Immediately after Ripple announced the commercial availability of xRapid, companies started to stream in to adopt the technology. Additionally, the platform has received increased traction with its RippleNet technology. As such, based on such developments and technical signs on the charts, here’s why XRP may experience gains sooner than expected.
On the top, this week the prices of XRP were at $0.47596 and towards the bottom, it quoted $0.439644. The exchanges that were more active, in volumes, with XRP across various pairs this week were Bithumb (6%) and HitBTC (8%). The company reported that it sold $163.33 million worth of XRP in Q3, which is a 122% increase over the previous quarter’s sales of $73.53 million.
Both moving averages are turning flat, and the RSI is also at the midpoint. This points to a range bound action in the next few weeks. Though the platform has regularly made new lows in 2018, the bulls are currently trying to break the sequence. They have been attempting to hold the recent correction to $0.37185.
A rally above the overhead resistance at $0.7644 might confirm a bottom and the price might attempt $0.96.
XRP may experience gains sooner
Progress on xRapid, real-time settlement platform and xCurrent payment solutions have seen increased traction on Ripple in the last few months. In a post, Ripple stated:
“Global payment providers such as Viamericas, IDT, Cuallix, MercuryFX and others are using xRapid to significantly lower their liquidity costs and send real-time payments, an industry first”
With such companies that have their presence in more than 34 countries spread around three continents and with more than 76,000 cash out points having adopted xRapid and XRP speakers tones about the future of XRP. These firms have seen the potential of Ripple and this translates to a bright future for the platform.
Do you think XRP will moon sooner than expected?
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