Journalist
Posted:
- Ripple is working on its future and it involves more integration into business and retail.
- XRP gives up gains and returns to levels previously seen before the July rally.
Do you ever wonder what’s in store for the XRP token, especially once Ripple finally overcomes its legal troubles? Well, Ripple is wasting no time in announcing its next potential moves.
Is your portfolio green? Check out the XRP profit calculator
Based on recent announcements, Ripple could expand its presence in everyday life by improving traditional settlements. The company reportedly plans to eliminate the inefficiencies and friction that exist for e-commerce businesses. The XRP token could become a crucial part of this process.
.@Ripple wants to turn every e-commerce company into a crypto company. Click here for all the inside details of our conversation Brad Chase: https://t.co/fEE93inCpH #Ripple #XRP pic.twitter.com/aLjgXZhKuZ
— PYMNTS (@pymnts) September 12, 2023
This announcement came just a day after Ripple revealed that SMBs will be part of its business strategy. Especially when it comes to cross-border payments. In other words, Ripple is trying to achieve efficiencies that banks have not been able to achieve.
XRP returns to pre-SEC-Ripple profit levels
While the above announcements highlight a bright future for Ripple, XRP’s performance remains flawed. During Monday’s trading session (September 11), the price even fell to a remarkable price level. XRP fell to $0.45, a price level previously seen before Ripple’s win at the SEC was announced. At the time of writing, it was exchanging hands at $0.48.
Source: TradingView
On the plus side, those who thought they had missed the boat during the previous rally now have the chance to get in at pre-rally level. Nevertheless, prices could fall further. The short-term outlook remains uncertain, judging by some of XRP’s metrics.
XRP investor sentiment was at its lowest point in the past four weeks at the time of writing. Not only reflective of the bearish price action, but it also suggested that investors were still on the sidelines. This was most likely the result of the SEC’s decision to appeal.
Source: Santiment
Not surprisingly, on-chain volume remained in a low range this month, and the same goes for network growth. We attempted to determine whether accumulation gains momentum in the low range. XRP’s supply distribution metric showed mixed reactions.
Realistic or not, here is the XRP market cap in terms of BTC
Most whale categories that recorded outflows in recent days have stabilized and some have even reaccumulated. This includes addresses with 10 million to 100 million XRP (red). Addresses holding between 10,000 and 100,000 XRP (blue) have eased the selling pressure.
Source: Santiment
With some of the whales that previously contributed to the selling pressure shifting gears, XRP could find support at the same levels as in July. On the other hand, there was still significant selling pressure coming from addresses in the 1 million to 10 million XRP (green) category. XPR could still lose its current support if selling pressure increases.