- Ripple joins other major cryptocurrencies in a support breaking maneuver.
- The saving grace for XRP/USD is at $0.4 but a forming bear flag pattern threatens the same level.
Ripple like most of the major cryptocurrency in the market has suffered under that harsh hand of the bears. The rest of the crypto market has experienced the worst volatility levels in October 2018. The first week of the month saw Ripple trim gains below $0.6 while the support at $0.5 did not hold water earlier this week. Ripple (XRP) has been seeking refuge above $0.47 before the falloffs that hit the market on Thursday 11.
At the time of writing XRP/USD is down more than 12% after smashing past the support areas at $0.47, $0.45 and $0.42. The buyers managed to save the lifesaving support at $0.40. There is a bear flag pattern that is in formation in the 15-minutes timeframe chart. A break from this pattern could result in more declines breaking the support at $0.40.
However, the buyers seem to be aware of the risk and are strongly holding ground above the short-term support. Similarly, the RSI has retreated from the oversold levels. In addition, the MACD momentum indicator is making its way towards the mean line (0.0).
If the price can defy the bearish flag pattern and increase gains above $0.41, Ripple will face resistance at $0.42 as well as from the moving averages; with the 50 SMA hindering growth at $0.4214 and the 100SMA currently at $0.444. All the broken support areas will now work as resistance zones as Ripple battles to reclaim its glory above $0.5 and eventually $0.6.
XRP/USD 15-minutes chart
Ripple (XRP/USD) forecast and analysis on October 23, 2018
Cryptocurrency Ripple (XRP/USD) is trading at 0.4516. Cryptocurrency quotes are trading above the moving average with a period of 55, which indicates the presence of a bullish trend for Ripple. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator. The test is expected to be at a level of 0.4410, from which one can expect an attempt to continue growth and further development of an upward trend with a target near the level of 0.4950.
Ripple (XRP/USD) forecast and analysis on October 23, 2018
The conservative buying area is near the lower border of the Bollinger Bands indicator strip at 0.4400. Cancellation of the option of continuing Ripple growth will be a breakdown of the lower boundaries of the Bollinger Bands indicator strip, as well as the moving average with a period of 55 and closing of the pair quotes below 0.4100, indicating a change in trend in favor of the bearish for XRP/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bands, one should expect an acceleration of growth.
Read More About Ripple here:
Ripple CTO David Schwartz: XRP and Ethereum Have Never Had an Outage, Have Been More Reliable This Year Than YouTube
Ripple CTO David Schwartz just made a passionate case for crypto and blockchain technology at the Money20/20 conference in Las Vegas.
At a debate on whether blockchain will take over the traditional payments industry, Schwartz said companies that adopt new technologies like blockchain will thrive, and those that don’t will disappear.
“What will happen is the companies that will provide those high-speed, low-cost payments will get the business. And those that don’t, will have to adapt or die, just like in any technological revolution.”
According to Schwartz, three factors will place the blockchain on top: security, reliability and governance.
“When you ask your bank for your balance, your bank tells you what your balance is. And you have to trust them. And if they screw up, you have to go to the bank to get them to fix it. Blockchain systems don’t work that way. Blockchain systems allow every participant to verify, personally, every system rule.”
“It’s kind of a cheap shot, but the median blockchain has been more reliable this year than YouTube. I know – a cheap shot, right? YouTube had a two-hour outage a couple of days ago…
The last Bitcoin system outage was in 2013. It was due to a bug. They fixed the bug and haven’t had an outage in something like five years. The XRP ledger, the Ethereum ledger – these systems have never had outages. They’re very, very fundamentally reliable.”
“Blockchains are governed simply by having every participant enforce all the rules. So if you get a bunch of people together or a bunch of companies together, they can start a blockchain just by agreeing on a set of rules. And anyone who also agrees with those rules can use that blockchain. And those rules can include how you transfer funds and whatever the requirements of the systems are. And all that has to happen is if you don’t follow the rules, my system will ignore you because my system enforces the rules.”
You can check out the full debate here.
Highlights From Ripple CTO’s Debate at the Money 20/20 USA 2018 Conference
On Monday (22 October 2018), at this year’s Money 20/20 USA conference (held 21–24 October 2018 in Las Vegas, Nevada), David Schwartz, the Chief Technology Officer (CTO) at Ripple, took part in an “Oxford-style debate”with Ester Pigg, SVP of Product Strategy (FIS Payments), at FinTech solution provider FIS, where he argued “in favor of blockchain’s merits, citing the design of distributed ledger technology as superior to legacy architectures,” and she defended “the industry’s current approach, noting its scale, security, broad adoption and efficiency.”
These were the main elements of David’s argument:
- “New corporates like Amazon, Uber, Facebook… they have hundreds of people who work for them just integrating their payment systems. How are small companies going to compete? How are we going to have this explosion of global commerce?”
- “You need three things for global commerce to work. You need to move goods. Check! … We have a great international shipping and transport system. You need to move data. Check! We have the internet. But if you can’t move money, you are missing a very very critical piece, and what we have is a fragmented system.”
- “We are currently in the transition phase now, where we are putting bandages on top of a system that dates back to the dial-up era, and predates public key encryption, predates the internet.”
- “Banks have web interfaces, mobile interfaces, we have technology like ApplePay, we have GPI from Swift, we have companies like Transferwise that sort of paper over the problems with the underlying payment systems, but those problems are still there, and they are not going to be fixed unless we replace those systems.”
- “Band-Aids are not going to work in emerging markets. Band-Aids don’t work for small businesses. And Band-Aids don’t work for banks and payment companies that want the business of new corporates, and who doesn’t?”
- “I have three key reasons why blockchain is the right technology for building new payment systems.”
- “One of them is security. Blockchains are secure because every participant on the blockchain can enforce all system rules. When you ask your bank for your balance, your bank tells you what your balance is, and you have to trust them, and if they screw up, you have to go to the bank to get them to fix it. Blockchain systems don’t work that way. Blockchain systems allow every participant to verify personally every system rule.”
- “They are very very reliable… People will you ‘Centralized databases are a solved problem, [and that] we can get ”five 9s’ [i.e. 99.999%] of reliability’. Anyone here run a centralized database? Anyone here get five 9s of reliability? I sure don’t! We don’t. It’s not like we don’t know what we are doing, it’s not because we are not smart, it’s not because we don’t have enough money. It’s because these systems are complicated, and they have complicated failure modes. Blockchains are fundamentally very very simple, and they have simple failure modes… The last Bitcoin system outage was in 2013. It was due to a bug. Fixed the bug. Haven’t had an outage in something like five years. The XRP ledger, the Ethereum ledger, these systems have never had outages. They are fundamentally reliable, and that’s extremely important if you don’t have a single centralized party who can untangle a mess.”
- “And the last one is governance… Blockchains are governed simply by having every participant enforce all the rules. So, if you get a bunch of people together or a bunch of companies together, they can start a blockchain just by agreeing on a set of rules. And anyone who also agrees with those rules could use that blockchain. And those rules can include how you transfer funds, whatever the requirements of the system are, and all that has to happen is ‘if you don’t follow the rules, my system will ignore you because my system enforces the rules. They don’t require centralized operators. They don’t require any kind of consortium except to set the rules in the first place or to change rules, but they don’t have to run the system or run the rules as the system is running.”
- “So, what will the transition look like? It will look like what email did to postal mail. It will look like what digital music did to CDs. It’s not about how much of the current market you can capture. It’s about micro-payments… it’s about new internet business models… the developing world is going to skip these old-fashioned centralized business systems.”
- “What we need is a light interoperability protocol. We have that for the internet; it’s IP. We have that for blockchains and payments; it’s ILP. Blockchains are going to replace the world’s payment systems.”