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Ripple’s XRP makes it to the Simex crypto exchange platform

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The latest digital asset exchange platform that listed XRP, Simex supports many payment methods that include credit cards in its operations.

Simex crypto asset exchange platform announced yesterday that it had launched Ripple (XRP) crypto-asset against Ethereum (ETH), Bitcoin (BTC), and Tether (USDT).

As a Russian crypto asset exchange platform and an equity investment network that is registered in the US, the Simex exchange platform supports trading in Ethereum, Bitcoin, a sundry of ERC-20 tokens, and now Ripple (XRP). The Simex crypto exchange platform also supports fiat currencies such as the US dollar and the Russian ruble (RUB).

The crypto exchange platform is credited with offering start-up businesses and small companies clear, open, and transparent opportunities to fundraise funds from investors. Also, the Simex exchange platform avails secondary market that gives liquidity to the initial investors.

On the other hand, the Ripple (XRP) as a virtual payment network and as a cryptocurrency is a platform that connects banks, payment providers, and financial institutions. Ripple allows frictionless experiences in the safe transfer of money globally.

A Brief Description of Ripple’s XRP

XRP is a virtual token or coin that is used to represent the transfer of monetary worth across the Ripple Network. As a cryptocurrency, XRP acts as a mediator for both crypto and fiat exchanges. Co-founded by Jeb McCaleb and Chris Larsen, Ripple XRP was first released in 2012.

Unlike other virtual currencies like Ethereum and Bitcoin, Ripple does not have a blockchain platform. Contrary to what many assume, Ripple does not have a blockchain platform attached to its technology; instead, it has a patented technology that is known as the Ripple protocol consensus algorithm (RPCA). The term consensus in the name indicates that if every node is in agreement with others, no issues are experienced in the transfer of funds from point A to point B.

Imagine, it is in the ancient times where one hundred wise men represent a whole kingdom. For the Kingdom to undertake any significant activity, all the 100 wise men need to agree. If everybody agrees, they can go ahead and start or end a war, hike taxes, change the law and all manner of exciting things. But if one wise man refuses to agree, nothing will move until his issues are resolved.

Although the Ripple platform is more complicated than this example, the illustration demonstrates the basics of how the Ripple protocol works. Trust is a significant component of the workings of the Ripple Network.

Simex Crypto Exchange Platform

As an exchange platform, Simex provides users with the opportunity to create their virtual assets through the platform’s web terminal interface.

According to Simex, the creation of virtual tokens does not necessitate special skills in programming and blockchain technologies.

According to a senior Simex representative:

“The verification and recording of a smart contract in Ethereum’s blockchain, for instance, happens automatically after the approval of the information initiated by the user. Therefore, anyone on planet Earth can create their token and get rid of it at their discretion after they have registered as users in the Simex website.”

As per the management of Simex, this attribute is specifically useful for companies who wish to release their tokens. Upon releasing the release token order, the company’s order is then automatically positioned in the Simex listing.

A senior Simex representative said,

“As it stands right now, Simex can cease to be categorised as an ordinary virtual wallet. At present, Simex is a multiplatform that allows numerous fintech and blockchain operations to take place on its platform.”

Simex Advantages

Apart from its multiplatform status, the Simex platform supports the transfer of fiat currencies (US dollar and the Russian ruble) on its network, making it easy for users to buy virtual assets using cash and cash out using cryptocurrencies.

Also, the latest digital asset exchange platform that listed XRP, Simex supports many payment methods that include credit cards in its operations. Fiat currencies can be deposited to and withdrawn from the Simex platform using Webmoney, credit/debit cards, Yandex, and bank wire transfers. It is worth noting that these transactions attract charges

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Ripple price forecast: XRP may break out as a newly symmetrical triangle forms

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A look at the XRP/USD pair suggests a medium-term bearish trend. Ripple (XRP) may rise back if the RSI 50 can bolster as support.

  • The Ripple (XRP) bulls have assumed control of the market following the last 24-hours price drop
  • A newly symmetrical triangle is formed with a potential breakout lurking around the corner

Ripple (XRP) is showing a sign of weakness over the last 24-hours following the rapid price reduction from $0.27 level. In our previous Ripple’s XRP analysis, we mentioned possible vital levels of resistance at $0.28 and $0.29 with the “surge and squeeze,” which has eventually come into play.

Currently, the price of XRP has dropped back after losing 2.48%. However, the trading volume and market cap have been substantially decreased a bit due to the recent loss. Another thing to note is that Ripple’s XRP is carving a new symmetrical triangle, spotted on the 4-hour chart. This suggests a breakout for the market.

Ripple(XRP)’s Current Statistics

Trading Price: $0.28

Market Capitalization: $11,966,690,915

Trading Volume: $1,228,009,147

Key Resistance Levels: $0.29, $0.3, $0.31

Key Support Levels: $0.26, $0.25, $24

Ripple Price Prediction August 20, 2019

A look at the XRP/USD pair suggests a medium-term bearish trend. Meanwhile, the August 15 sharp recovery at $0.225 low has brought the market back to the $0.29 on a retracement, meeting the triangle’s upper boundary. While roaming, an upsurge could shoot a price at $0.29 and $0.30 resistance before breaking up to $0.31.

Ripple XRP technical price analysis
XRPUSD, Daily Chart – August 20, 2019

Now that the price is testing the triangle’s lower boundary, a bounce is likely. If a break occurs, we can expect a severe bear pressure to $0.26, $0.25 and $0.24 supports.  From a technical standpoint, the bulls have assumed control of the market. We can expect a higher price to come into play if the market continues the upsurge.

Conclusively

The six days price variations have stuck trading in a newly symmetrical triangle, and as we can see on the chart, the Ripple (XRP)’s price has reached a tight angle. We can expect a surge in volatility to occur in no time. Let’s see how the market plays out in the next few hours.

Technical Indicator Reading

RSI for Ripple’s XRP has turned downward after facing rejection at the 70 level. The price may rise back if the RSI 50 can bolster as support.

Stochastic RSI oscillator is currently heading south after reaching the overbought zone. We can expect an upward move as soon as the buyers regroup.

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Ripple DLT and XRP get the green light in Universal Postal Union’s white paper

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A popular crypto Youtuber and Ripple (XRP) supporter, Eri published a video yesterday. In the video, she explains why White Paper by Universal Postal Union boasts clear case to use Ripple DLT and its cryptocurrency XRP.

According to a new publication, the Universal Postal Union advocates for the usage of crypto assets recommending XRP and the distributed ledger technology of Ripple as a solution to cut costs and time associated with money transfer. The management staff of UPU has managed to produce one of the most compelling publications the world has ever seen in regards to the potential use cases of virtual currencies by postal offices across the globe.

According to crypto pundits, the publication is anything but not boring and dry. The report is information-packed, mind-blowing, and full of knowledge that Post Offices around the world should consider adopting. The Addressing staff of the UPU reveals the truth that Addresses are much more than locations where Posts deposit parcels and letters.

Addresses are an underlying global network that allows their owners to be connected to everyday life, allowing them to receive public and private services, participate in democratic processes, be participants of the formal economy, allowing them to have legal identities, and participants of the information and communication age among other capabilities.

The Universal Postal Union (UPU) is a specialized United Nations agency that deals with the coordination of postal policies among member countries, along with the global postal system. The UPU is an intergovernmental body that is tasked with the mandate to set rules and rates for cross-border mail delivery.

Since the commencement of the new millennium, Posts have been experiencing technological disturbances of their primary business. At the same time, technological modernization has been part of their strategy to conceive new products that align Posts to meet the demands of the digital economy by spawning its efficiencies.

A popular crypto Youtuber and Ripple (XRP) supporter, Eri published a video yesterday. In the video, she explains why White Paper by Universal Postal Union boasts clear case to use Ripple DLT and its cryptocurrency XRP.

Potential use cases of virtual assets (especially Ripple) by Postal Offices

As accurate as the phrase “change is inevitable” is, postal offices around the world need to stay relevant in the changing market. At present, UPU is looking into the role blockchain technology, distributed ledger technology, and virtual assets can play in the postal industry in ensuring they offer efficient delivery services to its customers.

With the steady growth of cryptocurrencies and their technologies, several Posts around the globe are experimenting the use of distributed ledger technologies in providing financial and logistics services.

According to WrathofKahneman, an avid Twitter user and crypto pundit:

“The UPU recommends crypto technologies and more so Ripple XRP, as a solution to financial inclusion around the world. Recently, we saw Japan’s post bank joining SBI Ripple Asia with signs indicating India and Egypt are next in the line.”

According to information that was made available in the publication, there are three use cases for virtual assets by the Post.

Use Case 1: Inexpensive, Near-Instant Inward Remittance

The first use case for cryptocurrencies is to offer a secure, inexpensive, instantaneous transfer of funds through the crypto technology. The low cost and speedy attributes of cryptocurrencies and blockchain technologies such as Ripple XRP make crypto an ideal choice for remittances.

According to the World Bank, the average cost of sending money around the world is 7 percent, a figure that is much higher than the 3 percent figure that was set in the SDGs for 2030. Recently, Ripple (XRP) conducted a pitot study remitting funds from the US to Mexico. The findings showed that the foreign exchange tariffs were reduced by over 40 percent with the payment being finalized in a record time of about two minutes.

The UPU findings prove that the use of Ripple’s distributed ledger technology could be the future of remittances since the service offers improved transparency and accountability.

Use Case 2: In the Management of Direct Money Transfer Projects

A recent finding by the Better Than Cash Alliance (BTCA) shows that direct cash transfer to recipients serves a prearranged objective. However, the mode of transmission dramatically affects how the funds are used; the transfer medium should be flexible are beneficiary friendly.

Three UN agencies that deliver more than half of the world’s humanitarian money support programs agree there is a need to ensure humanitarian monies reach their expected recipients minimizing corruption cases and fraud.

The integration of Postal Offices with crypto technologies such as Ripple’s distributed technology can provide the actual beneficiaries to get their monies either in their bank accounts or their mobile phones.

Use Case 3: Facilitate Government-to-Person (G2P) Settlements

According to statistics by the UPU, 87 Posts globally avail checking and savings accounts to their customers. Combined, these postal operators hold over 1 billion accounts that are often owned by the marginalized and vulnerable communities of the populations, serving as an efficient channel for G3P payments such as salaries, pensions, benefits, and subsidies.

Around the world, many governments have embraced mobile money solutions as the best way to transfer G2P payments to beneficiaries. Transacting these G2P settlements through the distributed ledger technology of Ripple adds another layer of accountability and transparency for the remunerations, ensuring the end of wastage and corrupt dealings.

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Ripple (XRP/USD) forecast and analysis on August 20, 2019

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Cryptocurrency Ripple (XRP/USD) is trading at 0.2845. 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 upper border of the Bollinger Bands indicator stripes.

Ripple (XRP/USD) forecast and analysis on August 20, 2019

As part of the Ripple course forecast, a test level of 0.2790 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 0.3070. The conservative buying area for Ripple is located near the lower border of the Bollinger Bands indicator strip at 0.2500.

Ripple (XRP/USD) forecast and analysis on August 20, 2019

Cancellation of the option to continue the growth of the Ripple rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and closing of quotations of the pair below the 0.2450 area. This will indicate a change in the current trend in favor of a bearish for XRP/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Ripple (XRP/USD) forecast and analysis on August 20, 2019 implies a test level of 0.2790. Further, growth is expected to continue to the area above the level of 0.3070. The conservative area for buying Ripple is located area of 0.2500. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.2450. In this case, we should expect the continuation of the fall.

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