- Ripple price failed to hold gains above the $0.3120 and $0.3100 supports against the US dollar.
- The price tested the $0.3060 support and it is currently trading near the $0.3100 pivot level.
- There is a key contracting triangle in place with resistance at $0.3110 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could either dip sharply below $0.3060 or it may rise above the $0.3110 and $0.3120 resistances.
Ripple price trimmed its recent gains and declined against the US Dollar and bitcoin. XRP/USD might accelerate losses if it fails to break the $0.3120 resistance level in the near term.
Ripple Price Analysis
Yesterday, we saw a nice upward move in ripple price above the $0.3150 and $0.3200 resistances against the US Dollar. The XRP/USD pair even tested the $0.3250 level, but it failed to hold gains. As a result, there was a sharp decline below the $0.3200 and $0.3150 levels. The price even spiked below the $0.3120 support and the 100 hourly simple moving average. A swing low was formed at $0.3060 before the price corrected higher during BTC and Ethereum recovery.
The price moved above the $0.3080 level and tested the 23.6% Fib retracement level
The next resistance is near the $0.3150 level. It represents the 50% Fib retracement level of the recent drop from the $0.3245 high to $0.3061 low. On the other hand, if the price fails to move above the $0.3110 resistance, there may be a sharp dip. The $0.3060 support is crucial, below which the price might decline heavily. The next key supports are near $0.3040 and $0.3015.
Looking at the chart, ripple price is currently trading near a crucial juncture below the $0.3110 resistance. If buyers fail to gain strength, the price might start a nasty decline below $0.3060. In the short term, there could be range moves before the price either climbs above $0.3120 or revisits the $0.3060 support level.
Hourly MACD – The MACD for XRP/USD is slowly moving back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to stay above the 50 level and moving lower with a bearish angle.
Major Support Levels – $0.3060, $0.3040 and $0.3015.
Major Resistance Levels – $0.3110, $0.3120 and $0.3150.
Twitter Blocks XRP Payments Platform Amid Rumors of Bitcoin (BTC) Integration
Twitter has blocked the popular XRP Tip Bot, which allows users to send XRP to one another by tweeting a string of commands. The platform is designed to give users an easy way to reward one another and support content creators.
“Hello, It has come to our attention that your Twitter account is in violation of the Twitter Rules, specifically the policy on Impersonation. Impersonation is pretending to be another entity in order to deceive, and is strictly prohibited. This account has been suspended and will not be restored.”
The XRP Tip Bot launched in October of
Twitter’s decision to ban the account comes amid reports that the tech company may implement a tipping platform of its own as well as rumors that it will integrate Bitcoin.
In February of last year, Twitter and Square CEO Jack Dorsey said he “loves the idea” of giving users on Twitter the ability to tip with BTC.
Square Crypto, a subsidiary of the payments company Square, recently announced the release of a software development kit for Lightning – a Bitcoin scaling solution designed to increase the speed and lower the cost of sending BTC.
Ripple CEO Hints at IPO, Says More Crypto Firms Will Go Public in 2020
Ripple CEO Brad Garlinghouse predicts that initial public offerings (IPOs) will become more prevalent in the cryptocurrency and blockchain space in 2020.
Speaking at the World Economic Forum in Davos yesterday, Jan. 23, Garlinghouse reportedly hinted that Ripple would itself be one of those firms to seek a public flotation:
“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.”
An IPO refers to the process of offering the shares of a private corporation to the public in a new stock issuance. For this reason, it is sometimes referred to as “going public,” or as “floating” corporate shares to the wider market.
The cryptocurrency industry has to date focused its energies on initial coin offerings (ICO), which evolved as an alternative issuance model for still-young, innovative firms
Yet as the space matures — and arguably, in the wake of the post-boom ICO rout, which saw many offerings exposed as either outright fraudulent or simply unsuccessful — some firms are now seeking to build confidence with mainstream investors by way of public listings on traditional stock exchanges, with all of the red tape and financial disclosures that implies.
This is a trend that Garlinghouse appears to believe will consolidate itself in the near future, even as some of the industry’s largest players have thus far struggled to meet the stringent requirements of an IPO.
As an alternative to adopting a traditional flotation model, major crypto firms such as Blockstack have instead chosen to pursue compliant token sales, with the approval of the United States Securities and Exchange Commission.
Silvergate Bank — a California-based commercial bank focused on digital currency businesses — went public with an IPO on the New York Stock Exchange in Nov. 2019.
Ripple Reports Selling Just $13M of XRP Last Quarter
Ripple’s XRP sales fell dramatically in the last quarter of 2019 – at least partly due to change in how the company sells its store of the third-largest cryptocurrency by market capitalization, the company said Wednesday.
XRP sales in Q4 dropped 80 percent from the $66.24 million sold in Q3 to just over $13 million, according to Ripple’s XRP Markets Report. The drop is at least partly attributable to a total suspension in programmatic sales, which accounted for $16.1 million the previous quarter. Over-the-counter (OTC) trades also dropped 74 percent quarter on quarter (QoQ).
“In Q3 2019, Ripple further reduced XRP sales and paused programmatic sales. Ripple maintained this approach throughout the entirety of Q4,” the market report reads. Ripple said OTC trades had remained focused in providing liquidity and utility to partners in “strategic regions,” which included Asia, Europe,
Ripple announced in June it would adopt a more “conservative approach” to quarterly XRP sales to address concerns of misreported volumes from cryptocurrency exchanges. This came into effect soon after the company sold $251 million worth of XRP tokens in Q3.
Programmatic sales were made directly to exchanges and used to make up the majority of XRP sales figures, accounting for $144.6 million in Q2 2019.
Ripple also said in Wednesday’s report its On-Demand Liquidity (ODL) tool, which uses XRP as a bridge currency for cross-border payments, had proven to be successful with clients. The dollar value of XRP transacted through ODL increased 650 percent between Q3 and Q4, with transaction volumes increasing 390 percent QoQ.
Excluding the billion tokens released at the beginning of January, the company’s escrow accounts currently hold approximately 48.9 billion XRP tokens.
UPDATE (Jan. 24, 09:03 UTC): A previous version of this article said quarterly XRP sales had dropped by 75 percent. This has since been corrected.