Yesterday the crypto market tanked after bitcoin dropped back to the $6200 level. Interestingly, this happened around the same time that CNBC ran a story about XRapid going live in about a month. However, unlike in the past, when news have had little impact on price in a bearish market, this one is different. It’s different because even as the rest of the market drops, XRP (XRP) has made some gains, and is now trading above $0.29. This is the first time that XRP seems to be responding to good news in a while, and it could be significant. It could be significant in the sense that the market is finally beginning to appreciate the potential impact of XRapid going live.
If this is the case, then it a good time for XRP holders. It’s a good time because it indicates positive market momentum, prior to it going live. As such, once it goes live, it could create a huge speculative wave around XRP, a wave that could see it retest its all-time highs in a very short time.
However, the biggest aspect to this positive momentum around XRP once XRapid goes live is that, it could lead to a decoupling of XRP from the rest of the market. That’s because once XRapid goes live, and banks start using it, chances are that they will become the primary buyers and sellers of XRP (XRP) in the market. They will pretty much overshadow the retail investors who have been the primary players in the market up to this point. As such, XRP (XRP) could trade in a totally different trajectory from the rest of the market. It will attain a level of price stability that is uncharacteristic of the rest of the crypto market, which is heavily reliant on bitcoin (BTC).
But what are the chances of most big banks going live with XRapid? Well, ripple has always maintained that the first institutions to go live with XRapid will not be banks but other financial institutions, the likes of Mercuryfx. However, with Asian banks showing strong interest in this technology especially in India, Japan and Saudi Arabia, the possibility of a mass push towards XRapid by banks is sort of guaranteed. That’s because banks tend to copy each other in a bid to remain competitive in the market. As such, if one bank in Japan, for instance, starts using XRapid and clients love it, then other banks would be forced to adopt it too. Otherwise, they would end up losing their clients to competitors.
This means that once XRapid goes live, all it will take is one or two banks to adopt it, and the entire industry will rush into it. It will also be supported by the fact that ripple is compliant to financial regulations, a factor that would otherwise be a problem to its adoption.
As such, XRapid going live, could mark the beginning of a huge run-up for the price of XRP (XRP). Once it creates momentum, the FOMO buying that will follow could see XRP (XRP) rise to become the number one crypto in the market. Everything is taking shape for an XRP rally that could see it test double-digit valuations in the near future. Its price action today could be the beginning of a move that will change the trajectory of the crypto market for good. It will be an interesting Q4 for XRP, one that will be life changing for many.