On June 9, 2019, the Ripple price (XRP) reached a high of $0.41. A rapid decrease ensued and the price reached a low of $0.37 the same day. Since then, the price has been gradually increasing.
At the time of writing, it was trading near $0.39.
Where will the Ripple price (XRP) go next? Keep reading below and find out. For our previous analysis, click here.
Ripple Price (XRP): Trends and Highlights for June 12
- XRP/USD reached a low on June 9.
- It is trading inside a short-term symmetrical triangle.
- It is trading inside a longer-term descending channel.
- The 10- and 20-day moving averages have made a bearish cross.
- There is resistance near $0.43.
- There is support near $0.36.
XRP Price: Current Pattern
The Ripple price (XRP) is analyzed at 30-minute intervals from June 9 to June 12 in order to trace the current pattern.On June 9, the price of XRP/USD reached a high of $0.413. A rapid decrease ensued and the XRP price reached a low of $0.369 the same day. Since then, it has been increasing, trading inside the symmetrical triangle outlined below:
At the time of writing, the XRP price was trading close to the resistance line of the triangle. It has made several unsuccessful attempts at a breakout. Furthermore, it is approaching the point of convergence between the resistance and support lines.However, this triangle is a short-term pattern inside a different long-term one.Since reaching a low of $0.41 on May 29, the price has been trading inside the descending channel outlined below:
The resistance lines of the triangle and channel are close to each other. Therefore, a breakout from the triangle could also indicate a breakout from the slightly longer term channel.
Will the price initiate an upward move? A look at technical indicators is required in order to find out.
The XRP price is analyzed alongside the 10- and 20-day moving averages (MA) below.On June 10, the 10-day MA crossed below the 20-day one. This is known as a bearish cross and often indicates that a downtrend has begun.
The XRP price is trading below both moving averages, facing very close resistance from the 10-day MA. Furthermore, the latter coincides with the resistance line of the descending channel.
The use of these indicators makes it unlikely that the price will break out from the channel.
However, it is possible that the price initiates a weak breakout from the short-term symmetrical triangle towards the resistance line of the channel.
One support and one resistance area are traced for XRP below.
The closest support area is found near $0.36. If the Ripple price (XRP) continues to decrease at the rate predicted by the channel, it will reach this area around June 15. An analysis of technical indicators supports this possibility.
The closest resistance area is found near $0.43. If the XRP price breaks out from the channel, it is likely to provide a reversal.
To conclude, the Ripple price (XRP) made a high on May 30 and is currently trading inside a descending channel. Furthermore, it is trading inside a short-term symmetrical triangle.
An analysis of technical indicators suggests that a downtrend has begun. The use of these indicators makes it likely that the XRP price will eventually reach the support area outlined above.
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.