As has become customary in the world of cryptocurrencies, tokens, and digital assets, Friday evenings often yield some surprising momentum. Although the past few days have been somewhat bearish, no one really expected the XRP price to decline further. That is what has happened after all, as the asset is losing ground in both USD and BTC value despite some intriguing developments behind the scenes.
XRP Price Momentum Turns Quite Sour
Nothing has effectively warranted a negative – or positive – shift where XRP’s value is concerned. The recent announcement regarding JP Morgan building its own cryptocurrency has caused some minor shockwaves, but it has not affected most markets in any notable fashion. As such, the current XRP trend seemingly makes little sense, yet the losses are there for everyone to see.
Over the past few hours, the status quo for XRP has been disrupted in a negative manner. With a 1.3% decline in USD and BTC value, the coming weekend does not look too promising. Maintaining the $0.3 level may prove very difficult, and it seems the 8,200 Satoshi level may come under additional pressure as well.
As can be seen on social media, the opinions regarding JP Morgan rivaling Ripple and XRP are somewhat divided. XRP Andy is convinced JPM is well behind the curve and will eventually embrace XRP as its own standard. While that may be wishful thinking at this point, building a new currency and its associated ecosystem will be challenging.
Lets face it JPM are 10 years behind in software development and its unlikely they will come up with a product that can beat ripple and #XRP #Bitcoin for example is sub standard to #XRP. Let someone tell me otherwise. JPM know its a huge market. #IoV #FOMO
— #Democracy (@XRPAndy) February 15, 2019
As Weiss Ratings wonders if JPMCoin can threaten XRP, CGSVelo offers a very apt response. This user claims it will be another coin to bridge for Ripple which will pave the way for future use cases where XRP is concerned. Again, this may prove to be wishful thinking first and foremost, but only time will tell what the future will hold.
One more coin to bridge for @Ripple. This is good for #XRP. Large institutions onboard, regulatory clearance and banks using crypto.
— CGSvelo (@cgsvelo) February 15, 2019
Perhaps the most interesting development is how Uphold has increased its Crypto holdings over the past few hours. While a stronger focus lies on Dash and BAT, the company has – seemingly – 39% of its holdings in XRP, at least at the end of January 2019. A remarkable development regarding an asset which lit over 90% compared to its all-time high.
In 2018, holdings of $DASH and $BAT on #Uphold increased by 281% and 183% respectively, while $XRP grew to 39% of all #crypto holdings between its launch in March 2018 and January 2019.
Check out this post for more #Uphold stats from 2018! https://t.co/RkM8PaEdL9
— Uphold (@UpholdInc) February 15, 2019
All of these signs point toward a rather interesting weekend where XRP is concerned. Overcoming the current losses may not pose much of a challenge on paper, but in the real world, things often work out very differently. Even so, there is some bearish pressure on other markets as well, which usually bodes well for XRP.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.