Ripple (XRP) has demonstrated an outstanding hypetrain example: in just 30 hours from the first company tweet, its price has increased 100% from 15 to 30 cents.
This case only confirms how cryptomarkets remain vulnerable to any kind of rumours. Any company would enjoy doubling its cap with posting a few GIF notes.
First tweet suggested a conference organized by the company. In my view adding around 50% of valuation for the hosted event is an overexagerrated response. Later exchange numbers had confirmed most of volume coming from the Korean traders which caused a rumour of Ripple's partnership with one of the leading banking players.
That idea has come short-lived as most recent tweet was translated into Japanese, highlighting SBI Ripple Asia consortium of a few largest Japanese banks (SMBC, MUFG, Mizuho). My view is that's the best part of tweet announcement as Japanese financial regulator has approved blockchain since April. General market reaction is of the opposite direction with decent part of bearish pressure coming from the Korean exchanges, again.
On the intraday chart we've quickly retraced to the 38.2% Fibo level. If the upcoming updates would refuel Ripple's excitement 0.243 / 0.224 / 0.206 are likely buy entry points.
This case only confirms how cryptomarkets remain vulnerable to any kind of rumours. Any company would enjoy doubling its cap with posting a few GIF notes.
First tweet suggested a conference organized by the company. In my view adding around 50% of valuation for the hosted event is an overexagerrated response. Later exchange numbers had confirmed most of volume coming from the Korean traders which caused a rumour of Ripple's partnership with one of the leading banking players.
That idea has come short-lived as most recent tweet was translated into Japanese, highlighting SBI Ripple Asia consortium of a few largest Japanese banks (SMBC, MUFG, Mizuho). My view is that's the best part of tweet announcement as Japanese financial regulator has approved blockchain since April. General market reaction is of the opposite direction with decent part of bearish pressure coming from the Korean exchanges, again.
On the intraday chart we've quickly retraced to the 38.2% Fibo level. If the upcoming updates would refuel Ripple's excitement 0.243 / 0.224 / 0.206 are likely buy entry points.
