Ripple’s XRP saw a bit of a pullback along side with other major cryptocurrencies on Monday. Against the USD, it has crossed below the daily Ichimoku cloud and the 61% Fibonacci retracement level of $.140 is acting as a key pivot. From a medium-term perspective, XRP is being supported at $0.87. The pullback has been despite the fact that Dubai-based cryptocurrency exchange, BitOasis, has added Ripple’s XRP to its list of tradable currencies. BitOasis said it added the cryptocurrency to its site to meet an "increased demand". The announcement initially boosted Ripple’s value on Sunday. Of course, these short-term movements shouldn’t be taken seriously when investing in cryptocurrencies. While Ripple has shown an incredible amount of growth in the past 12 months, there are some factors you need to keep in mind as an investor. One of the reasons why Ripple has gained popularity is because of the company’s strategic partnerships with big market players and banks. But, there is a massive difference between XRP the coin and Ripple the company. The core business of Ripple the company is to sell blockchain based banking software. Ripple has three other mainstream products xVia, xRapid, and xCurrent. xVia is yet to be launched, and once it hits the market, it will make it easy for banks and companies to send money without using XRP. Therefore, XRP’s long-term success would depend on the performance of the parent company, Ripple, and whether their partners continue using XRP for transactions. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.
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