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Ripple Price Analysis: XRP Creates Fresh 2019 High And Turns Bullish

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Ripple XRP, -0.25% has finally seen a price break over the past 7 trading days which amounts to an increase of 41%, bringing the current trading price for the coin up to around $0.419. The cryptocurrency has also seen a further 7.57% price increase over the past 24 hours of trading, allowing the Ripple market to climb further away from the $0.40 level.

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XRP remains ranked in 3rd position amongst the top projects by market cap value. Ripple currently holds a $17.85 billion market capitalization and is sitting $6.43 billion behind Ethereum ETH, 10.86%, the second place holder.

The recent price increase has also created a fresh 2019 high for Ripple as the market managed to break away from its 4 months long sideways trading period.

Ripple price analysis

What has been going on?

Taking a look at the daily XRP/USD chart above, we can see that Ripple had broken above the 100-day moving average in yesterday’s trading session. After breaking above this indicator, the XRP/USD market went on to smash resistance levels at $0.35, $0.38 and $0.40.

We can see that the market is now struggling with resistance provided by a short term 1.272 Fibonacci Extension level (drawn in green) priced at $0.4235.

Ripple price short-term prediction: Bullish

The recent break above the $0.40 level has now rendered the Ripple market as a bullish market in the short term. If the bears re-enter the market and push price action lower, we can expect the $0.40 level to provide strong support moving forward.

In case the sellers do manage to push the market beneath the $0.40 level, we can expect immediate support beneath the market to be located at $0.38, $0.36 and $0.35.

Ripple price medium-term prediction: Bullish

Over the medium term, Ripple is also now within a bullish trading condition. If the bullish pressure can continue further higher to push XRP/USD above the resistance at $0.4235, we can expect immediate resistance above then to be located at the short term 1.414 Fibonacci Extension level (drawn in green) priced at $0.4376. Above this, higher resistance is then expected at the 1.618 Fibonacci Extension level (drawn in green) priced at $0.4579.

If the buyers break above $0.4579, there is still close resistance above at the bearish .618 FIbonacci Retracement level (drawn in red) priced at $0.4617. This bearish Fibonacci Retracement level is measured from the November 2018 high to the December 2018 low.

Above $0.4617, more resistance lies at $0.48 and $0.50.

What are the technical indicators reading?

The RSI has recently reached extreme overbought conditions, which could indicate that the buyers may become slightly exhausted. Furthermore, the Stochastic RSI has also reached overbought conditions and is preparing for a crossover below, signaling that the bulls may have run out of energy and that a retracement is on the cards.

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Ripple price analysis: How far can this lethargic range-bound trading go?

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  • Ripple price is forced to trade in a narrow range between $0.2700 and $0.2750.
  • The sideways action has the potential to last through all the sessions on Thursday if technical levels remain the same.

Ripple is stuck in a very narrow range between $0.27 and $0.28. The Asian trading session has seen very minor action actions on either side. From an opening price of $0.2721, XRP has only managed to rise to $0.2730 (intraday high). A low of $0.2718 has been touched on the day but XRP is dancing with $0.2727 at the time of writing.

XRP is also locked between the Simple Moving Average support and resistance. Where the 50 SMA on the 1-hour chart is offering immediate support while the 100 SMA caps movement at $0.2750.

The sluggish movement witnessed with the Relative Strength Index suggests that the current sideways trend will continue dominating XRP’s activities. Similarly, the Moving Average Convergence Divergences puts emphasis on the same ranging trend by holding tight on to the mean line. Apart from the 50 SMA, other support areas include $0.27, $0.2650 and $0.25.

XRP/USD 1-hour chart

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Ripple Exec: MoneyGram to utilize Ripple’s On-Demand Liquidity (ODL)

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  • MoneyGram has ODL up and running in countries like Mexico and Thailand.
  • Ripple claims that 24 of its 300+ clients have already signed up for ODL.

Marjan Delatinne, Ripple’s global head of banking, is giving new insight into MoneyGram’s use of the XRP-based payment solution – On-Demand Liquidity (ODL). Speaking at the Asia House Global Trade Dialogue in Singapore, Delatinne said MoneyGram is already working with ODL in countries such as Mexico and Thailand. MoneyGram, for instance, is a case that went live recently.

They are using this solution in a few markets, as I mentioned in more exotic markets like Mexico, Thailand – and they see already a great efficiency decrease in the costs in the way that the treasury and liquidity management is happening.

Delatinne gave a brief idea about how ODL functions. He also highlighted the influence it could have in the world of cross-border payments, specifically in emerging markets.

So imagine you’re a payment service provider and you want to send $100 to Mexico. You use our native digital asset, which is called XRP, as a bridge currency between the two fiat currencies. So changing from USD to XRP and immediately after to the Mexican peso.

This is really revolutionizing the way that money is handled because today FX and the transfer of money are not happening at the same time. And this creates a lot of exposure, especially to low margin organizations…

This still, of course, needs to be more commercialized. But this is really shifting the way that we think about the transfer of money compared to what is [happening] today.

ODL was launched in October of 2018. According to Ripple, 24 of its 300+ clients have already signed up for ODL since then.

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Kyoto University becomes Japan’s first Uni to run XRPL validator

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Ripple’s aggressive marketing and partnership strategy, in addition to the banking sector, has branched out into other fields as well, with its University Blockchain Research Initiative (UBRI) aiming to bring universities closer to blockchain, cryptocurrencies, and the digital payments landscape. As part of this venture, Japan’s Kyoto University has now announced that it will be the first Japanese university to run an XRPL validator.

The information was shared by Emi Yoshikawa, Senior Director, Global Operations at Ripple, whose tweet also read,

According to Kyoto University’s official announcement, the General Survival School (Shishukan) will co-host the seminar with Ripple’s David Schwartz CTO as a lecturer.

As an XRPL validator, the university will be able to participate in Ripple’s existing consensus process that supports the ongoing decentralization of the XRP Ledger. At the crux of the protocol, every member using the XRP Ledger must agree on the latest state of every transaction, without needing a central operator. Similar to existing nodes on the Ripple network, Kyoto University will also be ranked on the basis of availability, consistency, reliability, and transparency.

Interestingly enough, Ripple used to run a majority of XRP validators nodes, which have now been taken over by 974 nodes over time, according to Bithomp. In addition to Kyoto University’s involvement in the blockchain space, Yoshikawa publicly supported the notion of launching XRP Ledger validators at universities throughout Japan. She said,

“University student Rippler, please make a suggestion to your university teacher! It will be a practical project that will give you a better understanding of how XRP Ledger works.”

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