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XRP’s future doubtful as descending triangle, falling wedge patterns project differing fortunes

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XRP’s price has been on a decline for a while now and has continued to flirt with the $0.25 key level, trading at just a little higher. The price depreciation had previously sparked debate about Ripple dumping XRP in the market. Following the price movements, XRP was up by 0.62% over the last 24 hours and was priced at $0.258, at press time. The third-largest cryptocurrency in the market held a market cap of $11.11 billion and its 24-hour trading volume stood at $1.02 billion.

Despite the fact that the cryptocurrency showed some signs of recovery, XRP’s price remained highly volatile and the charts below depict a bear market for the cryptocurrency.

Scenario 1

In the first case, the daily chart for XRP’s price movements exhibited a Symmetrical Triangle with prices moving between two converging trendlines. The Symmetrical Triangle pattern has been extending for the past 33 days. In this case, the direction of price movement in the near term was highly speculative and a price breakout could be expected in either direction.

1-day XRP Chart

Source: TradingView

Scenario 2

For the same time frame, XRP’s price movement depicted a Descending triangle pattern. The price pattern was bound by two trendlines, with the bottom one being horizontal and the top sloping downwards has been extending for a period of 33 days. This scenario was indicative of a possible dip in XRP’s value in the near term.

1-day XRP Chart

Source: TradingView

7-day XRP Chart

The weekly XRP chart depicted a Falling Wedge pattern, with the price following two downsloping and converging trendlines. This pattern suggested a possible upward price breakout. However, the MACD line hovering below the signal line also highlighted a bearish wave for the cryptocurrency.

Source: TradingView

Conclusion

The daily chart for XRP pictured a possible downward price breakout. The weekly chart also showed signs of a possible bearish phase for the coin, with the MACD indicator suggesting the same.

Source.cryptonewsz

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XRP

Bitso XRP liquidity index breaks all time high as XRP/MXN trading volume surpasses BTC/MXN

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On September 14, XRP/MXN trading volume surpassed BTC/MXN volume on Bitso, a Mexican cryptocurrency exchange.

Bitso is one of the of exchanges that accepts fiat from financial institutions and executes transaction via xRapid. The surge in trading volume was associated with this increase in xRapid volume on Bitso. XRP Research center on Twitter announced:

“The Mexico @Bitso Liquidity Index just broke previous all-time high.
Also, for the 𝗙𝗜𝗥𝗦𝗧 𝗧𝗜𝗠𝗘 in years, the #XRP/MXN trading volume reported to CMC 𝗦𝗨𝗥𝗣𝗔𝗦𝗦𝗘𝗗 #BTC/MXN volume.”

Source: Twitter

Source: Twitter

When XRP/MXN surpassed BTC/MXN trading volume, XRP was more liquid at the time as compared to Bitcoin in the US-Mexico Corridor. Bitso founder, Daniel Vogel shared this news with the community. However, XRP/MXN takeover was brief and was taken over by the large trading volume of BTC/MXN, at press time.

Source: CoinMarketCap

Source: CoinMarketCap

Apart from the trading volume, Bitso’s liquidity index broke its previous ATH.

Source: Twitter, XRP Research Center

Source: Twitter, XRP Research Center

XRP finally broke out of its months-long bearish trap to note a rise of 3.82% within an hour. The price of the coin started climbing from $0.25455 and rests at $0.26294, at press time. The coin surged by over 5% in a day with a market cap of $11.30 billion and 24-hour trading volume of $951.79 million.

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XRPXRP’s distribution is now greater than half as Ripple’s escrow balance stands at under 50 billion

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The year 2017 is well-remembered in the crypto-community as the ‘magical year’ that churned out many billionaires if not, generous returns against investments. XRP, which was once valued at $0.0063 in 2017,  sprung to the value of one dollar in December 2017, finally topping at $3.84 in the same year. At the time, Ripple had pledged 55 billion of a total 61.69 billion XRP allotted to them, in escrow.  Out of the total 99,991,355,092 XRP, Ripple owned 6,462,128,816 XRP, while 38,531,538,922* XRP were distributed.

Source: Hodor's blog

Source: Hodor’s blog

Ripple established 55 contracts of 1 billion XRP that allowed the release of 1 billion XRP on the first day of every month. Keeping up with the contracts, the currency XRP reserves in the escrow have reached 49,400,000,013 XRP, at press time. Considering the amount held by Ripple [7,566,921,567] and the total XRP distributed [43,024,433,511*], it would be safe to say that more than 50% of the total XRP has been distributed.

Source: Ripple

Source: Ripple

However, ‘Ripple dumping XRP’ has been doing rounds in the ecosystem and these accusations don’t seem to be ceasing. After Ripple availed the 1 billion XRP released from escrow in September 2019, it moved 500 million XRP to another wallet from its escrow wallet. This acted as fuel to ongoing speculations about the San Francisco-based company trying to slam the price of the coin.

After the dubious movement, Ripple further transferred 100,000,000 XRP to Jed McCaleb, one of the founding members who left Ripple in 2014. McCaleb, who went on to form Stellar Lumens, held XRP worth $20 billion in early 2018, according to New York Times. Following his parting from Ripple, McCaleb signed an agreement with Ripple, assuring the community of not dumping the entirety of his holdings. Instead, he promised to do so in small amounts over time. With McCaleb no longer associated with Ripple, the community was taken aback with this transfer and the discussion over XRP’s price escalated.

XRP’s YTD return is noted to be -33.04%, while its inflation rate was sky-high at 27.89%. The market dominance of XRP has picked up the pace to 4.28%, but lags when compared to Bitcoin, which has a dominance of 69.59% in the cryptocurrency market. Despite several partnerships, the price of XRP has not seen a rise. Instead, it is slumping further. With multiple crests and troughs in the market, the price of XRP noted a meager rise and was valued at $0.2533 with a market cap of $11.09 billion, at press time.

source:ambcrypto

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XRP Community Fund is now an official foundation registered in the Netherlands

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In a bid to bolster XRP adoption, as well as help build the XRPL ecosystem, XRP Community Fund has been registered in the Netherlands as an official Foundation. What began initially as an idea, the XRP Community Fund was initiated by XRPL lead developer Wietse Wind, along with several other community members. The official announcement read,

🍻

 The XRP Community Fund is now an official foundation, registered in The Netherlands https://t.co/zfekYi4ogu

— XRP Community Fund (@XRP_Fund) September 10, 2019

The XRP Community Fund will be used to finance the development of tools, apps, integrations, or plugins, dedicated to ramp up XRP adoption for consumer and small business payments. The Foundation hopes to bring in more developers to the community.

“Bounties will be available for developers working on tools requested over a longer period of time by the XRP Community.”

The projects pitched by community members will be selected carefully. The projects need to be ‘doable within a decent amount of time,’ should target a great audience, and should ideally have a decent amount of votes. Once the idea is selected, the Community Fund voting committee will consult with the Community Fund tech’s advisors to make a list of requirements. If the requirements are met, “the bounty will be released by a MultiSigned transaction by the voting committee.”

Incorporated on 9 September, the fund has been deployed to finance the creation of a WooCommerce payments plugin. Additionally, the fund was also used to cover for Google BigQuery costs and create a Slack Channel for XRP UNL validator operations. Wietse Wind’s latest project that was still in stealth mode was also financed by the non-profit foundation.

XRP Community Fund’s eight original board members with voting privileges include notable members of the XRP community such as Tiffany Hayden, Wietse Wind, and Hodor, among others. These three directors have a ‘signing weight’ of 2 for releasing XRP funds to promising developers, while the rest of the board members will have a ‘signing weight’ of 1. According to Hodor’s post regarding the voting procedure, “the quorum will be 5 votes, so that the three directors can use funds at their discretion to pay the bills of the foundation, etc, and the remaining 5 members can exercise the power of overriding the decision if necessary.”

AMBCrypto has reached out to Wietse Wind for a comment on the development and the article will be accordingly updated. 

Source:ambcrypto

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