Ripple (XRP) is primed for a major pullback as the price remains very vulnerable. The 4H chart for XRP/USD shows that the price has continuously faced rejection at the 50 EMA and is now likely to decline towards its trend line support. For weeks now, Ripple (XRP) has been stalling a break out of the large symmetrical triangle it has been trading in. The 4H chart shows that there is still plenty of room for XRP/USD to keep on stalling a decisive break to the upside or downside as the price remains range bound. Interest in Ripple (XRP) seems to have declined since the beginning of the year and most analysts are bearish on the future outlook of Ripple (XRP).
The cryptocurrency had a good opportunity to break out against Bitcoin (BTC) in the past few weeks but it failed to capitalize on that. Ripple (XRP) still remains heavily oversold against Bitcoin (BTC) on the weekly time frame but XRP/BTC shows no signs of a recovery. There is news of the cryptocurrency being plagued by fake trades. We have seen proofs of that in the past as well but it did not stop investors from buying and holding XRP. This time however, the buying interest in Ripple (XRP) seems to be fading away probably because investors fear that banks could issue their own digital tokens and there would be no use left for XRP. Even companies like Paypal, Visa or Mastercard might eventually want to issue their own digital tokens at some point. So, although Ripple (XRP) is massively oversold from a technical analysis standpoint, it does not seem such a lucrative investment anymore from a fundamental analysis standpoint.
Ripple (XRP) is yet to break out of a yearlong symmetrical triangle. The way in which the price breaks out of this triangle will have important consequences and will determine the future outlook of Ripple (XRP) for the months ahead. The price is currently trading between the 50 day EMA and the 200 day EMA. A lot of investors were expecting to see a golden cross on XRP/USD which is why they accumulated in anticipation of such a bullish development. However, so far the probability of that happening is quite low and the price looks more likely to break below the 50 day EMA than to break above the 200 day EMA.
The daily Stochastic RSI is near oversold territory which means we might see one strong move to the upside to retest the 200 day EMA. However, it is very unlikely for XRP/USD to break above the trend line resistance. Even though Ripple (XRP) remains massively oversold against Bitcoin (BTC), it is still overbought against the US Dollar (USD) on the weekly time frame like the rest of the market. This is why we could see the price of Ripple (XRP) decline in dollar value in the weeks ahead even if it manages to hold its ground against Bitcoin (BTC).
Ripple partner Bitso becomes the first platform in Latin America to earn a distributed ledger license from GFSC
- The license will also cover transactions made through Ripple’s XRP-based xRapid.
- The market reacted positively to the news as XRP/USD went up from $0.319 to $0.324.
Ripple partner Bitso, a Mexico-based crypto exchange, became the first platform in Latin America to earn a distributed ledger license from the Gibraltar Financial Services Commission (GFSC). As per the company, custody, withdrawals, deposits and trading will be fully regulated by the GFSC. Bitso clarified that the new license will make sure that the company is following all regulatory requirements:
“This license gives Bitso a leading position as one of the most innovative financial services providers in LatAm and the world, by becoming the first exchange platform in LatAm, licensed and regulated by the GFSC…
The DLT License understands the modern need for robust and speedy interaction with regulators in this fast-moving area of business, while ensuring it continues to meet its regulatory and strategic objectives, bringing more protection and certainty for users.”
The license will also cover transactions made through Ripple’s XRP-based xRapid.
XRP/USD daily chart
The XRP/USD is trending in an upwards channel formation. This Saturday, the price went up from $0.319 to $0.324, following a bearish Friday wherein the price went down from $0.320 to $0.319. The Elliot oscillator shows three straight bullish sessions, while the moving average convergence/divergence (MACD) shows that the signal line is about to cross over with the MACD line, indicating a reversal of bearish momentum.
Ripple and South Korea’s Sentbe partner via MoneyGram
- MoneyGram partnership with Sentbe could push Ripple’s systems in South Korea markets.
- Sentbe becomes MoneyGram’s first virtual based agent in South Korea.
MoneyGram, Ripple’s groundbreaking partner in 2019 announced its partnership with one of South Korea’s leading payment providers Sentbe. According to Sentbe’s website, Ripple was also covered in this partnership which will see Sentbe become MoneyGram’s first virtual based agent in South Korea. According to Yahoo Finance:
“Sentbe is a financial technology startup based in South Korea, making cross-border person-to-person money transfer easier, faster, and cheaper through innovative technology. Licensed as a financial institution in South Korea, Sentbe strives to provide financial opportunity and equality through disrupting the inertia of traditional finance.”
While no official statement has come from Ripple to confirm the partnership with Sentbe, it is clear Sentbe considers Ripple as one of its partners. As to whether Ripple’s systems will be adopted by Sentbe, that depends on MoneyGram’s decision to use xRapid in settling transactions.
Ripple Scores More Market Points As Sentbe Partners With MoneyGram
Something really good just happened to Ripple, and it’s bound to propel the global company to the next level in its journey to foster mass adoption of its various global payments solutions.
On July 19th, 2019, a company closely associated with Ripple partnered with another entity that might have access to a large customer base to add to Ripple’s growing client base.
According to a tweet sent out by a crypto fan, the company in question is MoneyGram, which has now partnered with Sentbe. Sentbe is a money transfer operator for SamsungPay Korea.
Just a few weeks ago, MoneyGram announced its willingness to continue testing various Ripple products with the intention of eventually fully integrating them in its far-reaching global payment model.
Granted, Ripple’s payment solutions like the xRapid and xCurrent have been proven to be very fast and cheap as compared to the existing systems. As such, it’s not a surprise that many payment channels, including banks and other various financial institutions, would want to adopt Ripple’s payment solutions to improve their operations.
What It Means For XRP
For one, it’s pretty clear that Ripple has been making huge efforts to get as many of its customers as possible to adopt the use of XRP as a base currency via xRapid. The many partnerships the company has managed to make over the last one or two years have exposed its products to a huge customer base. As at now, Ripple has well over 200 financial institutions on its RippleNet.
If more of these customers adopt XRP, the crypto’s demand would increase and possibly spike price-wise. In fact, a quick look at XRP’s market dynamic as presented on CoinGecko indicates that the crypto has already felt the impact of the new development over the last 24 hours. XRP has bumped up by around 3.5% to reclaim the $0.327 value.