Markets

Ripple's (XRP) Outlook In The Aftermath Of XRapid Announcement

Ripple’s XRP was the main buzz in the market in the past couple of weeks when Ripple’s CEO announced three companies are now making commercial use of the digital asset. XRP saw major fluctuations, testing as high as $0.79 on September 21st, and then floating back to a range around $0.52. Here’s a quick overview of Ripple’s recent development and its future outlook.

xRapid Announcement

Starting with the buzz itself, xRapid is Ripple’s product which uses the XRP to carry out international transactions in “a matter of minutes. The three companies who will be using xRapid for cross-border payments are MercuryFX, Cuallix, and Catalyst Corporate Credit Union. Ripple (the company) remains the biggest holder the XRP tokens in existence and keeps on selling them through its subsidiary XRP II.

XRP’s Price Action

Now looking at XRP’s price action throughout the buzz, first, we saw the jump before the official announcement as the market reacted to the rumors. Then, once the price reached the 4-month high levels, XRP holders who had been sitting on their losses for a while took profit. By contrast, some investors who were excited about the news started buying XRP. This caused the price fluctuations thereafter.

XRP/USD Technical Analysis

Now looking at the price action and market psychology. It appears that XRP/USD is in the process of forming a Double Top bearish reversal chart pattern. That means we could expect a temporary pullback in XRP prices, potentially towards $0.41. Meanwhile, the daily Ichimoku cloud has now turned into a support layer which could prevent XRP from dropping more dramatically.

Now I’d like to hear from you. What do you think about XRP’s future? How bullish or bearish are you on the cryptocurrency? Let me know in the comments, and subscribe to get more updates! As the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.

Don’t forget to complete your risk management due-diligence before developing your investment strategy.

This article was originally published on InvestDiva.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Kiana Danial

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert. She is a highly sought-after professional speaker, author and executive coach who delivers inspirational workshops and seminars to corporations, universities and entrepreneurial groups. She is a frequent expert on many TV and radio stations and has reported on the financial markets directly from the floor of NYSE and Nasdaq. She is a weekly investment expert guest on Tokyo’s #1 Investment TV Show. She has been featured in The Wall Street Journal, TIME Magazine, CNN, Forbes, The Street, and numerous other publications. Kiana’s book "Invest Diva's Guide to Making Money in Forex" was picked by McGraw-Hill only two years after she first moved to the US, and was an immediate domestic and international success. At a young age, she has won numerous awards including Best Financial Education Provider at Shanghai Forex Expo in 2014, New York Business Women of Influence Honoree in 2015, and Pro Bono Humanitarian Award by IA Bar Association in 2013. Born and raised in Iran to a Jewish family as a religious minority, she was awarded a scholarship from the Japanese government to study Electrical Engineering in Japan, where she obtained two degrees in Electrical Engineering and researched on Quantum Physics in classes conducted in the Japanese language. Being the only girl and foreigner in her classes made her decide to dedicate her life to empowering minorities, especially women in male dominated industries. As the CEO of Invest Diva, Kiana’s goal is to empower and educate women to grow their wealth by investing like a ROCK STAR.

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