Ripple’s XRP has had a crazy week. It first went up over 100% getting all XRP holder excited. Now in the past few days, it’s been erasing almost half of last week’s gains.
What’s up with the roller coaster ride and what does the future hold for our favorite token? Well, the reason why XRP spiked last week was that Ripple Labs, the company behind the tradable token, announced it’s close to launching a new product, xRapid. This was exciting for crypto investors because xRapid could help banks speed up transactions using the XRP token.
So we saw a massive surge in XRP versus fiat currencies and cryptocurrencies alike, which took it from key support and near all-time-low levels to a 4-month-high versus USD, and a 7-month high versus Bitcoin. But the gains were short-lived. Once the crypto investors who’d been sitting on their losses for a while started taking profit, XRP’s value started going back down on profit-taking pressure.
On Tuesday, the cryptocurrency market as a whole went under pressure again which didn’t help XRP’s case. Personally, I didn’t take profit when XRP surged last week and looking to buy more as the price drops in this renewed bearish sentiment. I do think the future is bright for XRP in the longer run though.
