XRP prices rallied today, nearing $0.40. Credit: Getty Royalty Free
XRP prices rose again today, pushing toward the $0.40 level as anticipation continued to fuel trader activity.
“We have seen this pattern before,” said Charles Hayter, co-founder and CEO of digital currency data platform CryptoCompare.
The price of XRP climbed to as much as $0.3738, up more than 33% over the last 72 hours, CoinMarketCap data shows.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Rally ‘Driven By Anticipation’
“XRP’s recent surge is driven by anticipation,” said Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital.
“The main development fueling this drive is the upcoming xRapid release, which, many believe, will lead to real-world usage of XRP and push the price even higher,” he added.
However, DiPasquale voiced doubts about the new product’s upcoming release.
“Despite all the partnership news surrounding Ripple, there are no concrete commitments regarding the extent to which xRapid will be employed, and given all this, I am inclined to term this a ‘buy the rumor, sell the news’ event,” he stated.
A handful of traders described the market’s view of the XRP token as being rosy.
Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet, offered an optimistic assessment, stating that:
“The overall sentiment on XRP is good as it’s finally going to be utilized to its full potential.”
“If half of their clients use XRP like they say then it’s market cap will grow tremendously,” he said.
Jon Pearlstone, publisher of the newsletter CryptoPatterns, also offered a positive view, claiming that XRP’s recent gains are the result of positive news and the digital token retesting 2018 lows.
“This created a ‘slingshot’ reaction that shows the bulls have renewed confidence with the high volume buying seen vs the USD and Bitcoin over the last few days,” he stated.
“Given the importance of the prior key .42 level where there was strong buyer support in the past (now resistance), that level will be a good indicator of the strength of the current bull move.”
Disclosure: I own some bitcoin, bitcoin cash and ether.