XRP Price to Go Down, Says Analyst, As Ripple Buys Crypto Trading Firm Algrim in Iceland

Libra Coin News
Mon, 09/30/2019 - 10:28
Yuri Molchan
An analyst says that the XRP price is likely to keep descending, even though Ripple has just expanded its influence by acquiring a crypto trading firm in Iceland
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An analyst from tradingview.com has recently posted a chart, saying that the XRP price has made a breakout from the triangle and is most likely to keep going down.

The price is made a breakout from the triangle and it's huge probability that it can continue to move down! Potential profit will be in 3 times bigger than risk.

At press time, XRP is trading at $0.25, showing a 5.97-percent rise.

Image by Coinstats

Still, the good news is that Ripple has acquired a crypto trading company Algrim based in Iceland.

Ripple busy building a new product – On-Demand Liquidity (ODL)

The team of the new company will help Ripple in creating its new product that will use XRP for transnational payments – On-Demand Liquidity (ODL). The crypto giant is going to cooperate with its new partner in Iceland for hiring more talented engineers.

Ripple’s Christopher Kanaan, in charge of the engineering division, commented:

With built-in expertise in trading and exchanges, the addition of Algrim’s engineering talent to our team will be instrumental in continuing the momentum we’re already experiencing with On-Demand Liquidity.
We’ve been committed to sourcing expert crypto and trading talent in key global markets since day one, and the acquisition of the Algrim engineering team is a successful example of doing just that.

Over the past few years, Algrim’s crypto trading platform has been working with over 25 markets. The team also has a lot of experience in creating regular trading platforms and algorithms for trading foreign exchanges.

Related
XRP Price Is Heading $0.23 Level. Traders Enter XRP Market For Long-Term Profits

Other recent Ripple’s acquisitions

As reported by U.Today earlier, Ripple acquired a payment platform Logos. Teaming up with it, Ripple intends to build an Internet of Things and use XRP in new decentralized finance solutions that Logos is working on at the moment.

Previously, Ripple signed up the second largest bank in South Korea to RippleNet, expanding the network of its partners.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.


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