XRP pulled the cryptocurrency market is a step up
The third week of September 2018 from 18 to 24 September was held under the sign of XRP (Ripple). The growth of this coin and pulled the rest of the first-second tier a step above. But the most controversial of the top 3 still not enough.
Largest by capitalization of cryptomonad 18 — 24 September 2018
The price 24.09.2018 08:15 UTC+3, $
Change within the week
The week began with a sideways trend the market digested held in mid-September, the rise of the air. Recall that its growth was held on positive news regarding the upcoming October 5, algorithm changes ETH. The market overall had grown, but stayed sideways.
And since the increase September 11-17, was highly selective, the picture at the start of the analyzed week was very bitty. September 11-17, visibly pumped up muscle-ETH, a little older BTC, almost unchanged in mid-September, remained XRP, other altcoins — who in the woods, who for firewood.
And in the night of 18 to 19 more than 17% XRP has grown on news about the prospects of the launch of the service xRapid, which is based on the blockchain Ripple. “I am confident that in the next month or so we will inform you about the launch of this product,” said Sagar Sarbhai, head of the Department Ripple for relations with state authorities and regulators in the Asia-Pacific region and the middle East.
Introduction xRapid will allow financial companies and banks to organize high-speed service for cross-border payments (the time of transaction does not exceed three seconds) with low commissions.
The market reacted very rapidly, because by the time it was already known that the system XRapid quite a long time and even interested in testing the giants of the market of Express transfers- Moneygram and Western Union as well as the crypto currency exchange — Bittrex, Bitso and Mexican Coins.Ph.
Despite the sharp rise in XRP September 18-19, other cryptomonad have grown much more modest and by the end of the first day of the rally already ended up sideways. Even though volumes grew. Analysts attributed XRP throw his undervalued — he fell from June by almost half, and from January 2018 90%. “Simply restores justice, XRP corrects imbalances,” like that they explained what is happening.
“Sideways” was short-lived. Another piece of news with details on xRapid — XRP again flooded upwards: +14% per day and +31% in mid-day September 18, exchange rate as it reached 0,362 dollar. Here is clearly loomed trend: XRP goes up, and the most impatient investors locked in profits, while operating in pairs XRP/BTC, XRP/ETH and so on. And enter the new amount in the Fiat on the market to participate in sharing the pie, which was served at the table of the guys from Ripple Labs their statements. Volumes rose sharply, but the most interesting happened on Friday, September 21 — it was a day of Big Leaks.
21 Sep XRP first soared to 0,769 dollar per coin (maximum for the period from the end of may), and then to $ 0.56. At the peak of the coin while Ethereum has pressed from the second place in terms of capitalization. But it was for a while — first of XRP he went to correction, and second, the ETH has significantly tightened together with other scriptactive.
What happened? Why so much optimism about XRP? But the fact of the matter is that some unnamed guys from the second tier of the employees of Ripple Labs distributed some details about the upcoming commercial launch of the service xRapid. By themselves, the news about this twice already in the week hit the market, but on Friday, September 21, leaked the information that XRP may be the intermediate link between the currency and the banks. Although this is not accurate. And this news spurred the market: obviously as intermediates XRP will be extremely popular, and transaction fees with its intermediation will significantly increase the income RippleNet.
Against this positive background, even melted is not particularly good news from the SEC the Commission on securities of the USA, which once again postponed the decision on the approval of the application the Cboe BZX Exchange, one of the venues the Chicago Board options exchange, trade exchange-traded funds VanEck SolidX Bitcoin Trust.
But despite the fact that the market considered this claim as a kind of token and maybe the trigger for the start of the rally, the reaction was sluggish, even neutral — perhaps because postponing a decision on the application Cboe BZX Exchange “for later”, the Commission immediately invited cryptocommunist to the discussion of this question. And this is a good signal that the decision may be positive.
And then there’s Mike Novogratz, large captainvalor and founder of Galaxy Digital, in an interview with CNBC Fast Money stated that he expects the growth rate of bitcoin is at least 30%, because, in his opinion, the market has reached bottom, that ended the “panic selling” that applies both to private investors and teams ICO. And most importantly, according to Novogratz, “there was quite a serious rebound, but the real growth will start later. We see that institutional investors are gradually preparing for the entry into this market, it is much more important.”
And Novogratz did right: the interest in cryptocurrency on the part of institucionales all react violently.