XRP saw major fluctuations, testing as high as $0.79 on September 21, 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 that will be using xRapid for cross-border payments are MercuryFX, Cuallix, and Catalyst Corporate Credit Union. Ripple remains the biggest holder the XRP tokens sells them through its subsidiary XRP II.

Price Action

Now looking at XRP’s price action, we first saw a 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 losses took profit. By contrast, some investors who were excited about the news started buying XRP. This caused the price fluctuations thereafter.

Technical Analysis

Finally, let's take a look at 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.

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