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Ripple (XRP) Soar, Up 44.2 Percent and $7 Billion Away from Flipping ETH

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  • Ripple (XRP) rally, add 44.2 percent
  • An Ethereum (ETH)—Ripple (XRP) flip could happen in days

After a six-month consolidation, the stage is ready for Ripple (XRP). Up 44.2 percent at the time of press, XRP is closing in on Ethereum (ETH) and could flip the asset if there is a ballpark 25 percent price increment. At this pace, bulls should set their targets at 80 cents and even $1.40.

Ripple Price Analysis

Fundamentals

Before May-14, Ripple (XRP) performance had been lackluster. Underperforming Bitcoin (BTC) and other top-10 liquid assets, observers said the XRP was decoupling to the delight of Brad Garlinghouse, the CEO of Ripple Inc. In his view, the final decoupling from Bitcoin would be mainly because of the “investor rationale.” That will be when investors would appreciate what each project brings to the table. While talking to CNBC.

“There’s a very high correlation between the price of XRP and the price of Bitcoin, but ultimately these are independent open-sourced technologies. It’s early, over time you’ll see a more rational market and behaviors that reflect that.”

He further adds that most crypto assets will “disappear” in a decade because the sphere “is still a nascent industry, the speculation in the market dominates the trading activity. I think it’s a matter of time until people better understand the different use cases.”

However, with CoinBase Pro decision to support XRP trading in the stringent, compliance demanding state of New York is a big boost for the asset. To some extent, it does clear XRP of the “security” tag, allowing for unbridled investment in the world’s third most liquid asset.

Candlestick Arrangement

Ripple XRP

 

At spot rates, XRP is trading above 40 cents with a market cap of $18,076million,up 44.2 percent in the last week and closing on the ETH gap. Besides the injection of buy pressure, what’s worth noting is that prices are now trading above two critical resistance levels at the back of high participation levels.

Because of this sharp spike, all our XRP/USD trade conditions are right. As a result, the best course of action is to fine-tune entries in smaller time frames with the first modest target at 60 cents and later 80 cents.

On the flip side, in case there is a correction, ideal buy zones will be anywhere between 35 cents and 40 cents in a retest trade.

Technical Indicators

Since Sep 2018 bulls are back—analysis from an effort versus result point of view, supportive of buyers as prices are still consolidating inside Sep 2018 high low. Anchoring our trade is May-14 wide-ranging, bull bar with 187 million against 35 million. In a trend continuation, we expect XRP to close higher with equally high volumes ideally above 100 million.

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Ripple

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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