Today, XRP has eased up a little. It has dropped from $0.55 to $0.529 in the day. This is a minor retracement and pretty insignificant given that XRP (XRP) has been relatively bullish in the last couple of days. Besides, from the 24-hour chart, XRP is holding strong above the 200-day moving average support at $0.507. This is a signal that bulls are still in charge, in spite of this retracement. If it holds up strong, it could break above $0.60 within the week. Essentially the charts are painting a picture where XRP could be headed up from now all the way into 2019.
But it’s not just the chats that are pointing to a bullish XRP, fundamentals too, point to a similar scenario. For instance, the number of exchanges using XRP (XRP) as a base currency has shot up in the last few months. While this is not related to XRP’s use case a bridge asset in cross-border transfers, it adds significant volumes to the amounts of XRP’s traded daily.
This will play a major role in pushing up its demand over time. Actually, this usage of XRP could see the value of this crypto decouple from bitcoin, and take its own trajectory. The primary reason Bitcoin (BTC) holds so much sway over altcoins is because they are mainly traded against it. In essence, as more exchanges adopt XRP as a base currency, it will not just decouple from bitcoin (BTC), but also gain impetus to keep growing when supported by its other core fundamentals, such as bank adoption.
Speaking of bank adoption, the adoption of XRapid is in top gear. The number of banks that have taken an interest in ripple’s XCurrent has shot up in the last few months. This is a positive move because the moment a bank starts using XCurrent, they stand a high chance of transitioning to XRapid. It makes business sense for them to upgrade and start using XRapid. That’s because XRapid gives banks even higher cost savings, up to 70% of their cross-border transfer costs. With such cost saving, banks, driven by the need to be more competitive in the market are likely to start using XRapid. This adds traction to the adoption of XRP (XRP) going into 2019 and beyond.
XRP is also backed by the fact that ripple has some strong ties with policymakers all across the world, including having a member of their team in the Federal Reserve faster payments taskforce. This influence could play a role in the adoption of XRapid by the global banking industry.
The moment this adoption starts, combined with the usage of XRP as a base currency in exchanges, XRP could be on track to hitting the $589 value that XRP holders have been eagerly waiting for. Whether XRP (XRP) can hit this value in the day is a matter of wait-and-see. One thing is certain though, it is slowly building up bullish momentum. The $0.46 level which it has consolidated at in the last few weeks could end up being a long-term support level.