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Ripple Price Analysis: XRP’s Recovery Mitigates, Gradually Pulls Back to $0.25

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It is today when Ripple has returned to $0.25 price range after having a 3-day long mild bullish phase. XRP had been ranging between $0.26 to $0.2567 till yesterday while tracing multiple ups and downs. Today, the coin has started trading well below $0.26 and is still heading downwards.

The coin was hovering around $0.2557 on September 6, and today, after a bullish spree, XRP has traded even below $0.2540. Ripple price had formed a dip near $0.2492 before taking a high spike above $0.26.

With an increase of 6.77%, the coin had managed to

hit the $0.2661 price mark. Since then, it is struggling to remain steadily above $0.26 as it has traced a long lower high pattern with a bearish trendline. However, XRP has recently formed a rebounding candle at $0.2537 at UTC 10:03:28.

XRP/USD Price Chart

Ripple Price Chart
Ripple Price Chart

Technical indicators are showing a bearish picture at the moment except for the SMA lines. The short term SMA line is above the long term SMA line, which does indicate a positive sign, but they are slowly heading for a crossover.

Ripple Technical Indicators

RSI is near 30, indicating an oversold phase. While MACD chart is in a bearish zone with its MACD line below the signal line. Ripple may face resistance at $0.2628, $0.2669 and $0.2703, and can see support levels at $0.2553, $0.2519, and $0.2478.

Source.cryptonewsz

Ripple

Ripple’s Partner MoneyGram Strengthens Its Presence in Fifth Biggest Remittance Market

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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

cutting-edge capabilities that offer the industry’s best service.”

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.

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Ripple’s XRP Price Analysis: XRP/USD bears close to punishing support breach

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  • 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

nearing. An ascending wedge structure can also be viewed, which the bears are breaking out of. 

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%

High:                          0.2369

Low:                           0.2244

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Two Ripple [XRP] Derivatives Contracts To be Delisted at BitMex

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BitMex, the world’s largest cryptocurrency derivatives platform, is dumping two Ripple (XRP) contracts in favor of a Ripple USD (XRPUSD) quanto swap.

The new directive will take effect from Friday, Jan 31, 2020, while the details of the new XRP/USD quanto swap will be availed tomorrow, Jan 24, 2020.

Like ordinary perpetual contracts, there is no expiry or settlement, and the price of the swap mirrors that of the tracked XRPUSD index.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure! 

Two XRP Derivatives to be Delisted at BitMex

The two BitMex’s XRP Up and Down contracts, XBT7D_U105 and XBT7D_D95, respectively are unique to the platform, exposing investors to the underlying asset’s volatility, allowing them to tap profits when prices are rallying or conversely gain when prices were dumping.

In a UP contract, a buyer only pays a premium on the trading day in expectation of receiving the difference between the strike price and the settlement price on expiry if it is positive. Else, if the difference

is negative, there is no payment. The inverse is true for a DOWN contract.

According to a notice from BitMex, the two contracts will be settled as usual but no new contracts will be listed after that.

As an ongoing effort in improving our offerings and experience for users, effective Friday 31 January 2020 at 12:00 UTC, all UPs and DOWNs contracts will be delisted. Existing BitMEX UP and BitMEX DOWN contracts will be settled at that time as usual and no new contracts will be listed from that time onwards.”

What is a Ripple (XRP) Quanto Swap?

A quanto swap is designed purposefully for traders to speculate on the prices of XRP/USD without necessarily depositing USD. Towards this end, XRP will be quoted in USD, but the settlement will be done in another third, foreign currency at a particular rate.

This way, the ramp reduces exchange rate risks, especially on investors who cannot buy the desired asset in their homeland currency. In this arrangement, risks including funding rates are factored in, and losses/gains made by the asset is mirrored by the derivatives product.

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