Ripple (XRP) is more likely to catch enthusiasts unaware when it goes bullish, although a bullish divergence signal is playing out against the Bitcoin market on the daily chart.
Following the 2019 opening, Ripple’s XRP has remained one of the top cryptocurrency projects displaying a low performance despite the first half of the year’s bull market. In fact, the price of XRP has remained in a perpetual bearish mode since late 2018.
Up until now, the market is trading below the $0.30 after falling sharply below the yearly low in mid-August. This shows that a short position is still opened, but the future might come with an unexpected bullish move.
However, the XRP community might be losing hope due to the price depreciation over the past months. But considering the Ripple’s use case – RippleOne, the future is bright for XRP holders as massive adoption of the prospect is more likely to boost up the value of the digital currency significantly.
As revealed today by JOKER, a twitter crypto analyst and
Technically, the bullish divergence is a healthy reversal pattern and a most reliable signal for a change in trend. The signal is common with the RSI (relative strength index) and the MACD (moving average convergence and divergence) indicators.
Following the reactions to this tweet, it appeared that holders are still very optimistic on Ripple’s XRP despite the current value of the cryptocurrency to avoid FOMO – Fear of Missing Out. Although some analysts still believe that the price will drop a bit before fueling a bull-run.
In our own opinion, Ripple (XRP) is more likely to catch enthusiasts unaware when it goes bullish, although a bullish divergence signal is playing out against the Bitcoin market on the daily chart.
Considering the current Ripple’s statistic on the market cap, the value of XRP may appreciate if the trading volume can remain above $1 billion. But if the market continues to fall below August low, traders may continue to go short because of FUD – Fear Uncertainty and Doubt.
Ripple Succumbs To Community Pressure To Halt XRP Dumping
Ripple bows to pressure from the XRP community and pauses “programmatic sales.” Following the much-publicized practice of XRP dumping, Ripple finally halts its monthly sales of escrow released tokens.
Ripple Sales Have Sunk
San Francisco based fintech firm, Ripple, has released its Q4 2019 report. And total sales have sunk to $13.08 million, down 80% from the previous quarter.
The company attributes this to a shift towards more cautionary accounting methods. Which, they say, is a move designed to address concerns over fake XRP volume on exchanges that allow wash trading.
“Ripple shifted to a more conservative volume benchmark for XRP sales, away from CoinMarketCap and to CryptoCompare Top Tier (CCTT) and significantly reduced XRP sales.”
Latest quarterly sales and volume report. (Source: Ripple.com)
Indeed, in a report filed with the SEC last year, Bitwise Asset Management claimed that as much as 95% of the reported volume on exchanges is fake.
Other researchers have disputed the extremity of this claim, for example, Alameda Research, who believe 68% is a more accurate figure.
All the same, any percentage of fake volume, regardless of the percentage, still taints the concept of cryptocurrency. And so, is it any wonder that regulators are wary of green-lighting Bitcoin ETFs?
That being so, fake volume and wash trading are still industry-wide problems. And for that reason,
“There is still much progress to be made, and Ripple will continue to evaluate its benchmarks and work proactively with industry participants toward addressing the persistence of fake volumes in industry volume data.”
XRP Dumping Is Out
Another hit to total sales comes by way of programmatic sales. This refers to the practice of selling escrow released XRP each month.
In Q4 2019, programmatic sales totaled zero. And the pause in this practice began partway through Q3.
A comparison of the last quarterly report shows that Ripple netted a staggering $145 million from the sale of escrow released XRP in Q2.
“Every month, the escrow releases a total of one billion XRP to Ripple. The portion of XRP leftover each month is placed into a new escrow to be released in the following months.”
It was during the summer of last year when XRP dumping gaining widespread public attention. Twitter user crypto_bitlord, who was frustrated with stagnant XRP price action, launched a change.org petition to “Stop Ripple dumping.”
Such was the strength of his feelings, when that failed to gain any traction, he suggested the community hard fork XRP.
As drastic and nonsensical as that sounds, the consistent pressure from crypto_bitlord, and many others in the XRP Army, looks to have paid off.
And it seems as though Ripple is finally taking heed of what token holders are saying, for now at least. All the same, the big question is, will this move spur XRP back above the much-fabled $0.50 mark?
Ripple’s Partner MoneyGram Strengthens Its Presence in Fifth Biggest Remittance Market
Ripple’s key partner MoneyGram will now allow Egyptians to receive remittances directly into their bank account after partnering up with Suez Canal Bank
Ripple’s partner MoneyGram is expected to greatly expand its presence in Egypt, the fifth largest remittance market in the world, after forming a strategic tie-up with Suez Canal Bank.
Because of its deal with one of the country’s leading financial institutions, local consumers will be able to receive money from abroad directly into their bank accounts.
MoneyGram CRO Grant Lines highlighted that expanding deposit services around the globe is a vital part of their ‘digital transformation.’ The importance of digitalization was earlier highlighted by the company’s CEO Alex Holmes.
“We’re excited about how this partnership with Suez Canal Bank will provide our customers in Egypt with
The importance of this partnership for MoneyGram shouldn’t be overestimated given that Egypt accounts for 11.6 percent of the country’s GDP.
Notably, the deal with Suez Canal Bank came just days after MoneyGram Lulu Financial Holdings to expand into the Asia-Pacific region.
As reported by U.Today, MoneyGram now relies on Ripple’s On-Demand Liquidity (ODL) solution for conducting cross-border transfers after the San Francisco-based blockchain leader acquired a 10 percent stake in the legacy money transfer company.
Apart from mentioning its existing ODL corridors, Ripple also announced its plans to open additional ones in numerous world regions, including EMEA. With MoneyGram gaining a foothold in Egypt, one shouldn’t rule out that Ripple might choose this country as a springboard for its future expansion into the African region.
Ripple’s XRP Price Analysis: XRP/USD bears close to punishing support breach
- Ripple’s XRP price is trading in negative territory, nursing losses some % on Thursday.
- XRP/USD is subject to breaking out to the downside from a narrowing daily range block.
- Next critical daily support areas are seen at $0.2250, 0.2100 and then $0.2000.
XRP/USD daily chart
Price action has been narrowing for some nine sessions, with a breakout to the downside
XRP/USD 60-minute chart
Price action has smashed out to the downside from a bearish flag structure, making way for greater pressure south.
Spot rate: 0.2368
Relative change: -5.15%