FOMO Sees Ripple Price Take a Wild Ride
The Ripple (XRP) price charts have been surging in recent days, taking the digital token’s value above the $0.50 mark. Although it’s a far cry from the $2+ highs we saw at the start of 2018, the price of Ripple looks to be making a late rally as we head towards the close of the year. For the analysts, this bullish move has been triggered by the fear of missing out (FOMO). Following news that xRapid is set to be released on a commercial scale within the coming months, investors have been clamoring to get XRP at a cheap price. However, as FOMO subsides, the data suggests a price correction is inevitable.
The Price of XRP Continues to Fluctuate
For those looking to buy Ripple online, intraday trends suggest an upside of $0.60 and downside of $0.054 on the XRP price charts. Taking that into consideration, those tracking the Ripple price live on September 24 may have spotted an opportunity. Hovering around the $0.52 for much of the day, the current price of XRP in dollars suggests we’re on the low side of the current upswing. If the market has slightly overcorrected itself, there’s clearly a small profit to be had as things fall into line with the expected $0/60/$0.54 upside/downside dynamic.
However, for this to happen, FOMO will have to remain in place. Although Ripple has teased the commercial release of xRapid, it hasn’t set anything in stone. Until it’s live and being used by some recognizable companies, the price of XRP is trading off nothing more than hope and possibilities. In fact, even in the wake of another banking partnership, we can’t count on positive Ripple price movements. For casual investors, this may seem surprising given that a top-ten US bank is a major coup for Ripple. However, there has been no indication that PNC will join those testing xRapid. For investors looking to make a short-term profit, this may not matter, as FOMO may once again cause an XRP price spike.
Riding the Ripple Price Wave
In contrast, longer-term investors may not see as much value in the recent announcements. Although it’s all positive momentum for one of the most active crypto companies, mainstream adoption is still a long way off. Yes, Ripple is closer than most to becoming a mainstream product. When that happens, long-term holders will see the price of XRP hit new highs. However, until that happens, fluctuations will characterize the cryptocurrency’s fortunes. The hope, therefore, is that FOMO continues to raise the downside and, therefore, the overall price of XRP. For now, however, short-term traders will have to keep riding some potentially wild waves.