After a week of solid gains, it seems this week will be very different for Ripple and its native XRP asset. This is a rather expected turn of events, although it seems things may not necessarily improve anytime soon. That in itself is quite worrisome, albeit a correction after gaining over 100% in value in a week is entirely to be expected.
XRP Price Momentum Sours Once Again
No financial asset can continuously rise in value without facing some setbacks along the way. In the case of XRP, its gains during the past week have been astronomical. A 110% increase in value was recorded when everything was said and done. Very impressive momentum, albeit was a matter of time until people begun taking profits and the XRP price came tumbling down a bit.
All of this momentum has resulted in a rather interesting turn of events where the XRP price is concerned. Despite the net loss of 15.8% in USD value and 13.1% in BTC value, there is still a lot of positive momentum among traders and enthusiasts. This seems to indicate an XRP price reversal may be on the horizon, albeit nothing is ever guaranteed in the world of cryptocurrency and digital assets.
Some community members are still keen on seeing XRP listed on the Coinbase exchange. Rumors regarding such a listing have circulated for some time now, yet it appears Coinbase has not shown any inclination to list XRP in the near future. At the same time, one cannot ignore the success of this asset for very long, and Coinbase might surprise the entire world in this regard.
Surely, it’s just a matter of time… once the ‘word’ is out to those not currently in the know, it would be a stupid business decision not to list #xrp
— Lord Vader XRP ⚡️ (@LordVaderXRP) September 25, 2018
There is still plenty of negative pressure on the XRP market courtesy of margin traders. New information shared by Coin Signals shows there are numerous shorts being opened, although it remains to be seen if that is the smart decision. Cryptoholic99 is convinced opening a short position on XRP will result in a ticket to “rekt city” later this week, especially as the XRP price will – according to him – return to $1.2.
Shorts queuing up to go to rekt city! Ripple gonna fly this week! Check last years weekly chart with all the coinbase hype. This year we have xrapid bullshit, history repeats??? 1.2$ to end this week! #xrp $xrp
— Add your name (@Cryptoholic99) September 25, 2018
A similar sentiment is echoed by Ryan Saavedra. In his opinion, the slow dump of XRP will lead to a market bounce sooner rather than later. The expectations regarding Ripple and its native asset have never been higher than right now. Especially with the impending launch of xRapid, it is expected the market will respond through bullish momentum. Only time will tell if that is the case.
— Ryan Saavedra (@hotguyrye) September 25, 2018
Several key factors are influencing the XRP price as of right now. Despite the ongoing bearish pressure, the overall trading volume seems to hold its own above the $1bn mark. Additionally, with so many having high hopes for xRapid, it is not unlikely there will be some further market momentum in the coming days and weeks. Whether or not that will push the XRP price to $1, is a different matter altogether.