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Ripple price analysis: XRP/USD short term bull move fails to have enough juice for a move above key resistance

  • Ripple remains below key resistance zone, which previously supported the price, within the mid $0.60 region.
  • Next support is eyed at $0.55, further south could see $0.40 come into play, the bottom of a falling wedge pattern.

 

The Ripple price further suffered on Friday, dropping as much as 5% in the session, continuing the downside pressure seen throughout the week, after temporary relief during Thursday’s session, not being sustainable.

XRP/USD is at its lowest levels seen since the week of 23rd April, this week have resulted in chunky losses, dropping almost 50% within the past five days. The price continues to be dictated by a falling wedge pattern.

Technically, as the price broken through a decent buying zone within the mid $0.60 region, it has opened doors for $0.55 to come back into play. During the nominal upside momentum seen on Thursday, the bulls did not have enough juice in the tank, to take the price over the now resistance tracking from $0.62-0.65. After $0.55, the next downside target would be eyed just below $0.40.

 

XRP/USD weekly chart

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Brad Garlinghouse Compares Ripple to Amazon, Suggests That Central Banks Could Use XRP

In his long-awaited interview with CNN’s Julia Chatterley, Ripple CEO Brad Garlinghouse boldly drew parallels between his company and e-commerce behemoth Amazon. With the help of this comparison, he explained why central banks could one day start using XRP.

Ripple to follow Amazon’s lead

When Chatterley suggested that Ripple could build a platform that would substitute XRP for a ‘Fed Coin,’ Garlinghouse agreed that it might be the case. 

“Right now, the customers we are focused on are commercial banks, payment providers. We are ceirtanly thinking about other types of customers we can serve.”  

Garlinghouse recalled that Amazon, which is now valued at more than $1 bln, was initially selling books and competing with Barnes & Noble. For Ripple, cross-border payments were the first verticle but he doesn’t rule out that it may branch out into other industry niches. 

“We want to make sure that we are winning in cross-border payments before we do another verticle.”  

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Ripple’s SVP says he is better off with Bitcoin as ‘store of value’

Bitcoin‘s 2020 uptrend has been quite significant. The coin breached the $10k resistance, fell again and has been playing around the same limit for some time now. At the time of writing, BTC was trading at $9,821.79. That said, 2020 is also said to be witnessing the beginning of the Alt season. 

In a recent panel discussion, Michael Carrier of Forge, Rod Hall of Goldman Sachs, Spencer Bogart of Blockchain Capital, Asheesh Birla of Ripple, Diogo Monica of Anchorage shared their thoughts on the dominance of Bitcoin and also discussed as to what else might be in store, two or three years down the line.

Diogo Monica was of the opinion that Bitcoin was very much the dominant coin. However, he did refer to the Altcoin surging and stated,

“We’ve seen Bitcoin ebb and flow in terms of dominance, but it’s stayed pretty up there[…] And then you see other crypto-assets that have different narratives that are tied to them. I think that we can see more than one succeed.”

Michael Carrier of Forge further noted that Bitcoin was thriving at the level currently; he also noted that there was an incipient, repo market that was starting to emerge lately and added that the loan market across the landscape was actively working. He said,

“So fully functional, very sophisticated, commercial and institutional, crypto market is developing right now.”

Asheesh Birla also spoke on the matter and stated that it was important for all coins to find their use case and niche and build that ecosystem accordingly to be of maximum use.

Bogart spoke on the growth in the crypto and blockchain area in recent times and asserted that there were a lot of developments in the space taking place and that it was getting better year by year.

The panel discussed Bitcoin’s transaction costs, scalability, and payment technology. On this, Carrier opined that Lightning Network was in a good place going forward. “It’s a high frequency, low-value transaction technology in the form of lightning,” he noted.

However, Birla stated that he was not very bullish on lightning and noted that though he finds it interesting, he was better off with Bitcoin as a store of value. 

Birla, further commenting on the topic of scalability. He questioned as to why everyone was so busy discussing the scalability so much, that no one even bothered finding the reason behind scaling in the first place. 

He stated,

“Why isn’t there more discussion on why should we scale? Blockchains are melting down. And if we put as much energy into finding real world solutions and less on scalability, this industry will be two to three years ahead.”

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Latest News – Top Headline for Ripple XRP, February 17th, 2020

  • MoneyGram discloses utilizing Real-Time Remittance Tech built on Visa rather than Ripple
  • Ripple XRP Price plunges beneath $0.30 level

Ripple News Update – Prominent remittance giant MoneyGram declared a new service that allows customers to send real-time money, surprisingly, its solution blockchain partner Ripple is not utilized for this purpose. According to MoneyGram, the new service is termed FastSend. It is a service that allows its customers to transfer money in real-time to a designated phone number through a reserved website or mobile application.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3XRP(XRP)$0.2856-6.12%

Ripple Latest Update – going by the official statement from MoneyGram’s Chief Operating Officer, Kamila Chytil, she stated that blockchain is not required for real-time settlement. She added that FastSend utilizes Visa’s Direct Original Credit Transaction to transfer money to bank accounts via a Debit card deposit. Although DLT is not involved, the devoted website and mobile application utilize an open-source cloud-based microservices. Also, Chytil stated that MoneyGram is also assessing other use cases “where blockchain could help solve data privacy and regulatory obligations through distributed ledger technology.”

Ripple XRP Price plunges beneath $0.30 level

XRP USD TradingView – Against the U.S dollar, XRP price declined massively from above $0.3200, it went as far as $0.3000 and it could persist to move downwards in the near term. Currently, XRP price is correcting losses after trading as low as $0.2677. There is two merging bearish trend line establishing with resistance close to $0.2950 and $0.3000 on the hourly chart of the XRP/USD pair.

XRP TradingView – In the previous 3-4 sessions, XRP price encountered a surge in selling pressure beneath $0.3200, due to this, XRP price declined massively beneath the $0.050 and $0.3000 support levels. Also, there was a close beneath the $0.3000 support level and the 100 hourly simple moving average. XRP price is currently down by over 10% and it traded as low as $0.2677. Recently, there was a slight upside correction above the $0.2800 level.

XRP Price Prediction 2020 – Moreover, XRP price recovered above the 23.6% Fib Retracement level of the fresh decline from the $0.3194 high to $0.2677 low. Also, XRP is encountering several resistances on the upside close to $0.2940 and $0.2950. The 50% Fib Retracement level of the new decline from the $0.3194 high to $0.2677 low is also serving as a resistance for the XRP bulls. Hence, the XRP bulls need to gain momentum above the $0.2950 and $0.3000 resistance levels to drive the XRP price back into a bullish zone.

XRP Price Prediction 2020 – Ripple XRP Price Prediction 2020

XRP Price Update – If the XRP bulls fail to gain impetus above $0.2950 level, there is a risk of additional losses. The first major support level is close to the $0.2800 level. If there is a clear break beneath the $0.2800 and $0.2780 level, the XRP bears might target a fresh weekly low beneath $0.2670. If the XRP bulls succeed and XRP price settles above $0.3000, there could be a new surge to its price.

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