Lorenzo Stroe
Independent Analyst
- Ripple has filed a patent for a product called PayString which will facilitate the transfers of digital currencies.
- XRP price continues suffering significant blows against BTC, as the giant hits new highs.
It seems that Ripple Labs has filed a new U.S. patent last week categorized as ‘Advertising and Business’ and ‘Insurance and Financial’ named PayString. The filing states that the product would be used for several monetary services related to fiat and virtual currencies.
XRP has been in a massive downtrend against Bitcoin since August 4, losing more than 44% of its value compared to BTC. In the past 24 hours, the pair hit 0.00001556, the lowest level since December 2017.
XRP price can’t seem to recover despite the good news
Although the entire crypto market is bullish and Ripple continues announcing positive events for XRP, the digital asset remains weak. A low in the XRP/BTC pair not seen since 2017 confirms it. After a significant bounce on November 6, it seemed that XRP price was recovering a bit against Bitcoin. However, the pair took another beating on November 12, eventually posting a two-year low.
XRP/BTC daily chart
On the weekly chart, there is a similar picture, but worse. Since the peak in January 2018, XRP is down by 93% against Bitcoin. The digital asset has tried to recover several times but remains in a massive downtrend.
XRP/BTC weekly chart
XRP price has formed a descending wedge and it’s currently right above the lower trendline. A breakdown from this point could have a devastating effect on the XRP/BTC pair potentially driving it to 0.00001400.
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