Today’s Ripple (XRP) News
By design, cryptocurrencies were made to reduce government control. It is through this realization that governments across the world are trying to regulate cryptocurrencies and blockchain in general. But it is not rocket science to see why they are trying to do this. Firstly, cryptocurrencies are global and as fiat competitors, they are better and immune to local politics. Secondly, by putting in place measures, they will have controls in place to efficiently collect taxes and even put in place necessary funds to expand digital currency by investing in crypto infrastructure.
Read: Mexico’s Attempt To Regulate Crypto Has Turned Into a Disaster, May Cripple the Economy
With the world shifting to cryptocurrency and adopting blockchain based solutions, regulations are maturing and now Mexico is planning to introduce their rules in a bid to regulate cryptocurrencies. Through the Official Gazette of the Federation, the Bank of Mexico issued a statement of their intent to implement laws that clarify their positions on cryptocurrencies.
Although we can glean from previous bills that the country may classify digital assets as property subject to taxation and not legal tender like government-issued fiat, there is a general consensus that despite the advantages presented by this burgeoning technology there is need to put in place regulations that foster development while not stifling innovation.
Also Read: South Korea’s Biggest Exchange BitHumb Will Slash Half of Its Staff as Bear Market Blues Strike Again
But it will be a delicate balance between efficacy and preventing total control. On one hand, proposed laws should not give governments strong hands to in a very short notice bar crypto-based transactions now that Mexico is a remittance hub and a region where Ripple Inc is working overtime to create payment corridors.
XRP/USD Price Analysis
At the time of press, Ripple (XRP) is trading within a tight trade range with caps at 4 cents. Although we are bullish on the third most valuable cryptocurrency, we also realize that the coin is under pressure and yet to breach and close above 34 cents, a key resistance level and a price tag of interest.
Unless otherwise, price action proves us wrong, we shall hold a neutral stand on XRP and the only time we shall execute long positions is when prices race above 34 cents at the back of high transaction volumes preferably exceeding those of Feb 24—61 million but most importantly above averages of 15 million.
Technically, that rally will be a confirmatory move complementing bulls of Jan29-30 as well as those of Feb 25—when CoinBase announced their listing—which is bullish from an effort versus results point to point of view. It is once prices close above 40 cents is when XRP bulls would have little upside resistance and would likely print above 60 cents by mid-Q2 2019.
Ripple and Coinbase Invest into a Mexico-based Exchange
Bitso, the Mexico-based exchange, has raised investment for its expansion.
Leading cryptocurrency companies, Ripple and Coinbase, appear to be among the investors into a Mexico-based cryptocurrency exchange, Bitso.
The news also revealed that other investor side Ripple and Coinbase was Jum Capital. And the Digital Currency Group and Pantera Capital. However, the exact amount of funds has not been disclosed.
Based on reports, the raised money will help Bitso expand its business to Latin America. Argentina and Brazil are in the focus for now.
Daniel Vogel, co-founder of Bitso said: “The region is ready for disruption. Therefore, we want to be the ones to do so by radically advancing financial inclusion for everyone.”
Previously, major crypto exchanges, like Huobi and Binance also revealed their plans of launching a platform in Argentina. Therefore, this is most likely the motivation for Bitso.
Also, Peter Johnson, principal at Jump Capital, commented on Bitso’s investment round. “We believe that regulatory compliant fiat-to-crypto gateways around the world are an essential element to digital assets becoming a new global money transfer rail,” he said.
Brief info on Bitso
Launched in 2014, Bitso is the pioneer cryptocurrency exchange in Mexico. Accordingly, the exchange aims to provide financial services for the banked and unbanked, using the blockchain technology and digital assets. Presently, Bitso has about 750,000 customers and is the largest exchange in Mexico.
Besides, the exchange’s product has a strong focus on ease of use. Thus, increasing cryptocurrency usage among retail consumers, traders and institutional customers.
Additionally, Bitso exchange boasts of an unparalleled team. Importantly, they created their technology from scratch through years of experience with scalable and reliable distributed systems. “The company and team are well-positioned to execute a global expansion to LatAm. Hence, we are excited to partner with them in this next phase of growth,” Ripple’s blog post noted.
To remind, this partnership joins the endless list of Ripple’s collaborators. Yesterday, Ripple announced it has partnered with the BRD wallet, investing $750.000 into it.
Ripple community gets excited as positive XRP price movement predicted to occur soon
XRP, the third-largest cryptocurrency, saw a price crash this year, falling from its peaks in 2018 and 2017.
The cryptocurrency market’s crests and troughs have been a thing to watch with some users predicting a bullish rise, but a majority have also called for a bearish slump. Popular cryptocurrencies like Bitcoin, Ethereum, and XRP, have seen a sideways shift in their respective prices, and users are expecting their value to ‘moon’ soon.
XRP, the third-largest cryptocurrency, saw a price crash this year, falling from its peaks in 2018 and 2017. Speaking of the cryptocurrency’s latest performance, CryptoWelson, a crypto enthusiast tweeted:
At the time of writing, XRP was trading for $0.29 an improvement over the $0.24-$0.25 range after holding for prolonged periods of time. The native cryptocurrency of Ripple held a total market capitalization of 412.75 billion, which is an increased 24-hour trading volume of $1.59 billion. A majority of the trade was conducted on MXC and BCEX, both of which held 6.92 percent and 4.11 percent of the total XRP transactions, respectively.
Some users in the cryptocurrency community also spoke about the slight resistance that Ripple (XRP) might encounter on its way to price peaks. Mikewinmill, a crypto enthusiast stated:
“Still some overhead resistance on the daily before we can see some fireworks. It’s lining up with the 200 EMA soon, which makes me think we’ll see an initial rejection before punching through to the upside.”
Analyzing the charts, users can verify the validity of the proposed bull run. The trend lines indicated a noticeable upward movement in the past couple of days, and the RSI, as well as the CMF, also point to a reasonable price forecast.
As we write this, the Relative Strength Index for the native Ripple cryptocurrency is nearing the overbought zone with a slight dip in the momentum. The hold near the overbought territory shows that the buying pressure is much more than the selling pressure.
The Chaikin Money Flow indicator stands way above the zero line, an indication that the capital coming into the Ripple market is much higher than the capital leaving the market.
Ripple Price Gearing Up for an Uptrend
- Ripple rides the bulls with its intraday movement
- The future of XRP is anticipated to be great
Ripple (XRP) is one of the major cryptocurrencies of the global market and the recent market movement has helped the coin to escalate notably. The current price movement in the market indicates towards having a bearish turn, but Ripple indicates its movement towards immediate resistance level formed.
The future of the coin is also likely to bring huge dividends and the traders can dig-in XRP with a high prospect of return.
Ripple to USD Price Analysis:
Ripple started trading at $0.258 on September 1, 2019 when the price immediately jumped to $0.267 by 4.27%. Later, the price fell to $0.247 by 5.41% just to rise again and trade at $0.266 by 7.87% and later to trade at $0.327 by 27.23%. Later, the price fell tremendously to $0.212 by 35.04%.
Towards the end of the month, the price recovered to trade at $0.261 by 23.16%. In the ongoing month the price escalated and took the first jump from $0.245 to $0.288 by 17.70%. Later, the second escalation took it to $0.300 from $0.268 by 11.60%. In the last fifteen days, the price has booked a profit of 14.57%.
The coin is moving towards the immediate resistance level at $0.303. After violating the same, we are anticipating that it would break the next level too at $0.309. Here is the chart for resistance and support level for XRP.
The currency holds heavy expectations of the traders. There are strong indications that they all would come true. The currency is recommended for long-term investment as the short-term might not bring the desired result.