XRP Price Turns Bullish as Bitcoin Momentum Picks up
All of the major cryptocurrencies find themselves in the green once again. Although there is still a long way to go prior to speaking of an actual recovery, this current trend looks promising for the remainder of the week. The XRP price is enjoying a positive spell once again, pushing the value back to $0.53.
XRP Price Is Still Going Strong
No one will deny a lot of people keep a very close eye on the XRP price momentum as of late. If the previous weeks have shown anything, it is how this somewhat controversial digital asset can note very strong gains out of the blue. In this particular case, the uptrend seems to culminate primarily because of the Swell conference of 2018. A lot of major announcements have been made, and more may have yet to come.
With a solid gain in USD value and a small uptick over Bitcoin, things will undoubtedly remain somewhat shaky. There isn’t much to fuel this ongoing trend other than Bitcoin’s momentum right now, even though some of the recent Swell announcements could have had a much bigger impact on the price. That has not materialized just yet, albeit it is not uncommon for price gains to materialize only later on.
One of the biggest announcements to date is how so many major financial firms are embracing the xRapid technology stack in quick succession. With the likes of TransferGo, MercuryFX, and others getting on board from day one, there is a very good chance things will only improve from here on out. Although these providers mainly use RIpple’s technology, the use of XRP might see a healthy spike as well.
Secondly, it appears Deloitte is paying a lot of attention to Ripple as well. In a recent presentation, it became clear the firm is experimenting with Ripple’s technology for faster payments. This is all part of the firm’s faster payments sandbox, which is a major development in the world of finance. Adding Ripple to this list is pretty significant, although the full repercussions remain rather unclear at this stage.
Deloitte Faster Payments Sandbox: Getting you to faster payments, faster
— 𝗕𝗮𝗻𝗸 𝑿𝑹𝑷 (@BankXRP) October 4, 2018
Last but not least, expert Philip Nunn is confident Ripple will become the Microsoft of cryptocurrency. That is a very bold claim, albeit one that might not necessarily be impossible to back up either. Ripple has shown how blockchain can transform the financial sector as a whole, even though their product is anything but cryptocurrency related. An interesting future awaits in this regard.
— Oracle Times (@oracletimesnews) October 4, 2018
While things may look somewhat promising for XRP as of right now, there is not sufficient overall momentum to keep this train going if Bitcoin were to falter. That is not uncommon in the world of cryptocurrency and digital assets, albeit most people would have expected something more spectacular given all of the recent announcements taking place. Its trading volume is picking up nicely, though, which could lead to a further price surge later today.
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