The third largest cryptocurrency by market capitalization, XRP has been in a price turbulence for most of the year.
It has lost a significant part of its price since the last year till the beginning of 2019 and while it seemed like it was gathering momentum for a breakout at a point when Bitcoin was surging massively, such hope seems lost as it has dipped below $0.3, a critical level according to analysts.
This has caused a lot of confusion as to what is responsible for price changes of XRP.
Ripple, the company behind XRP has received most of the blame for the price of XRP, but recent data from Coinmetrics shows that Bitcoin (BTC) is the leading determinant of XRP price.
This may come as a shock because BTC is just another cryptocurrency which XRP supporters believe will become second to XRP some day.
Ripple’s Many Clients Can’t Help
Factors determining XRP monthly price.
According to the data, BTC price is responsible for 79% of the determining factors for XRP price. This is a massive influence that makes BTC an integral determinant of XRP’s future as well.
User growth which may be a major contributor to price as usability of cryptocurrencies lead to growth, is second to BTC’s influence here, accounting for only 19%.
This may be an explanation for why the price of the number three cryptocurrency has not responded positively despite Ripple’s claims of many institutional clients.
Other factors responsible for XRP’s monthly price action possess 2% influence.
This includes Ripple’s purported dumping of XRP which XRP investors and holders are protesting against, with a petition that has received a lot of support.
The 2% also involves the activities of other whales that have significant impact on the market due to the amount of XRP they hold.
What does the future hold for XRP?
If BTC has so much influence on XRP, the question is, what lies ahead?
Already, BTC has made significant progress in price and the famous view is that BTC will kill altcoins on its way up.
Although BTC influences the entire crypto market to a large extent by determining price direction, its over 200% gain in 2019 has not been reflected in the altcoin market as altcoins such as XRP have suffered while it went up.
As BTC dominance continues to rise, there are two possible scenarios expected according to analysts.
We could have a scenario where Bitcoin will need to crash for altcoins surge while truncating of altcoins’ growth permanently is another possible set-up.
Whichever plays out, it will be confusing to predict the fate of XRP as it has not done well both when BTC is surging and when it is down.
BTC is in the red at the time of writing this article and so is XRP.
However after suffering a terrible market for so long, investors and holders can only hope that things get better for XRP in the future, but of course this is not guaranteed.
Real-Time Money Transactions Announced by MoneyGram But Ripple are Nowhere to be Seen
- MoneyGram, the massive remittance firm has recently announced one of its new services that allow for real-time money sending.
- At this point, you probably are expecting us to mention ripple are involved, but not this time…
MoneyGram, the massive remittance firm has recently announced one of its new services that allow for real-time money sending. At this point, you probably are expecting us to mention ripple are involved, but not this time…
FastSend is the new project from MoneyGram which is a new service to help customers send their money in real-time to a phone number through a specific website or mobile app. However, this latest product of MoneyGram is not going to be using any technology from ripple.
The chief operating officer of MoneyGram, Kamila Chytil explained that the new product is going to be using Visa’s Direct Original Credit Transaction to help deliver funds to bank accounts via a debit card deposit.
Distributed ledger technology isn’t involved though. The websites and apps will make use of an open-source cloud-based service instead. The CEO further went on to say that while Ripple is not involved in the service, the firm uses blockchain quite a lot in many other areas of their business.
“Today, MoneyGram is utilizing Ripple’s On Demand Liquidity product which allows MoneyGram to trade FX at a corporate level using XRP. It’s a back-end treasury function that’s not consumer facing. The technology is helping to solve the most expensive and time consuming aspect of the current process by reducing the amount of money the company needs to park around the world, which will eventually reduce working capital needs.”
Moreover, she went on to add that MoneyGram is looking into other use cases which could be helped thanks to blockchain. In the end, she spoke quite highly of cryptocurrency and distributed ledger technology, adding that the company is a big believer in the future of global cross-border payments and money transfers.
Ripple Price Analysis: XRP/USD shoots higher in the US session
- Ripple trades 4.42% higher on Tuesday as cryptos rip higher.
- The price is just under the psychological 0.30 level and could break it once again.
XRP/USD 60-Minute Chart
Cryptocurrencies are moving higher in the US session and Ripple is 4.42% higher.
There is a broadening pattern on the intraday chart below and the to level is under threat.
Next up for the bulls is the 0.3070 resistance level and if that is taken out the 0.3463 high.
The bulls will be pleased to see consecutive higher high higher low waves after the retracement over the last few sessions.
To head higher we will need a slight pick up in the volume though.
|Today last price||0.2986|
|Today Daily Change||0.0115|
|Today Daily Change %||4.01|
|Today daily open||0.2871|
|Previous Daily High||0.2952|
|Previous Daily Low||0.2697|
|Previous Weekly High||0.3395|
|Previous Weekly Low||0.2672|
|Previous Monthly High||0.254|
|Previous Monthly Low||0.1846|
|Daily Fibonacci 38.2%||0.2794|
|Daily Fibonacci 61.8%||0.2854|
|Daily Pivot Point S1||0.2728|
|Daily Pivot Point S2||0.2585|
|Daily Pivot Point S3||0.2473|
|Daily Pivot Point R1||0.2983|
|Daily Pivot Point R2||0.3095|
|Daily Pivot Point R3||0.3238|
Latest News – Top Headline for Ripple XRP, February 18th, 2020
- Ripple XRP is undervalued says CEO
- Ripple XRP price rally persists with the possibility of a price surge to $0.31 level
XRP News Now – According to Ripple’s CEO Brad Garlinghouse, he claims that Ripple Inc.’s recent multi-billion-dollar appraisal which placed the Ripple as one of the biggest Fintech firms in the U.S should have been higher. In a recent interview on CNN’s First Move, Garlinghouse states that Ripple now holds over $15 billion worth of XRP. According to reports, the figure is higher than the $10 billion evaluation Ripple achieved in a new $200 million Series C funding round.
XRP price rally persists, the possibility of a price surge to $0.31 level
XRP USD TradingView – XRP price encountered support close to $0.2680 and recovered slightly against the U.S dollar. There could be a persistent surge to the price of XRP, though the bears might protect the $0.3100 resistance level. XRP price is gradually correcting higher from the $0.2677 swing low against the U.S dollar. Currently, XRP price is back above the $0.2800 level, but it lacks any sign of bullish momentum.
XRP TradingView – On Monday 17, 2020, two merging XRP bearish trend lines were broken with resistance close to $0.2865 on the hourly chart of the XRP/USD pair. The price could encounter price recovery towards the $0.3000, $0.3050 and $0.3100 resistance levels. There was a massive price decline in XRP from above the $0.3200 and $0.3000 levels. XRP 2020 price went as low as settling beneath the $0.3000 pivot level and the 100 hourly simple moving average.
XRP Price Prediction 2020 – XRP price broke the $0.2800 support level and traded close to the $0.2650 support level. A swing low is established close to $0.2677 and the XRP price is correcting recovering. XRP price exceeded the $0.2750 and $0.2800 resistance levels to commence a fresh XRP price recovery. Also, there was a break above the 23.6% Fib Retracement level of the downward move from the $0.3469 high to $0.2677 low.
Ripple Price Prediction 2020 – XRP Price Prediction 2020
XRP News Nows – if XRP bulls can clear the $0.3070 and $0.3100 resistance levels, there could be a massive surge towards the $0.3400 and $0.3500 resistance levels. In the short term, there could be a price correction above the $0.2900 and $0.2920 levels. Subsequently, if the XRP price fails to gain an impetus above $0.300, it might resume its price decline. XRP News Now, Early support is close to the $0.2800 level, the major support level for XRP 2020 price is close to $0.2650, beneath which the XRP 2020 price could decline further towards $0.2500 or $0.2450 in the near term.
XRP (XRP) Price Today – XRP / USD
XRP TradingView – XRP News Now, the XRP/USD pair is gradually moving into the bullish zone, while the RSI for XRP/USD pair is back above the 50 levels with a slight bullish indication. The major resistance levels are $0.2940, $0.3000 and $0.3070, while the major support levels are $0.2800, $0.2780 and $0.2650.