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Ripple’s XRP calm after hell broke loose: Recovery limited at $0.31

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  • The US SEC postpones a Bitcoin ETF proposal for the second time causing panic in the market.
  • XRP has joined Bitcoin and Ethereum to explore monthly lows.
  • XRP/USD sits comfortably above $0.30 as calm sets in.

Hell broke loose again in the cryptocurrency market. The situation continues to worry investors but digital currencies continued to explore not only monthly lows but also year lows. XRP, an asset that has been praised for its ability retain most of its value amid the falling prices, suffered at the hand of the bears as the price broke the support at $0.32 and the main support at $0.3. Ripple’s XRP has traded intraday lows of $0.292 (also December low) before bouncing back up to reclaim the broke support at $0.3.

At the moment, XRP/USD is trading at $0.305 after getting stuck in a new range with an upper limit of $0.31. The 15-minutes 50 simple moving average is also standing in the way of upside movement at $0.309. If XRP escapes the range resistance it will run into another hurdle at the 100 simple moving average.

A look at the chart, we see that there is calm after the storm. XRP is stable above $0.30, however, buyers lack the momentum to push for further reversal towards $0.35. Indicators in the chart are in a range with no signals for upward or downward motion. For instance, the RSI is holding tight to the 50 percent mark while the fast stochastic is heading south to show that the sellers are still here and XRP is still at risk of dropping below $0.3 again on Friday.

In other news, the U.S Securities and Exchange Commission (SEC) has postponed the ruling on a Bitcoin exchange-traded fund (ETF) by VanEck and blockchain startup SolidX until 2019. This is the second time The SEC is delaying this proposal BTC ETF and according to the guidelines, it cannot be postponed again. This means that come 2019, the regulator will either have to approve or reject. Meanwhile, investors seem to be too afraid to commit in a bear market that no one knows when it hit its bottom.

XRP/USD 15’ chart

Source: fxstreet

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Ripple

XRP Price Stable Against Coinmotion Criticism

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On Feb 15, the XRP is moving up slightly, trading at $0.3089.

Over a few weeks, the crypto has been forming a triangle, still without testing either the resistance or the support. The MACD is however moving up, which makes the resistance breakout at 0.3047 more likely; this may then push the price to 0.3230. The overall trend is descending, though, so once the resistance at 0.3047 gets broken out, the price may also be sent to the support at 0.2899 and then break it out, heading towards the midterm support at 0.2804, and the target at $0.2470.

xrp price analysis

Coinmotion, a crypto exchange based on Finland, added the XRP to its portfolio. At the same time, the exchange published an article called XRP Is a Centralized Digital Currency, saying that the altcoin is not really a crypto.

The article author, Pessi Peura, says the investing process shows that Ripple is more like a security than a crypto. Besides, the token is developed by a single company, which is risky: in case Ripple Labs loses its reputation in any way, the XRP will have big problems.

Finally, Peura says Ripple Labs is controlling its tokens, which is totally against the decentralized network principles. This is actually the most curious thing, as Ripple Labs says its token is autonomous, and no monopoly is possible.

Ripple has not commented on the article yet, but is likely to comment soon, as the company is usually quick at reacting at any criticism in the media. Most likely, Ripple Labs will say the usual thing regarding XRP having nothing to do with securities.

Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Source:nulltx

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Bank-based Cryptocurrencies Not Realistic: Ripple CEO

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ipple Chief Executive Officer (CEO) Brad Garlinghouse recently said that bank-based cryptocurrencies are not realistic and he believes they are “deeply misguided” for the entire industry.

These remarks come in the wake of the news reports that announced that the international bank, JP Morgan was all set to announce its own coin, JPM token. As earlier reported by Crypto-News India, the trials for the cryptocurrency, named as “JPM Coin” will begin in a few months and is designed for instant settlement of payments between clients. With the launch of its new cryptocurrency, the bank is preparing for the future to settle the transactions at lightning speed similar to that of Bitcoin rather than relying on old technology like wire transfers.

At the time, Umar Farooq, J.P. Morgan’s Head of Blockchain projects had said, “So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction. The applications are frankly quite endless; anything, where you have a distributed ledger which involves corporations or institutions, can use this.”

This is not the first time Garlinghouse expressed doubts about bank-based cryptocurrencies. In 2016, he had reportedly said, “A bank-issued digital asset can only really efficiently settle between the banks who issued it. Then, two scenarios can play out.”

Detailing those scenarios, the Ripple CEO had stated, “Scenario one: all banks around the world put aside competitive and geopolitical differences, adopt the same digital asset, agree on its rules, and harmoniously govern its usage. Fat chance. Scenario two (the more likely scenario): banks not in the issuing group issue their own digital assets with their own sets of rules and governance.”

Throwing in a good word about XRP, the CEO said, “We strongly believe banks need an independent digital asset to enable truly efficient settlement and we believe XRP is best positioned for that role.”

It remains to be seen, how exactly XRP intends to do what it had set out to do.

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Source.crypto-news.in

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Ripple new version of XRP Ledger 1.2.0 launched

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  • XRP Ledger requested to update the code before February 27.
  • XRP Ledger 1.2.0 is more resistance to censorship.

The San-Francisco-based blockchain company Ripple is reported to have released a new version of its renowned XRP ledger 1.2.0. The new version is designed to improve user experience as well expand the range of services it is offering.

The users of the ledger are requested to update to the latest version before February 27, 2019. The upgrade is vital because without it, the server won’t be able to determine the authenticity of the ledger and in return transactions will not be processed neither will they be submitted.

What has changed?

The new version according to the team at Ripple, is more resistance to censorship. This means that the transaction being processed cannot be determined by any single entity. Moreover, the transaction will remain immutable after entering the ledger. While the previous version was resistance to censorship, the team claims that this version greatly improves the feature. Warnings will be issued if there are attempts to interrupt the working of the ledger.

Furthermore, the upgrade has integrated what is commonly referred to as MultiSignReserve amendment. Ripple has now made it easier who take part in signing transactions while reserving only 5 XRP. Other updates included bug fixing and removal of errors on two transactions.

The company has also launched a bounty program. Developers have been requested to review all the updates in the new version and communicate to the company in the event any vulnerabilities are detected.

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