2018-9-21 17:47 |
Ripple’s token XRP is one of the top performers in the top 100 cryptocurrencies by market capitalization. XRP has surged 15% over the past 24 hours, and this is its third consecutive gain. The token has mostly disappointed investors this year as it has fallen from near $3.3 highs in January to lows near $0.25. The price is now trading near $0.37. The recent surge came shortly after an announcement from the Ripple company that RippleNet is now operating in 40 countries across six continents. RippleNet is a decentralized network of financial institutions and payment providers.
It should be a surprise that price has surged on this news as the RippleNet does not necessitate the XRP token. RippleNet is part of Ripple’s xVia service, and the backbone for this decentralized network is the Interledger protocol which facilitates the payments to be sent quickly across the network. The only service of Ripple’s which requires the use of the XRP token is xRapid which is a low-cost liquidity solution aimed at emerging markets. Regardless, the XRP token has increased from around $0.27 to near $0.37 in the space of three days on large amounts of volume.
XRP Daily Chart – Source: Tradingview.comOn the hourly, we can see that price has surged above the 50, 100, and 200EMA. Price made an initial rise from $0.27 two days ago and traded in a range $0.31 to $0.33 after. It successfully executed the bull flag pattern where it made its second rise on the release of the news about the RippleNet.
XRP Hourly Chart – Source: Tradingview.com Key Takeaways: Ripple is one of the top performers in the top 100. XRP surged on news of RippleNet operating in 40 countries despite XRP not being required for RippleNet. Bull flag executed over the past three days on the hourly with the price rising from near $0.27 to near $0.37. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.XRP Surges on Announcement Despite RippleNet Not Requiring XRP was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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