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Ripple (XRP) Price Attempting Recovery after 10 Percent Drop

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Ripple’s XRP token is beginning to show signs of an attempted recovery after falling by 10 percent earlier today. After peaking at $0.423 early this morning, XRP fell into a deep decline following a similar crash by Bitcoin (BTC) and fellow cryptocurrencies.

In the space of just two hours, the XRP price dropped to $0.35 before getting a minor boost from some buying volume and recovering to $0.39. However, resistance at $0.40 proved too much for the asset and its declined continued all the way down to $0.357.

Now it appears a mild recovery is on the books, with XRP steadily increasing over the past few hours to regain two percent value and climb back up to $0.0387. A definitive trend reversal is not yet confirmed but the move indicates that XRP may be over the worst of the decline.

Where to from here?

The decline is not altogether unexpected since XRP has been in an increasingly overbought position since it began its bull run earlier this week. Wednesday saw Ripple’s XRP token take off on an epic rally that continued into Thursday and eventually reached a high of $0.476 – only just shy of the significant $0.50 price level. Extreme price increases such as these are usually unsustainable in the long run and analysts immediately began predicting an incoming correction.

Bitcoin was the first to retrace yesterday, with the majority of altcoins following close behind. XRP’s decline has been more subtle than others though and positive news sentiment might be enough to keep in the green. Despite today’s minor crash, XRP remains up 24 percent over the week.

What are analysts saying?

There is a fair argument for further declines from XRP, as analyst Jefe Caan points out on CryptoDaily, RSI remains overbought and the possibility of a ‘death cross’ is looming (when the 200-day moving average (MA) drops below the 50-day MA). In this scenario, it’s possible XRP could drop as low as $0.15 in price.

However, sentiment in the news remains strong, with Inc.com recently voting XRP as one of the 346 best places to work in 2019. This has no doubt helped to keep the price up, and XRP’s recent recovery is now very close to breaking back above $0.40. A continued uptrend that holds support above $0.40 would indicate a fresh wave of buyers entering the market and potential for further growth.

XRP is currently trading at $0.391 with a market cap of $16.5 billion.

-News Source

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Ripple

Ripple executive elected to United States Faster Payment Council’s Board of Directors

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Pat Thelen, Ripple’s VP of Strategic Accounts, has been recently appointed as one of U.S Faster Payment Council’s (FPC) directors. He was also among the first elected board members of the Council. The list of the selected members was out on Monday and Thelen was chosen from a list of people in the larger technological sector industry. Thelen will be serving a one year term.

The appointment of the directors, including Thelen, was met with a lot of positive reaction online. This enthusiasm was shared by the Council itself, whose Executive Director and interim board Chairman, Kevin Christensen, said“The new board represents the industry’s inclusiveness which is an integral part of the organization.”

FPC is leading the way for presenting avenues for faster payment methods. Hence, Thelen and other representatives on the Council are expected to take greater initiative in fulfilling the Council’s objectives. Ripple was created for a similar goal, with XRP born to do transactions at a faster speed than what Bitcoin, or any other present-day payment settlement system, is doing.

With Pat Thelen becoming a part of the FPC, many doors and opportunities are now open to Ripple, XRP and companies in the field of making global payment settlement more secure, quicker and more accessible for a diverse set of consumers. With CEO Brad Garlinghouse claiming that he did not expect banks and governments to be “obliterated by new technologies,” Ripple’s work within the FPC may accelerate its goal to reduce the friction in global commerce.

With Ripple now as a part of FPC, it has also opened doors for other cryptocurrencies as well. The FPC is a newly-formed organization, one that aims to provide a platform for Americans to do transactions in a safe, instant and cost-effective manner.

Source/ambcrypto

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How Banks Are Pushing Ripple Adoption More Than Ever Before

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The founder of Gokhshtein Magazine, David Gokhshtein is a very big XRP supporter and thinks that Ripple is placing themselves in the perfect position to infiltrate the international financial system.

Banks across the world are toying with the idea of creating their own cryptocurrencies. These bank-backed stablecoins would act as intermediaries between fiat and crypto for institutions and some individuals.

According to Gokhshtein, as these financial giants wade into the crypto waters, they’re going to find to be easier, cost-effective and more efficient to use the Ripple-built infrastructure.

Gokhshtein has advised his followers that banks and other big financial institutions will not allow themselves to become obsolete. These more than powerful firms will get used to the current financial season, so to speak and maybe crypto will become a hot topic soon.

“Bottom line: banks aren’t going to fade out. they will always find a way to adapt to the current environment. That being said; @ripple has the perfect system in place for them and that’s why most of them are teaming with them.”

In fact, Ripple is already helping people and companies to send money across the globe in a more effective way.

Brad Garlinghouse and the rest of the team at Ripple are excited about Ripple has been experiencing. The Swiss National Bank Conference Garlinghouse explained the impact Ripple’s xRapid can bring to people and businesses across the world.

“People are getting liquidity th

at exists in the marketplace in local regions between XRP and the Philippine peso, XRP and the Argentine peso, XRP and the Brazilian real. And it’s tapping into that liquidity that exists in the marketplace.”

With more institutions a starting to love Ripple for similar reasons to Gokhshtein’s tweets, adoption is being pushed in a way it has never been before.

-News Source

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Ripple (XRP) Price Following Uptrend: Can Bulls Take Over?

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  • Ripple price found a strong support near the $0.3800 level and recently moved higher against the US dollar.
  • The price is now placed above the $0.3950 and $0.4000 levels and it could continue higher.
  • Yesterday’s highlighted major bullish trend line is intact with support near $0.3950 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair remains well supported and it could continue to rise above the $0.4100 resistance area.

Ripple price is trading in a bullish zone against the US Dollar, while consolidating vs bitcoin. XRP is likely to climb above $0.4200 as long as it is trading above the $0.3920 level.

Ripple Price Analysis

After a sharp decline, ripple price found support near the $0.3800 area against the US Dollar. The XRP/USD pair traded as low as $0.3802 and recently started an upward move. There was a break above the $0.3920 resistance and the 100 hourly simple moving average. The price slowly moved above the $0.3950 level and the 23.6% Fib retracement level of the downward move from the $0.4300 swing high to $0.3802 low. Moreover, there was a break above the $0.4000 level.

Finally, the price spiked above the $0.4050 level and the 50% Fib retracement level of the downward move from the $0.4300 swing high to $0.3802 low. The price tested the $0.4110 level and the 61.8% Fib retracement level of the downward move from the $0.4300 swing high to $0.3802 low. If there is an upside break above the $0.4110 and $0.4120 levels, there could be more upsides in the near term. The next key resistance is near the $0.4200 and $0.4220 levels.

On the downside, there is a strong support forming near the $0.4000 and $0.3980 levels. More importantly, yesterday’s highlighted major bullish trend line is intact with support near $0.3950 on the hourly chart of the XRP/USD pair. As long as the pair is above the trend line, it could climb above the $0.4050 and $0.4110 resistance levels. Conversely, if there is a downside break below the trend line, the price could extend losses below $0.3920.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is trading nicely above the $0.3950 support area. Only a close below the 100 hourly SMA is likely to open the gates for more downsides in the near term. Otherwise, the price is likely to trade towards $0.4200 and $0.4220 in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone, with positive signs.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level, with neutral signals.

Major Support Levels – $0.3950, $0.3920 and $0.3800.

Major Resistance Levels – $0.4050, $0.4120 and $0.4200.

-News Source

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