XRP (XRP) Attempts A Rise Above $0.5000 But The Bears Pull The Price Back 

ripple xrp price analysis

XRP and almost every other cryptocurrency has been having a rough time in the bearish market. Even with all the pressure XRP has been facing, it still managed to hold its position as the third largest cryptocurrency in the world per market capitalization. The cryptocurrency has been making waves in the industry as it has made a lot of developmental progress within this time. Because of all the developments Ripple labs has been working on, XRP has been on almost every headline. The most recent developmental announcement was made by the head of regulatory relations, Sagar Sarbhai on the 17th of September.

XRP (XRP) Price Today – XRP / USD

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During the announcement, Sarbhai said that Ripple labs was ready to launch the xRapid protocol. In his words:

“I am sure that we will launch the xRapid protocol within the next one month. This will be accompanied by a lot of good news.”

After the announcement, the price value of XRP increased rapidly and it has been increasing on a daily basis since. If it keeps trading in green, it will most likely hit the all important $1.00 level soon. Two times within last week, Ripple tried to claim the second position from Ethereum. According to the developmental team, xRapid is working to make international payments faster and more efficient.

XRP Price Analysis

XRP wasn’t the only coin that had a boost. Stellar (XLM), and Tron (TRX) also had significant boosts in price. However, the prices in the market are struggling move higher even with a negative sentiment in the market. Today, XRP is trying hard to break a declining channel that forced the price to move from a high of $0.6100 to a low of $0.5120. At the time of writing, the coin was trading at $0.472357. This indicates a 8.40% fall against the USD and a 7.32% fall against Bitcoin. Often, a pullback is necessary for gathering momentum. The next few days of trading will determine if the price action will change.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.


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