Backing from the US government could see the price of XRP adopt a bearish trend as we close out 2018. Much like the US-China trade war that’s been affecting economies, stocks, shares and political relationships for much of 2018, tensions between the two superpowers has spilled into the crypto space. Following the news that Donald Trump’s White House is starting to focus on XRP as a way of wrestling power away from China, the digital token’s price has improved. Tracking the XRP price live on October 17, lows of $0.45 and highs of $0.47 have been seen.
Political Interest Could Reverse Bearish Trend
In comparative terms, these markers appear to signal a revival for the token used primarily by Ripple. Despite highs above $0.50 in late September, the XRP price chart has been bouncing between lows of $0.28 and $0.40 for the last four weeks. Although further analysis shows that these points have become well-established in recent months, the overall trend for 2018 is bearish. However, with Chinese mining pools controlling more than 70% of the mining hash rate, it seems Trump’s administration is intent on establishing its own crypto dominance.
Indeed, for all intents and purposes, China is winning the digital asset war at the moment. Given Trump’s way of handling business, he’ll want to this to change. This could prove hugely beneficial for the price of XRP. This year, we’ve seen plenty of prices spikes for the third largest crypto. When Ripple announced that xRapid trials were proving successful, XRP price charts rallied. More recently, news about xRapid’s impending release resulted in a similar push for the XRP price in dollars. However, the common denominator here has been Ripple’s as-yet-unreleased xRapid payment platform.
Additional Growth Markers for XRP Price Watchers
For investors looking to buy XRP, this has become something of a concern. Although the product has the potential to change the way major banks process cross-border payments, it’s not there yet. As such, the price of XRP will remain unstable until something more concrete emerges. Because of this, interest from the White House could offer another growth marker. While the extent of the US government’s interest is largely unknown, any sort of official backing would give XRP major boost.
Looking at the XRP price chart, the positive effects of this could already be showing themselves. A 3.67% 24-hour increase on October 17 signals the third successive day of gains for the digital token. If this current upswing can form a new low around the $0.45-mark, we may see the price of XRP find a stable base around $0.50 by the end of the year.
*Information in this article should not be taken as investment advice.
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