- Ripple (XRP) retesting 40 cents, stable in the last day
- Change of leadership at ECB could be supportive for Ripple and blockchain in general
Christine Lagarde will take over from Mario Draghi as the head of ECB. As a blockchain and crypto believer, her entry is significant. On more than one occasion she has been quoted fronting several DLT technologies including Ripple’s.
Ripple Price Analysis
Good news is, Christine Lagarde, the Managing Director of the IMF, will take over from Mario Draghi. While Mario did a lot for the ailing European economy, the entry of Christine is a fresh breath of air. Particularly significant for the crypto community, blockchain as an emerging and disrupting technology will be more visible during her tenure. It’s easy to see why.
Aside from being one of the top brass openly acknowledging crypto and blockchain, she’s particularly keen about Ripple and related products. Although she advocates for proper regulations, labeling fitting laws as a “pillar of trust,” her support and enthusiasm for Ripple is bullish for XRP. In more than one occasion, she has been quoted asking banks to innovate or die singling out the power of Ripple and Circle.
Furthermore, the fact that Ripple’s management team are globe-trotting with friends in high places as in the White House helps in their agenda. Earlier, the former Chief Marketing Strategist, Cory Johnson, said Ripple is in constant communication with officials from the Trump’s administration.
Even so, Ripple’s objective is not to compete with SWIFT. The latter is a market leader with more than 11,000 global banks using its network. As per Marjan Delatinne, a former SWIFT employee and Ripple’s Head of Global Banking, the global payment platform is preferably complementary to existing rival systems.
At the time of writing, XRP is reacting from 40 cents. From candlestick arrangement, the level is a significant support level now that XRP is within a bullish breakout pattern against the USD.
If anything, buyers are in control. However, the short to medium term trajectory is mainly dependent on buyers. Should they build sufficient momentum and rally past 50 cents at the back of high trading volumes, XRP prices will likely surge to 80 cents.
On the other hand, losses below 34 cents spell doom for XRP holders. Not only will it shake out day traders but such a shock will likely trigger panic sells below Q1 2019 primary support at 30 cents. Unexpected but not discounted, such deep losses will cancel this projection.
Anchoring this trade plan is June 22 candlestick. With high trading volumes of 113 million, any reversal of June 27 losses-signaling entry of bulls, should be at the back of high participation surpassing 113 million and 20 million averages. Similarly, sell-off below 40 cents canceling buyers of mid-May ought to be with high trading volumes confirming bears of late June 2019.
It’s important to ensure crypto-industry is mature and battle-tested, claims Ripple’s Brad Garlinghouse
The Senate’s hearing on Facebook’s Libra with David Marcus is the talk of the town. Brad Garlinghouse, CEO of Ripple, is the latest to give his views on the hearing. Garlinghouse said that the debate was necessary for the crypto-industry to mature.
“I’m heartened by the (largely) thoughtful dialogue from this week’s congressional hearings on @Libra_ . Committee members are supportive of blockchain and “payments innovation in the U.S., but skeptical that Facebook is the right steward given the history of broken trust.”
He added that the crypto-industry needs to mature and it would only happen if tough questions are asked, ensuring that the crypto-industry is “battle-tested” with proper regulatory oversight to protect investors and customers.
The Senate is today acknowledging the existence of cryptocurrencies and blockchain technology that is taking the world by the storm. This hearing comes after President Donald Trump sent out a slew of tweets outlining his negative views on Bitcoin.
Congressman Patrick McHenry was also one to add fuel to this fire, stating,
“Whether Facebook is involved or not, change is here. Digital currencies exist. Blockchain technology is real… So the question then becomes – what are American policymakers going to do to meet the challenges and the opportunities of this new world of innovation?”
One particular word that keeps popping up in the hearing and with the SEC is ‘innovation.’ While regulators and policymakers are trying their best to make regulations happen, it has been a slow ride. SEC commissioner Hester Peirce said it best when she said that the SEC might be driving innovation to other places. However, she reiterated that the SEC wants it to be a “safe harbor” approach.
A Twitter user, @XRPCryptoWolf, commented,
“I kept telling everyone since the beginning of the year that 2019 is the year that we finally get regulatory clarity on #Crypto & #Blockchain from many countries around the world Also Brad has been tweeting a lot of threads lately so I’m guessing this is a bullish sign for 2019?”
Puma Browser takes on Brave, Chrome; launches first full browser with native Coil support on App Store
Ripple and Coil have taken their partnership forward, with Coil’s Puma Browser being linked with Ripple’s Interledger protocol. The web browser was made available on the app store on July 17, with Puma Browser’s official Twitter handle announcing the same,
“1/ We’ve been hard at work re-building Puma Browser with Firefox-iOS as base.
Polina, who joined as founding iOS engineer, has made amazing progress and we’re happy to announce that we are now in the App Store with much better @Coil support!”
Stefan Thomas, Co-creator of Interledger and the Founder and CEO of Coil, also relished in the news of Puma browser being the first browser with native Coil support. The beta version of the browser was released in April for users to take a spin at. However, during the same, various problems in the payments feature and other user experience issues were found. Following the finding, the team worked on those problems and released the “more than needed” update.
Twitter user and beta tester, @nixerFFM, commented,
“This is great news! I am a beta tester from the early days on and I must say that change to the iOS Firefox core was more than needed.
For sure it made things easier for you and the user experience so so much better for us. Keep it up!”
The Android version of the application was available on Play Store, but according to @PumaBrowser, the android applications lacks the swiftness and isn’t “as mature for now.” Although users appeared satisfied with the browser, it has to compete with other existing browsers now. Since Puma Browser is based on Firefox, the browser is already in the big leagues, but the competition is real with Chrome and Brave browser in the mix.
Ripple price analysis: XRP/USD on course of recovering Tuesday’s losses
- XRP/USD went up from $0.295 to $0.309 this Wednesday.
- The relative strength index (RSI) bounced up from the oversold zone.
XRP/USD went up from $0.295 to $0.309 this Wednesday, on course to recover this Tuesday’s losses wherein it went down from $0.312 to $0.295. The 60-min intraday chart shows that the price went up to $0.321, where it met resistance and went back down to $0.309.
XRP/USD daily chart
The daily price chart is trending just above the lower curve of the 20-day Bollinger band, showing that the price is not undervalued yet. The price is also trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) indicator shows sustained bearish momentum. The Elliot oscillator shows eight straight bearish sessions. Finally, the relative strength index (RSI) bounced up from the oversold zone.