Surprisingly, Ethereum has lost its silver throne to Ripple (XRP), which gained an approximate 100% in just a week.
The lowest and highest levels of XRP market cap have approximately $19.8 billion in-between. This means almost a 184% increase. It is true that the valuation decreased after its weekly peak, but just to a limited extent. Within this course, Ripple’s market cap saw higher values than Ethereum. Although for a limited time period, XRP replaced the silver to Bitcoin’s bright gold. On the other hand, the XRP trend’s peak was stopped with a sell-off, resulting in the third position again.
However, why does XRP behave as bullish? Actually, there is no technical explanation for it, and thus CCN looked at the essentials. So, we found things somehow associated with the XRP trend.
Essential Factor 1: xRapid Solution
xRapid, the Ripple Labs’ infamous and long-expected cryptocurrency service, will be commercially announced probably within the next month. This commercial payment service will ensure the financial organizations to adopt XRP tokens for international transactions. Contrary to the RippleNet, having top-ten US banks waiting to get integrated, which is the XRP-negated corporate blockchain project of Ripple Labs, xRapid has not readily available partnerships with major mainstream financial organizations.
xRapid release was heard first on CCN on September 17, when XRP was having a sideway trend to USD. Next day’s session began with an upward trend, having another high to $0.33990-fiat from the low of 0.26627-fiat.
Essential Factor 2: Coil and PNC Release
Coil has announced on September 20 that XRP is connected with major websites such as Wikipedia, Twitch, and YouTube. The San Francisco company, Stefan Thomas, former Ripple Labs CTO, being the lead, announced the details on their web monetization app, which would enable content creators to gain tips via XRP tokens. In general, XRP had another positive impact with the news, aside from the ongoing upward bullish trend.
Another Ripple-oriented news wave spread all over the web, which is PNC-associated, on September 20. RippNet embraced the $380 billion US banking giant for almost instant money transfers with upon-request liquidity and end-to-end tracking within a blockchain. Nonetheless, this partnership does not ensure a jump in XRP employment. Still, XRP’s largest holder Ripple Labs with such a bright future could have excited the traders speculating on Ripple.
The Essential Factor for Conclusion FOMO
When a digital asset breaks its critical resistance levels one by one, day traders go keep their positions with a fear of missing out potential profits. After seeing such an impressive upward trend following the infamous weeks, XRP traders appear to get transformed in a bullish way. The buying trend has been up again by Ripple, and all the top coins have been positively affected throughout.
XRP/USD seen better highs towards 0.79162-fiat. The pair has corrected an approximate 27% afterwards. Long positions below the current value may get resolved with a decent profit and cause a limited sell-off to the support level of late May, 0.54490-fiat A drop from this point could force XRP/USD down to the support level of early April, which affected a bold trend to 0.96635, so to say to 0.45627-fiat.
Recovering this bearish trend, the pair would require to get both the aforementioned support levels void. On the other hand, xRapid’s release would probably result in a positive trend for next month.