It will seemingly not be the best weekend for most cryptocurrencies, tokens, and digital assets. This is a bit of an unfortunate development first and foremost, although there is nothing one can do about it either. For those people interested in the XRP price, the current declines were somewhat to be expected. The main question is whether or not the asset can remain above $0.3 over the next few days.
XRP Price Isn’t Making Much Progress
Considering how no uptrend – regardless of its size – has been sustained in crypto land over the past 11 months, this most recent setback will not come as a big surprise either. All markets are under a lot of pressure once again, even though there doesn’t necessarily appear to be a reason for this particular trend. It is simply a continuation of how all markets evolve throughout 2018. This doesn’t bode well for any currency, token, or asset.
In the case of the XRP price, the past 24 hours haven’t been spectacular for the right reasons. In fact, it has seemingly been another time of major dropbacks, as the price lost 4.65% in USD value and 3.56% in BTC value. This is pretty interesting to keeping an eye on, although there isn’t much one can do about it when Bitcoin turns very bearish. Right now, XRP is valued at $0.303, but it may not remain above $0.3 for much longer.
There is one particular Tweet by MercuryFX which has many people speculating as of right now. The company confirms one of their clients saved over $13,000 in fees on a single money transfer. That is a very significant amount, although the company has not confirmed this was done through xRapid or by using XRP. Even so, it is of great interest to XRP fans, by the look of things.
We just saved our client USD 13,232 on a single transfer. Isn't it time we started moving your money faster – and cheaper? pic.twitter.com/VbEkrkt6AZ
— Mercury-fx Ltd (@mercury_fx_ltd) January 31, 2019
XRP to the M is a clear fan of the asset, yet still seems confused as to how this market works exactly. Although a lot of things are happening behind the scenes for Ripple and XRP, that doesn’t automatically mean the changes will reflect on the price itself. There is also no need to “show the proof of work”, as that is not how markets operate.
With all this good news now is the time for #xrp to show his proof of work because it isn't doing shit at this moment. All big talk but they don't deliver. @yoshitaka_kitao @bgarlinghouse @JoelKatz pic.twitter.com/Ghj5WgNIGk
— XRP to the M ⚡️🚀 (@XRPtotheM) February 1, 2019
When looking at the current price chart, it would appear yesterday’s gains have been wiped out completely. More importantly, Mads Roland is convinced there will effectively be another leg down in the near future. How low the value will drop in the process, is a very different matter altogether. It seems evident there will not be any positive momentum for this market in the next few days, although that is always subject to change.
— Mads Roland (@madsroland) February 1, 2019
Based on all of these developments, there is still some excitement regarding XRP, although it will not necessarily result in a price gain. Although XRP usually doesn’t follow Bitcoin’s price trend, it seems to be doing so as of late, for some unknown reason. If that correlation continues, it seems rather unlikely this asset will see any further uptrend over the coming days.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.