Bears To Push Bulls Out, Expecting XRP to Crash Another 30%: Crypto Trader
The fourth-largest cryptocurrency by market cap of $4.3 billion, as per Messari, XRP is currently in the green by 1.14% while trading at $0.157.
On March 13, XRP took a big fall, falling to $0.128, that had the digital asset down over 97% from its all-time high of $3.92 hit in January 2018.
In the past month, the crypto asset has lost over 40% of its value however, it managed to recover some gains in the past 7 days. But XRP isn't out of the woods yet and is expected to see new lows soon.
The crypto asset has fallen to its three-year lows but according to trader Credible Crypto, the price of XRP will be making its way to below $0.11. XRP is “progressing beautifully” to his over 30% drop target, a level which according to the trader is a buy the dip zone.
— Credible Crypto (@CredibleCrypto) March 22, 2020
Trader with the pseudonym Livercoin is also expecting another big 30% drop. For now, it is holding the 2500 sats support “strong” but bulls will finally lose to bears as per the trader.
In the BTC market, XRP has been down throughout.
Expecting another 30% drop on $XRP
2500 sats support holding strong but bulls are going to throw in the towel eventually… pic.twitter.com/9M9I2ZGpyh
— Livercoin (@livercoin) March 22, 2020
Intermex to Test XRP But Won't Use RippleNet in Core Markets
In other news, Ripple partner Intermex will begin testing the viability of XRP as a bridge currency later this year. The company is building out its network into other corridors, where it would require on-demand liquidity.
Here, they “can use XRP as kind of a pivot currency to swap US dollars for pesos, 24/7. And it’s early days, but we would expect to be testing that later this year.”
However, the company that specializes in payments in the US and Latin America recently shared that it doesn’t not plan to use RippleNet in its primary corridor between the US and Mexico. CEO Bob Lisy said,
“Ripple will not be an answer for places like Mexico. We’re very proud about the relationships we have there… We have very tight relationships that strategically [set] plans and objectives with those payers. And so you won’t really see us leveraging Ripple in our core markets.”
Tony Lauro, the chief financial officer shared recently that the company is looking at Ripple for several other products.
As for RippleNet, the hub that connects financial institutions, it “will enable us to onboard new payers faster than we would if we were doing direct connections to each one,” said Lauro.
The company is likely to utilize Ripple’s payment solutions in the emerging markets, where there is less liquidity and efficiency.