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Why was not XRP Rally After SWELL 2018?
September has proven to be a pretty spectacular month for Ripple for a variety of different reasons. For beginners, since last month the company hinted at the fact that it would soon launch its xRapid transfer protocol, investors took the business opportunity and invested a lot of money into the business. enterprise and in its native financial offer – the Token XRP.
Self xRapid proves to be successful, it is very likely that a long list of consolidated financial players will start using XRP to adjust their global financial transfers. This thought itself has been able to increase the value of the currency by more than 100%.
What is xRapid designed to do exactly?
In short, the xRapid protocol is designed to serve as an economic bridge between a multitude of fiat / cryptographic assets around the world. As a result, the platform enables banking / financial institutions and payment service providers to facilitate cross-border transactions with ease, recharging extremely low commissions and offering almost instant settlement times.
Why did not Swell 2018 push the XRP value up?
As many of us already know, Ripple's annual Ripple conference just ended yesterday, with an event that boasts many distinguished names such as former American president Bill Clinton, Gene Sperling, Ed Metzger. Thanks to this host of star-rated speakers, many analysts had been expecting this two-day event to stimulate the even higher price of XRP.
However, now that Swell is officially over, no major rally was observed during XRP, an event that left many people scratching their heads. Even after Ripple Labs announced yesterday that "three US-based financial companies" had signed up for the company's xRapid service platform. The three companies include:
- Caullix
- MercuryFX
- Catalyst Corporate Credit Union,
The first two companies are direct payments providers while Catalyst is a corporate finance company.
Finally, while XRP continued to ride last month or so, it is still worth noting that the business fell 80% from its peak in value last year, when the price of a single currency is rose to a gigantic $ 3. At the time of printing, the currency is currently trading around the $ 0.06 mark.
Final take
Although Swell 2018 did not affect the price of XRP in a way that Ripple executives would have hoped for, we need to understand that when we talk about the widespread adoption of a technology like xRapid, it usually takes some time for the market to start acknowledge and warm up the idea of altering their habitual work habits by adopting a platform like this.
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