The price of Ripple (XRP) has soared up through resistance points to break through the significant $0.40 price mark today. The digital asset is now trading at $0.42, a five percent increase today and a full 40 percent higher than it was this time last week. The coin hit a high of $0.44 earlier today before retracing to current levels, with the rally adding $5 billion in value to its market cap.
Following the high point today, XRP has been trading sideways with some analysts believing it’s moved into a consolidation period. If further moment can push it through $0.45 then an upward trend will be confirmed, otherwise, support should remain strong at $0.40.
What are traders saying?
Twitter is no stranger to the XRPArmy and they have come out in full force today with this new rally. Twitter user @InvestorXRP sees XRP hovering in its current range for a while before its next move while @XRP_DAN believes the asset will break resistancein the next few hours and continue up to $0.75. Yesterday, trader @TheCryptoDog noted he is long XRP, a move which no doubt paid off well today.
@C3_Nik points out that XRP has the second highest trading volume on crypto exchange Binance, which recently resumed withdrawals and deposits following a week of extended maintenance to repair issues related to last weeks hack.
Tech firm R3 has recently announced the launch of a payments platform on its Corda blockchain that will use XRP as the base currency. The app, called Corda Settler, will be purpose-built to settle payments made on the Corda blockchain through any of the world’s payment systems. “Its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together,” said Richard Brown, CTO at R3.
Speaking at the Consensus 2019 conference yesterday, Director of Regulatory Relations at Ripple, Ryan Zagone, mentioned the need for blockchain technology in relation to national security in the U.S. “With blockchain and crypto, I think there’s a recognition now that these will be part of our future infrastructure,” he said. He went on to stress the importance of the U.S. being a leader in fintech innovation, from not only an economic but also a national security perspective.
Last month, online retail giant Amazon announced it will be partnering with WorldPay to integrate into its AmazonPay services. WorldPay was recently acquired by Fidelity National Information Services (FIS), a partner company with Ripple, raising rumors that XRP could potentially be integrated into Amazon’s payment platform.
Ripple price analysis: How far can this lethargic range-bound trading go?
- 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
Ripple Exec: MoneyGram to utilize Ripple’s On-Demand Liquidity (ODL)
- 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.
Kyoto University becomes Japan’s first Uni to run XRPL validator
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.”