Following its extraordinary September price rally, where it jumped more than 100 percent on positive market sentiment about its potential to disrupt existing cross-border payments services, XRP has fallen from a September high of $0.61 to just $0.48.
Post-September Bear Moves
XRP’s price has fallen around 17% over in a week before making a slight recovery, while XRP has fallen by over 50% over the last four days according to data from CryptoCompare. This follows a strong period of 24-hour trading volumes in September, averaging more than $4 billion – a figure that has now come down to just $500 million in the last 24 hours.
Market analysts have speculated that XRP investors may be behind the bear movements by offloading large amounts of XRP tokens on the market out of eagerness to profit from the recent price jump.
From an all time high of $3.71 early this year, XRP declined to as low as $0.26 at the beginning of September before embarking on a bull run that became known as the Ripple Swell Event.
Nevertheless, there might yet be positive news for XRP investors and Ripple Labs on the horizon.This morning, it was reported that Ripple will be among the new technologies to be showcased at Swift’s Sibos conference this year – an announcement that raised more than a few eyebrows given that SWIFT and Ripple are in fact direct competitors.
Ripple Market Sentiment
Using its digital token XRP, Ripple Labs is trying to muscle in on SWIFT’s business which still remains the way nearly all financial services companies and banks move money around the world. Ripple Labs believe that blockchain and cryptocurrency will make moving money and value across borders faster and cheaper.
Some have said that Ripple Labs might break some big XRP related news at Sibos, possibly allowing another ripple price bump to happen. It will be recalled that Ripple’s September price surge was caused at least in part by Ripple Labs releasing details about its new xRapid service, which will enable banks to use XRP to perform international transactions in “a matter of minutes.”
Ripple Labs then announced that three companies – payment providers MercuryFX and Cuallix as well as cooperative financial firm Catalyst Corporate Credit Union – would be the first to roll out the service.