Ripple (XRP) has been facing lackluster price action over the past several months and is now facing a bout of sideways trading around $0.40 after facing an extended period of sideways trading around $0.30 for several months prior to its recent upwards movement.
Now, the internet is alight with speculation regarding the fact that several banks who are partnered with Ripple all going into maintenance over the weekend, which some analysts believe could be due to them implementing some of Ripple’s blockchain-based settlement systems into their digital infrastructure.
Ripple (XRP) Drops Despite Strong Fundamentals, But Analysts Believe It Could Soon Run
At the time of writing, Ripple is trading down just over 2% at its current price of $0.39, which is down slightly from its recent highs of nearly $0.42 that were set earlier this week.
While zooming out and looking at XRP’s price action over a one-month period, it is clear that the cryptocurrency has incurred higher-than-typical volatility in recent months, surging from monthly lows of $0.38 to highs of $0.49, at which point it incurred significant selling pressure that caused it to reel down to its current price levels.
This volatility came after a long bout of sideways trading that Ripple faced throughout this year, where it mostly ranged in the lower $0.30 region.
Importantly, it does appear that XRP is once again beginning to form a pattern of consolidation around its current price levels that will likely persist until Bitcoin and the aggregated crypto markets once again begin making large price movements.
The Cryptomist, a popular cryptocurrency analyst on Twitter, spoke about Ripple’s price action in a recent tweet, explaining that she expects it to begin an upwards movement in the near-future.
“$XRP: I love it when trendlines work! RSI falling wedge support – Bounce! Candle support – Bounce. That long-term resistance from 2018 will be tested soon again imo. Break this resistance and, I expect to see a run,” she explained while referencing the below chart.
Are Banks About to Switch to Blockchain-Based Settlement Systems?
One rumor – which is unfounded and speculative in nature – is that several of banks that have been working with Ripple are all going under system maintenance this weekend, which some people believe may be a sign that these banks will all soon implement Ripple-based settlement systems.
“I won’t predict any prices or any incoming news for $XRP but it definitely is insanely strange many many banks around the world are having maintenance this weekend at almost the same times, and Many of them are ripple partners. Something is definitely happening…” One user on Twitter explained in a tweet that has since garnered significant popularity.
Although this is purely speculative and could be a coincidence, it is certainly something worth keeping an eye on, as many of Ripple’s reported partners have yet to officially implement the blockchain-based systems into their infrastructure.