XRP price has been showing little growth in price movement over the last several months. The price action of XRP is now facing a sideways trading action at $0.40. After going through an extended period of sideways activity around the $0.30 position for several months before its recent upwards movement.
XRP (XRP) Price Today – XRP / USD
The Internet is filled with speculation about the fact that several world banks who have partnered with Ripple the company, all going into maintenance in the past weekend. Analysts believe this could be due to these firms implementing Ripple’s blockchain-based settlement models into their digital infrastructure.
XRP Price Lost Traction Despite Strong Fundamentals, Although Analysts Believe A Bull Run is Imminent
It is no secret that XRP has had a torrid few months. The coin has been the worse performing asset class since the start of the year. As of the time when this content was published, the price of XRP was trading just under 2% from the previous price. It is currently $0.39. This point is slightly lower than the coin’s recent highs of $0.42 that was recorded earlier in the week.
If you closely look at XRP’s price action in the last one-month period, you’ll see that the crypto has incurred higher volatility in recent times. It has surged from monthly lows of $0.38 to monthly highs of $0.49. At this point, the XRP price gathered significant selling pressure which made it reel down from its current price position.
This recent volatility came up after the long sideways trading period that XRP faced throughout the year. During this period the price of XRP mostly ranged under the $0.30 region.
XRP Price Prediction: XRP Price is Forming a Consolidation Pattern
Importantly, it appears that XRP price is once more forming a consolidation pattern around its current levels that will persist until the Bitcoin price and the crypto markets begin to make large price movements.
One popular crypto analyst, The Cryptomist, via Twitter, gave his opinion about XRP’s current price action, explaining that she expects the price of the coin will begins an upward movement in coming months. According to The Cryptomist,
“The long-term resistance from last year will be tested very soon. If prices breaks this resistance position, I expect to see a bull run.”
Will Banks Switch to Blockchain-Based Settlement Models?
One rumor (which for now is unfounded and purely speculative) that several banks around the world that are working with Ripple are undergoing system maintenance in the past weekend. Many people in the crypto space now believe that this may actually be a sign that the banks involved will soon implement Ripple-backed settlement models. According to a Twitter user:
“I won’t predict prices or incoming XRP news but it is definitely insanely strange many banks around the globe are undergoing maintenance over the weekend at the same times. Many of these banks are ripple partners. Hence, it is safe to say something is happening.” The tweet has since become popular in the crypto community.
I won’t predict any prices or any incoming news for $XRP but it definitely is insanely strange many many banks around the world are having maintenance this weekend at almost the same times, and Many of them are ripple partners. Something is definitely happening.. #XRP
— CryptoDude (@Krexzn) July 7, 2019
Although this is still purely speculation and might actually be a coincidence, it’s definitely something to keep an eye on. Although most of Ripple’s partners haven’t officially implemented the Blockchain-backed models into their infrastructure, it is still safe to watch.