When rumours first emerged in mid-September of xRapid’s imminent release, the price of XRP more than doubled over the course of the following week.
Today, which marks the end of xRapid’s first week in its post-launch phase, Ripple continues to undergo a fall in price, with trading currently hovering just below $0.48, marking a 16% drop since the go-live itself.
Proof, in other words, if it it was needed, that ‘Buy the rumour, sell the news‘ continues to be the dominant theme within crypto markets.
xRapid Adoption Hinging on Classification
Whilst xRapid has already entered into partnership with three cross-border payments solution providers – including UK-based MercuryFX – XRP’s own unresolved status appears to be playing on the mind of some investors.
Unlike Ethereum – which the SEC has formally deemed to be a non-security token – it is as yet unclear what position US regulators will ultimately take in relation to XRP itself.
With xRapid now having gone live, however, and having been adopted by Cuallix, a financial services company which is now planning to use the new XRP-based platform to perform US-Mexico cross-border payments in real-time, the SEC will likely see itself forced to declare its hand sooner rather than later.
Any eventual classification of XRP as a security will, according to some analysts, likely hinder its future adoption – although, this point has been contested by some.