But, Ripple has had a successful year with several collaborations and adoption by different payment providers and financial institutions.
The rest of the market has made significant gains with Bitcoin’s swift run in the market. However, the market’s good going hasn’t made any difference for Ripple’s XRP.
On the other side, if we examine Ripple, it has had a successful year with several collaborations and adoption by different payment providers and financial institutions. With Ripple progressing in the right direction, this raises a question on the utility of Ripple that why it has lacked to boost up the market performance of XRP.
With all the massive partnerships gained by Ripple over the last couple of years with Santander, Moneygram, and other top financial firms don’t seem to entertain XRP’s price. So, what has caused XRP price to stay in the bearish trend?
The main reason lies behind the lack of usage of XRP token by financial firms. As we know, Ripple provides its remittance and cross-border services to hundreds of banks and payment providers across the globe. Despite providing its services at such large scale, the restrained use of XRP token hasn’t helped XRP price to soar.
Ripple’s popular product xRapid uses XRP as a fundamental currency, and the blockchain firm’s CEO, Brad Garlinghouse affirmed earlier this year that by the end of the same year, there would be dozens of financial institutions that would start using xRapid. But so far, just one licensed bank is using xRapid service, and that shows us why XRP price has not really pumped up.
After what Ripple claimed regarding xRapid, it doesn’t seem that XRP so far has made such a difference that would skyrocket its price in the market. With all these overemphasized claims traders appears to move back.
Crypto analysts strongly believe that once Ripple completely captures the financial market system, XRP will see good times. But for now, we see new competitors coming in which cause a severe threat to XRP. The entrance of Facebook’s Libra and JP Morgans new crypto JPM Coin has weakened the progress of XRP.
This is just the beginning with Libra yet to launch in the market. These two cryptos could give a tough time to Ripple and could even capture its market in various regions. Libra and JPM Coin plans to provide faster and cheaper remittance services to banks which would directly target to surpass Ripple.
The Yearly Market Overview of Ripple’s XRP
If we compare Ripple (XRP)’s performance with other top cryptos, it stays at the bottom with even underperforming Tether.
XRP has dropped up to 20% since January 2019, whereas Tether dipped up to 1.74%. As the native cryptocurrency of Ripple stays at the bottom trading around a particular price mark, Bitcoin has soared over 200% in the last seven months, and Ethereum went up by 55%.
Is it getting better? It has gotten worse as XRP has fallen to its lowest price mark of 2019 after dropping below $0.30 today (10th Aug). As we write this, Ripple (XRP) trades at $0.299557. The only good thing is that it has entered the greenish zone with 1.61% upward movement.
XRP’s bull flag pattern could hoist price high
XRP’s price was hovering between the $0.21-$0.25 range for a long time now. A much-needed breakout to the positive side could be in the offing as XRP bulls take position to take over. The coin was trading at $0.23 after a surge by 2.14% over the last 24-hours, at press time. Additionally, according to data on CoinMarketCap, XRP registered a market cap of $9.99 billion and a 24-hour trading volume of $1.04 billion.
XRP 1-Hour Chart:
XRP’s daily chart exhibited the formation of a bull flag pattern with the price rising high and oscillating between two parallel horizontal lines. This was indicative of a potential bullish price breakout in the near-term.
The moving averages also sided with the bulls. 50 moving average was above the 100 moving average, after undergoing a bullish crossover on Dec 5th. This indicated a positive sentiment for the coin’s price. Additionally, both the moving averages were well below the price candles. This strongly projected bullishness for the digital coin’s price in the near-term.
An upside breakout would drive the XRP bulls to breach its immediate resistance at $0.234. A stronger upward pull could lead the coin to hit close to $0.24. XRP found support at $0.21.
MACD underwent a bullish crossover at press time, following which the signal line slid below the leading line. Further, RSI indicated a significant spike well above the 50 median and the coin’s price was in the overbought zone.
The above chart predicted a strong bullish phase for the coin. A positive breakout would drive the coin to $0.24, a level unseen since November 22nd.
CoinsPH sees the boom in XRP ODL transactions as records are created
Recently, H_M_X, a cryptocurrency enthusiast spotted that the largest ODL transaction conducted on CoinsPh, was clocked at 250,000 XRP.
Ripple and its native cryptocurrency XRP have been doing positive rounds in the cryptocurrency space for some time now despite the bearish price crashes. One of XRP’s primary specialties has been its ability to reflect growth in its other parameters across new regions. A couple of weeks ago, it was reported that XRP’s market volume on exchanges like Bitso was on record-breaking uptrends, a phenomenon which was later overshadowed by the arrival of the bear.
Recently, H_M_X, a cryptocurrency enthusiast spotted that the largest ODL transaction conducted on CoinsPh, was clocked at 250,000 XRP. This high value was achieved at a rate faster than it took on Bitso. The latest destination tag record on Bitso was 25,370,527, while the highest total amount of transactions was 485,127 XRP.
Looking at the same metrics for Coins Ph, the destination tag was recorded at 255,406, while the most significant transaction was the most recent one of 250,000. Several members of the community praised Ripple’s initiatives to grow the On-Demand Liquidity market recently with ‘blcurley’ tweeting:
“Ripple used to have large lag times from a customer acquisition to the software implementation. Through time & experience, they have streamlined these processes to get customers up & running in a short amount of time. I’m expecting the same with #ODL and new corridors.”
Despite the developments in the space, XRP has not seen much of a rise on the price front as the cryptocurrency was holding at one of its lowest measures across an extended time period. At press time, Ripple’s XRP was exchanging hands for $0.22 with a total market cap of $9.657 billion.
The third-largest digital asset on the charts held a 24-hour market volume of $1.416 billion. During the research, it was also noticed that the number of total interchange XRP payment transactions had risen towards earlier crests. The ODL destination tag had surpassed the 158068 after a long time, giving the XRP army hope that the asset would begin an ascend soon.
November was also an exciting month for XRP and its technologies, such as xRapid. ON November 7, the total XRP ODL saw a rise from its earlier average of $1 million to almost $2.2 million. This transaction occurred between Bitstamp, which counts as the US corridor for xRapid transactions and Bitso, which counts as the corresponding Mexican corridor.
David Schwartz Spoke About Ripple’s Main Objectives
Speaking at UBRI Connect 2019, David Schwartz, Ripple CTO in his keynote underlined the fact that millions of people worldwide have very limited access to efficient, inexpensive financial services.
“We tend to think we’re overbanked in the United States because you could just go anywhere and open a bank account. But, a fairly shocking statistic, 24 million Americans are underbanked, alongside almost 2 billion people worldwide.”
Schwartz stated that funds today are spread across different financial networks which very often are not compatible with one another and this is one of the critical problems people currently encounter when dealing with the present financial system.
“Today, money is locked up in distinct systems, just like information used to be. If I want to pay you some money, I have to ask you what system you’re on. Many payment networks shut down outside of business hours. Many payment networks only work in overlapping business hours between the two time zones they make payments between”.
Schwartz stated that Ripple’s broader mission is to help financial institutions worldwide to move money as quickly and efficiently as possible. In our day and age, he argued that is not acceptable that people have to wait for days to get confirmation that their payment went through. By acting as a bridge currency in overseas payments XRP, according to Schwartz, could potentially vastly improve the speed and efficiency of transactions.
“On the enterprise side, we built this payment network called RippleNet using XRP to settle where that makes sense. The problem that solves is having to preposition money where you need to make payments. So, for example, without some sort of a cryptocurrency solution, to make a payment to the Philippines you’d have to have Philippine pesos sitting in the Philippines.
What RippleNet does with XRP, is the sender can exchange their sending currency, say US dollars for XRP, send the XRP on the XRP Ledger and buy the Philippine pesos precisely when they need them.”
Finally, Schwartz said that Ripple’s main goal is to create an Internet of Value, where money moves the same way and at the same speed information does.