XRP is exhibiting classic signs of being oversold this morning as the currency flirts with breaking the 3600 support level.
My belief is that this is a combination of profit taking from those who traded into the run up to the “Swell” conference and erroneous information / analysis emanating from the event.
XRP climbed from the approx.. 4300 to 5900 in the two weeks prior to Swell, so there was bound to be some profit taking before the event. Selling into the event is a time-honored tradition of modern trading. XRP was also one of the very few cryptos to exhibit any strength against BTC, so the push was exacerbated. That is because XRP was architected to trade as a pair against the US Dollar or Euro.
Some info emerged from the conference showing how systems to enable cross border fiat currency swaps on the Ripple blockchain at a fraction of the current time and expense in doing so. A comment was made that states that the system was currency agnostic and the end customers didn’t even need to use XRP. This was construed/manipulated to feed the rumor mill that Ripple was abandoning XRP. This is patently untrue. This type of system is actually great for XRP holders as it not only requires XRP for every transaction, but it is deflationary and actually burns some of the crypto each time.
Whatever your belief as to the purity and legitimacy of XRP as a crypto, it is undeniably one of the primary destinations for the big money entering the space. My expectation is that this trend will absolutely continue. Conversely, I do not believe that XRP is ever going “to the moon” as it is designed to be a part of a very complex global transaction ecosystem. Since it is designed not to track BTC or any other crypto, it will most likely follow a gentle upward slope until achieving parity with one of the major fiat currencies. This still leaves room for a 400 to 500% growth prior to the inevitable plateau combined with a much lower than average downside risk.
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DISCLAIMER: These are my opinions and not to be construed as investment advice. All investments in crypto carry substantial risk and should only be undertaken with money that you can absolutely afford to lose. Consult your investment adviser and/or significant other before making any investment in anything.