- XRP adds 13.2 percent week-to-date
- Prices break above a 5-month trade range
For what Ripple seeks to achieve, the IMF has praised the San Francisco startup. Nonetheless, George Harrap of Bitspark believes that Bitcoin is more practical, liquid, and useful than XRP.
Ripple Price Analysis
Different blockchain projects have different objectives. Ripple intends to build a global platform from where banks and financial institutions can run from. Less than a decade later, and they are recording success. Although onboarding is not as fast, at least, supporters can argue that progress is visible.
Ripple, as an independent company, has a fruitful relationship with several central banks, including that of Saudi Arabia, the Saudi Arabia Monetary Authority (SAMA). Besides, it has an open communication link to the White House. At least that is what Cory Johnson, the former Chief Marketing Strategist said.
Trailing EOS, BSV and Litecoin, Ripple (XRP), is up 13.2 percent in the last week. A standout in all this resurgence is the breach and close above 40 cents as participation levels swell.
Even though trading volumes are low and pale in comparison with May 14th’s where participation topped 187 million, there is a steady increase in volumes. In six days, volumes surged three folds from 19 million of May 23rd to 59 million of May 28th. Because the trend is bullish, any breach clearing May highs could see volumes surge towards or even above 187 million confirming buyers.
Ripple’s XRP technical analysis: XRP/USD weekly chart remains largely bearish
- Ripple’s XRP price is trading in the green by some 0.15% in the session on Friday.
- XRP/USD price action via the weekly chart view remains largely tilted to the downside.
- The price is running at its five consecutive weeks trading in the red.
XRP/USD weekly chart
The next major weekly support to the downside is eyed at $0.2000.
XRP/USD daily chart
A bearish pennant can be eyed via the daily, but also a double bottom formation.
Spot rate: 0.2223
Relative change: +0.15%
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Ripple Tries to Dismiss Unregistered Securities Lawsuit
Ripple has made a last-minute attempt to dismiss the lawsuit against the company by filling new documents with the U.S. District Court for the Northern District of California that potentially on Wednesday, Dec. 4 as reported by Coindesk.
According to a new filing from the company Ripple claims the investors who are suing the company for an alleged unregistered securities sale brought their case too late. The filing is apparently the Ripple’s last-minute effort to get the court to drop an amended class-action lawsuit that was filed in August. The hearing is scheduled for January 15th, 2020.
Despite the plaintiff’s claims that Ripple’s engaged in an ongoing offering of XRP which should be considered as securities, Ripple argues that it only began distributing XRP in 2013. Thus, any case brought after the three-year nonclaim statute should be dismissed according to the law.
Ripple’s latest set arguments are predominantly a repeat of what the company stated previously. Apart from the fact that the statute of repose has passed on the case, the company also claims that the plaintiff has not been able to demonstrate any significant evidence that he actually purchased XRP from any of the defendants, either that being Ripple Labs Inc., XRP II, LLC, Bradley Garlinghouse or Ripple’s an initial coin offering. The filing hits at such claims by stating that there was a “one-in-ten-thousand chance” that the plaintiff could have purchased XRP from Ripple or other defendants.
Ripple also questioning the plaintiff’s response, filed Nov. 4, which states “Ripple issues new XRP from escrow for the first time each month for sale to the public.” According to the Dec. 4 filing, by Ripple, this argument contradicts the plaintiff’s original complaint, which suggested that “all 100 billion XRP was created out of thin air by Ripple in 2013, prior to its distribution to investors.” According to the filing, “Ripple’s alleged exchange sales of XRP accounted for .095 percent—less than one-tenth of one percent—of the total volume of XRP sold on exchanges” during the time period Sostack said he bought XRP.
Ripple and Forte Want to Transform Gaming Industry
Ripple partner, gaming company Forte says it’s looking to use XRP and the Interledger Protocol to develop blockchain-based games which will also include XRP tokens as a settlement currency.
In March this year, Xpring an investment arm of Ripple has formed a partnership with Forte with an aim to accelerate the adoption of blockchain technology in games. Ripple and Forte will jointly invest $100 million in companies and projects focused on the development of blockchain-based games that will also utilize cryptocurrency XRP.
In a post on Ripple website, Forte co-founder Brett Seyler stated the company is specifically looking at how the blockchain technology can help companies in the $140 billion industry create free-to-play games with in-game purchase options.
“The free-to-play business model dominates the way games are run now. This model has grown the gaming industry more than any other business model in the last ten years”,
XRP will be a perfect fit for such in-game purchases due to the very low cost of the transaction and its speed.
The difference between traditional games and blockchain games is that the “code and logic of blockchain games could be written in smart contracts and run on blockchains”. The advantages are clear as blockchain technology offers greater transparency and data immutability, thus making games more decentralized and controlled by the gaming community rathert than games being fully under the control of developers.