- XRP/USD dived below the key support at $0.3800 before finding support at $0.3750.
- XRP must resume the uptrend and fight to stay above $0.4000.
Ripple is back in the red in spite of the upward correction witnessed on Monday. The entire market led by altcoins like Litecoin and Ethereum turned back in the green following a weekend of consolidation and exploration of key support areas. XRP/USD, for instance, dived below the key support at $0.3800 before finding support at $0.3750 where a reversal occurred towards the close of the session on Sunday.
XRP/USD 15’ chart
The trading on Monday was not mundane at all as the price spiked incredibly above both the 50 Simple Moving Average (SMA) 15’ and the 100 SMA 15’. This rejuvenated the bulls’ presence on the market as they pushed XRP above the 61.8% Fib retracement level with a drop from the previous high at $0.4055 and $0.3695. Further movement north zoomed past $0.4000 but the momentum stalled short of $0.4100 after forming a weekly high at $0.4055.
With the upside limited, XRP started trimming the gains towards $0.4000. A struggle ensued with the bulls battling to stay above $0.4000. However, the bears seem to have overwhelmed them on Tuesday, besides XRP/USD is trading at $0.3940 at press time.
Marginally below the current price, the first support is observed and offered by the above mentioned 61.8% Fib level resistance turned support. Further correction south will find cushion at $0.3850 – $0.3800 (support congestion zone) while $0.3750 will come in handy just like it did in the last weekend trading, particularly by preventing further declines on Sunday.
The upward movement is immediately hampered by the 100 SMA 15’ at $0.3950. 50 SMA is still holding above the 100 SMA which means that the bullish pressure is still present, for now. However, XRP must resume the uptrend and fight to stay above $0.4000 in order to champion for higher gains towards $0.4100, $0.4200 and $0.4300 short-term and medium-term resistance.
Ripple Key Technical Indicators
RSI 15’: Upward towards 50 average means the bullish momentum still has strength in the short-term.
Key Support Areas: Fibo 61.8% 15’, $0.3850 – $0.3800 and $0.3750.
Critical Resistance: $0.4000, $0.4100 and $0.4300.
General trend: Bullish
Imgur Raises $20 Million From Ex-Ripple CTO’s Micropayments Startup
Imgur, a popular image hosting site, revealed it has received $20 million in venture equity from Coil, a micropayments tool for content creators.
In addition to the funding, Imgur has agreed to build Coil into its platform, which receives 300 million monthly users, to provide micropayments to users who view content, according to a report from TechCrunch.
The partnership will also be marked by a forthcoming premium Imgur membership with exclusive features and content for Coil subscribers. A $5 per month Coil subscription funds creators per second that the subscriber spends consuming their content at a rate of 36 cents per hour.
“Imgur began in 2009 as a gift to the internet. Over the last 10 years we’ve built one of the largest, most positive online communities, based on our core value to ‘give more than we take’” Alan Schaaf, founder and CEO of Imgur, said in a press statement. “Coil’s technology will open up new opportunities for users to give to one another and support the community in new ways.”
Coil was founded last year by Stefan Thomas, the former chief technology officer of Ripple Labs, as a means to pay creators for their labor. It’s subscription service is now in open beta, and it provides extensions for Chrome and Firefox.
Comparable to Spotify, Coil’s Web Monetization API automatically pays creators in XRP based on usage, while the user enjoys the flat subscription fee.
Thomas will join Imgur’s board. Imgur previously received $40 million Series A from Andreessen Horowitz and Reddit.
Coil’s investment stems from Ripple Labs’ Xpring Initiative, which aims to fund proliferation of the Ripple XRP ecosystem. Imgur received US dollars in the funding deal.
Ripple And XRP (XRP) Can Benefit World’s Central Banks, And That’s The Final Goal
As we already know, the conventional banking system is experiencing lots of flaws that affect the customers, from slow transactions to high fees. Luckily, Ripple and its XRP (XRP) cryptocurrency can benefit the world’s central banks to perform faster and satisfy their clients’ needs in a more proper way than what’s happening at the moment.
And, as it seems from her latest statements, the IMF leader, Christine Lagarde, agrees with that. Even more, at the beginning of the year, Ripple announced that it teamed up with over 200 financial institutions, mostly global banks.
And, as for the banks’ part, they find themselves in an exceptionally troublesome situation, mostly related to the traditional methods they use for transacting and operating. And there’s where Ripple and its XRP (XRP) cryptocurrency come to the rescue as they offer a modern, faster, and cheaper way for the world’s financial institutions to conduct their operations.
World’s central banks can benefit from Ripple and XRP (XRP)
The most significant competitor for Ripple is SWIFT, that is the conventional method for banks to conduct transactions. The downside of SWIFT is its slow processing and, thus, the latency on which financial institutions carry on the transactions.
“I think in the banking system at large in many, many countries; the difference will not be between those who are disrupted and those who survive. The difference will be between those who are cannibalized because they are not seeing it coming, and they are not embracing it and those who self-induce that cannibalization. […] So that is where I see changes happening now. If you think of Circle, and Ripple and all those – that is where they are active and helpful,” stated Christine Lagarde, the IMF director, this year, suggesting world’s central banks to adopt Circle or Ripple and its XRP (XRP)-based operations.
In short, Ripple and XRP (XRP) have the sustain of Christine Lagarde, the IMF leader, so, most likely, we’ll soon witness a change in the banking system. And when thinking that Ripple- and XRP (XRP)-based methods are all about instantaneous cross-border transactions, we believe that soon everything would change, triggering the rise of Ripple and XRP.
Ripple (XRP/USD) forecast and analysis on June 26, 2019
Cryptocurrency Ripple (XRP/USD) is trading at 0.4667. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Ripple. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.
Ripple (XRP/USD) forecast and analysis on June 26, 2019
As part of the Ripple course forecast, a test level of 0.4580 is expected. Where should we expect an attempt to continue the growth of XRP/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 0.5090. The conservative Ripple buying area is located near the lower border of the Bollinger Bands indicator strip at 0.4460.
Cancellation of the option to continue the growth of the Ripple rate will be the breakdown of the lower border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing quotes pair below 0.4350 area. This will indicate a change in the current trend in favor of the bearish for XRP/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.
Ripple (XRP/USD) forecast and analysis on June 26, 2019 implies a test level of 0.4580. Further, growth is expected to continue to the area above the level of 0.5090. The conservative area for buying Ripple is located area of 0.4460. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.4350. In this case, we should expect the continuation of the fall.