Ripple’s X-rapid launched yesterday with three banks using it for transactions but the price of XRP has not taken off, it has actually retreated back to 54.5 cents despite real-world usage. Even the news today that Santander Bank, which has $80 billion in assets, has integrated Ripplenet into their mobile app has not yet boosted the price of XRP. With such news, why has the price of XRP not skyrocketed? There are two main reasons that I will explain below.
1) XRP has done too well in the last two weeks. Having appreciated some 60% over the last two weeks, part of the price may have already reflected the expectations of partnerships so it was already somewhat priced in already. Also, when a large asset has such growth in such a short time, there is often a cooling off period where price stabilizes or retreats. I do not think price will retreat because of the constant news that XRP is gaining new partners. However it may stabilize and people will calm themselves for a while before we go for another bull run up to $1 or even more.
2) Bitcoin is stuck in this $6500-ish price range with little volatility and volume. All cryptos are still tied to BTC as if BTC remains constant, it will make it hard for other cryptos to break out in terms of price. Once the institutional money comes in for crypto and beats out the short-sellers, we may see large price improvements across the board.
So for the next few days(or weeks), investors will have to ride out the storm until the overall market comes up but I do believe XRP will fare much better than the general market because of the constant news of banking partnerships.