Most of the top cryptocurrency markets have turned bearish once again. This is always a worrisome sign ahead of the weekend, and it seems the XRP price suffers from most of the negative momentum at this time.
XRP Price Gets Battered
It is not uncommon for XRP to note the steepest gains and heftiest losses in this industry. Although it is not a traditional cryptocurrency by any means, it is volatile in a manner quite similar to Bitcoin and altcoins. In fact, over the past few weeks, Ripple’s native asset has been a lot more volatile compared to the traditional cryptocurrencies. Whether or not that is a good thing, remains subject to interpretation.
Despite a relatively strong trading volume of just under $600m, XRP’s current price momentum is not going the way most speculators would like it to. More specifically, there is a 4% decline in both USD and BTC value as of right now. Albeit that is not necessarily something to be overly concerned about just yet, it does indicate the current market momentum may not necessarily turn bullish prior to or during the weekend.
The past few days have been filled with positive developments pertaining to Ripple, xRapid, and indirectly, XRP. The latest interesting tidbit comes in the form of Santander’s Ed Metzger making the results of their partnerships with Ripple public. That in itself shows the company plans to commercialize this technology sooner rather than later, albeit it remains to be seen how that will affect the value of XRP accordingly.
— cryptoworldnews/retweet (@liboire) October 5, 2018
At the same time, one has to keep in mind the current lack of regulatory measures doesn’t necessarily bode well for XRP either. There are genuine concerns whether or not RIpple’s asset is a security token and should be treated as such. Until proper rules are shared in this regard, that uncertainty will remain in place first and foremost.
More regulations need to be put in place to give institutional investors confidence and to utilize xrp properly
— Glen (@chongg6) October 5, 2018
It is not overly difficult to find someone who is enthusiastic about the future price potential of XRP. Jimmy is confident the price will continue to rise based on real use cases, rather than hype. One has to wonder how this situation will play, albeit XRP has shown the momentum can turn very bullish rather quickly. A price of $10 seems unlikely, although people said the same about reaching $1 two years ago.
If the price of XRP Rises to $10-$589 EOY who knows!!
People are missing the real point
Aside from the price, the mass adoption is something we should be more excited about
— Jimmy (@CryptocurrancyK) October 5, 2018
As is always the case in the cryptocurrency world, things remain subject to change first and foremost. For XRP, the current momentum is not exactly awe-inspiring, although this can always turn around when people least expect it. So far, it seems this downtrend may remain in place for the remainder of the day, although the weekend may yield some very different results.