Market Analysis

XRP loses 2 percent in spite of a big announcement

XRP loses 2 percent in spite of a big announcement
Oct 2, 2018 by Rico Wise

Starting from the second half of the previous month, BTC has shown low trading volumes, which has been a problem for the cryptoexchange market. Despite the fact that Bitcoin was anticipated to make a breakout from the resistance levels at 6,800 and 7,000 USD, its lack in volume stopped it from rallying any further.

Earlier today, Ripple Labs has announced three collaborations with high-profile banking institutions, including Banco Santander, an 80 billion US colossus in the banking sphere. Its Pay FX platform has become the first-ever mobile app for international transactions, powered by RippleNet.

However, despite the announcement, the value of the Ripple coin has only decreased by nearly 3%. After that, the coin has displayed a slight recovery, shortening its loss to a mere 1%.

Most of the financiers of the cryptomarket anticipated the Ripple digital currency to start a big short-term surge, similar to the one it displayed previous week. Nevertheless, this year’s Ripple’s biggest collaboration with Banco Santander had next to no effect on the XRP value.

The experts suggest that there are two reasons behind the Ripple’s struggle to bounce back to its yearly high subsequent to a whopping 150% surge it pulled off at the end of the previous month. First is the decreasing trading volume in the cryptomarket, and the second is the overbought conditions, supported by its 3x price growth since the beginning of September.

Linked pages

Related news

Related companies

Ripple Labs is an American technology company which develops the Ripple payment protocol and exchange network
Rating
178 of 312
The largest Spanish banking institution in the world
Rating
159 of 312

Projects

NameRatingType
Bitcoin
Coin
XRP
Coin