Although there are many presumptions that Ripple’s XRP might continue with the decline it seen around September when the currency was traded at the price of as low as 0.27$, Ripple is entering another bull run episode.
On November 6th in the last 24 hours, XRP, the third largest currency, has not only touched the value of 0.50$ once again but has also gone above it.
The latest rise brought XRP up by over 16% in the course of the last 24 hours, setting XRP in the green in the weekly chart as well, going up by over 22% against the fiat.
Still, some analysts, the Satis Group statement included, believe that Ripple’s XRP will soon walk the lonesome path of declines.
Will XRP fall, going back to 0.27$ or lower, or will the currency break the resistance of 0.60$ in the course of the following weeks?
XRP Seen in a Single Day Bull Run: 16% of Gains Take it Above 0.50$
Previously, back in mid-September, Ripple’s XRP was traded at the price below 0.30$, hitting 0.27$ which was at the same time its monthly low.
However, within a period of only seven days, Ripple skyrocketed above 0.50$, being traded at the value of 0.56$ already on September 21st, which made a quite significant impact on the year to date chart of XRP.
Thanks to these set of gains acquired in the third week of September, XRP climbed by over 155% on its YTD chart, as well as scoring almost 80% in the course of the last two months, all dips and gains summed up by November 6th.
On the mentioned date, XRP went bullish with the latest positive market trends, which took it towards the value of 0.50$ once again.
XRP (XRP) Price Today – XRP / USD
Price 24H (%) -0.08%
However, there are many indications that Ripple isn’t able to go above its current value of 0.52$ further from this point, predicting that XRP will fall.
These presumptions are mostly based on the fact that XRP is still waiting for regulations as well as for the SEC to decide the status of Ripple’s currency, deeming it either a centralized security or decentralized currency.
Although Ripple Labs claim that XRP is decentralized and is not being manipulated or misused by the company, many would bear to disagree, which might be the main factor to drive XRP down alongside mass market dips.
Will XRP Fall Back to its September Low of 0.27$? Or Continue to Grow above 0.50$?
It is considered that the main driving wheel of the potential that XRP holds is actually summed up in the news that Ripple is pushing XRP towards mass adoption by offering xRapid, their product that actually needs XRP for operating, to banks and financial institutions.
XRP saw a massive decline once the initial news was released, however, it soon started to drop under the influence of negative market trends, once again seen in a bull run by 16% in a single day.
Moreover, whether XRP will be mass adopted through xRapid still depends heavily on whether these banks are more likely to go for xRapid or choose to stick with xCurrent, Ripple’s product that doesn’t need XRP.
It is most probably the case that the rise or fall of Ripple’s XRP will mostly depend on this case.