The third-largest digital currency on the market, XRP, has seen some nervous trading over the past 24 hours.
The cryptocurrency suffered a notable drop on Tuesday, as it failed to defend the $0.40 level. Having opened at $0.400, the coin fell to as low as $0.387 during the afternoon portion of the session. A late uptick allowed the coin to pare its losses, as it closed the session at $0.394.
While XRP has spent the better part of today’s session hovering around the level of its Tuesday close, it has seen some improvement in more recent trading, which has enabled the coin to move closer to the $0.40 mark. At the time of writing, the XRP price was hovering just below that mark, according to data from digital currency tracker Coinmarketcap.
In other XRP-related news, Ripple, the San Francisco-based start-up that developed the token and its underlying protocol, yesterday announced that it was opening a new office in Brazil, as part of an effort to expand its reach in the region. The announcement confirms earlier reports of Ripple’s plans to expand in the region.
The new operation will be led by Luiz Antonio Sacco, which Ripple described as a “seasoned fintech entrepreneur and executive”. The company also said that its blockchain-powered payments network, RippleNet, already had more than a dozen Brazilian financial institutions and money transfer companies as customers.
“In January, Ripple surpassed 200 customers on RippleNet. The company is experiencing rapid customer growth across all markets, and is launching in Brazil in response to high customer demand in South America. We are fortunate to have Luiz on board to expand our presence in the region and help our customers address the challenges of cross-border payments,” Eric van Miltenburg, SVP of Global Operations at Ripple, said in a statement.
In today’s trading, the XRP price stood at $0.396, as of 13:47 BST. The digital coin has gained 1.7% in the past 24 hours. Its total market cap currently stands at $16.76 billion.
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.
Ripple (XRP) Price Analysis: Brief Consolidation as Bitcoin Surges
Ripple price is currently trading in a range below the key $0.4940 resistance. Bitcoin rallied above $12,500, increasing chances of an upside break in XRP above the $0.4800 resistance.
- There were mostly range moves in ripple price above the $0.4600 support area.
- XRP broke a key bearish trend line at $0.4685 on the 30-minute chart.
- There are many hurdles for the bulls on the upside near the $0.4850 and $0.4940 levels.
Ripple Price Analysis (XRP to USD)
In the past few hours, bitcoin price extended gains above the $12,000 and $12,500 levels, but ripple failed to gain momentum. XRP price is currently trading nicely above the $0.4600 support area, but there are many hurdles on the upside.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair settled above the $0.4600 level after testing it on many occasions. Finally, it climbed higher above the $0.4650 resistance and the 25 simple moving average (30-minute chart).
Moreover, there was a break above the 76.4% Fib retracement level of the downward move from the $0.4778 high to $0.4526 low. Moreover, the price broke a key bearish trend line at $0.4685 on the same chart.
It is now trading above the $0.4720 level and it recently teste the $0.4775 swing high. At the outset, the price seems to be trading in a broad range below the $0.4850 and $0.4940 resistance levels.
An immediate resistance is near $0.4840 and the 1.236 Fib extension level of the downward move from the $0.4778 high to $0.4526 low. If there is an upside break above the $0.4850 and $0.4940 resistance levels, the price could accelerate higher.
The next important resistance is near the $0.5000 and $0.5020 levels, above which the price could test the $0.5100 swing high.
Overall, ripple price seems to be struggling to gain momentum above the $0.4800 and $0.4850 levels. On the other hand, bitcoin and Ethereum are staging for more gains above the $12,500 and $340.00 levels in the near term, which could also boost the market sentiment for XRP.