We don’t want investors to buy XRP and dump on the market
We had a pleasant surprise on Julia Chatterley’s Twitter account today. The CNN anchorwoman published an exciting interview with Brad Garlinghouse, Ripple’s CEO, and a cryptosphere personality. In this article, we give you the gist of Mr. Garlinghouse’s intervention.
The session started talking about speculation. Mr. Garlinghouse recognized that people will always try to use any asset they can to speculate and profit when possible. Gold, oil, Bitcoin, or Ripple’s XRP it makes no difference.
Somebody will try to ride the market waves to make a buck. It’s the nature of the beast. However, in Ripple’s leader’s words, the long term value of any asset, especially when it comes to cryptocurrencies will be all about use cases and utility, not mere speculation.
When asked about Facebook’s Libra (which is the elephant in every crypto room these days) Mr. Garlinghouse said that there’s not much to tell about it for the time being. It remains an unreleased project, a white paper and nothing more, at least currently. Assessing how Libra can affect the cryptosphere is premature right now, and we’ll have to see how things go when the controversial Facebook blockchain project goes live.
Following the same line, the CEO advised potential cryptonauts to do their homework. To make sure they understand what is real in crypto and what’s not (or not yet). Does a given project have actual use cases? Does it solve a problem with its cryptocurrency or their network? Libra is a case in point because everybody is talking about it and, however, it doesn’t exist yet, and it has no apparent use cases.
Bitcoin vs. Ripple (XRP)
When asked to compare BTC to XRP, Mr. Garlinghouse said that BTC remains the leading cryptocurrency in the world and that’s very good to store value. As a payments system, however, it takes too long to process transactions, and every single one is rather expensive at approximately USD 1,00. XRP, on the other hand, is an ideal tool for settling payments because transactions are settled in about three seconds and the cost if of 1/1000 of a penny.
When asked about XRP ownership, Ripple’s man explained that the San Francisco company is indeed the most significant owner so far. The next question was about price manipulation. The answer to that was quite straightforward. Ripple is the 3rd largest cryptocurrency by market capitalization, and its daily trading volumes are in the billions. Those large volumes ensure that no single player can manipulate the market and affect the prices unnaturally.
Then Mrs. Chatterley asked about Libra again. Mr. Garlinghouse explained that it’s been a good thing so far because it’s brought a lot of new attention into the crypto world.
But he also added that trust, transparency, and reliability must be core values in the blockchain industry so the public debate about Libra, or any other digital asset, are welcome and should be embraced. He added that Facebook hasn’t made much of an effort to get on the regulator’s good books and that it could complicate things for the company as the new cryptocurrency goes live (when and if that happens).
It was an exciting interview that any cryptonaut should see because it’s very down to earth, informative, and it’s information right from the horse’s mouth, as Ripple CEO Mr. Garlinghouse is one of the world’s most prominent blockchain executives.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
Ripple and Coinbase Invest into a Mexico-based Exchange
Bitso, the Mexico-based exchange, has raised investment for its expansion.
Leading cryptocurrency companies, Ripple and Coinbase, appear to be among the investors into a Mexico-based cryptocurrency exchange, Bitso.
The news also revealed that other investor side Ripple and Coinbase was Jum Capital. And the Digital Currency Group and Pantera Capital. However, the exact amount of funds has not been disclosed.
Based on reports, the raised money will help Bitso expand its business to Latin America. Argentina and Brazil are in the focus for now.
Daniel Vogel, co-founder of Bitso said: “The region is ready for disruption. Therefore, we want to be the ones to do so by radically advancing financial inclusion for everyone.”
Previously, major crypto exchanges, like Huobi and Binance also revealed their plans of launching a platform in Argentina. Therefore, this is most likely the motivation for Bitso.
Also, Peter Johnson, principal at Jump Capital, commented on Bitso’s investment round. “We believe that regulatory compliant fiat-to-crypto gateways around the world are an essential element to digital assets becoming a new global money transfer rail,” he said.
Brief info on Bitso
Launched in 2014, Bitso is the pioneer cryptocurrency exchange in Mexico. Accordingly, the exchange aims to provide financial services for the banked and unbanked, using the blockchain technology and digital assets. Presently, Bitso has about 750,000 customers and is the largest exchange in Mexico.
Besides, the exchange’s product has a strong focus on ease of use. Thus, increasing cryptocurrency usage among retail consumers, traders and institutional customers.
Additionally, Bitso exchange boasts of an unparalleled team. Importantly, they created their technology from scratch through years of experience with scalable and reliable distributed systems. “The company and team are well-positioned to execute a global expansion to LatAm. Hence, we are excited to partner with them in this next phase of growth,” Ripple’s blog post noted.
To remind, this partnership joins the endless list of Ripple’s collaborators. Yesterday, Ripple announced it has partnered with the BRD wallet, investing $750.000 into it.
Ripple community gets excited as positive XRP price movement predicted to occur soon
XRP, the third-largest cryptocurrency, saw a price crash this year, falling from its peaks in 2018 and 2017.
The cryptocurrency market’s crests and troughs have been a thing to watch with some users predicting a bullish rise, but a majority have also called for a bearish slump. Popular cryptocurrencies like Bitcoin, Ethereum, and XRP, have seen a sideways shift in their respective prices, and users are expecting their value to ‘moon’ soon.
XRP, the third-largest cryptocurrency, saw a price crash this year, falling from its peaks in 2018 and 2017. Speaking of the cryptocurrency’s latest performance, CryptoWelson, a crypto enthusiast tweeted:
At the time of writing, XRP was trading for $0.29 an improvement over the $0.24-$0.25 range after holding for prolonged periods of time. The native cryptocurrency of Ripple held a total market capitalization of 412.75 billion, which is an increased 24-hour trading volume of $1.59 billion. A majority of the trade was conducted on MXC and BCEX, both of which held 6.92 percent and 4.11 percent of the total XRP transactions, respectively.
Some users in the cryptocurrency community also spoke about the slight resistance that Ripple (XRP) might encounter on its way to price peaks. Mikewinmill, a crypto enthusiast stated:
“Still some overhead resistance on the daily before we can see some fireworks. It’s lining up with the 200 EMA soon, which makes me think we’ll see an initial rejection before punching through to the upside.”
Analyzing the charts, users can verify the validity of the proposed bull run. The trend lines indicated a noticeable upward movement in the past couple of days, and the RSI, as well as the CMF, also point to a reasonable price forecast.
As we write this, the Relative Strength Index for the native Ripple cryptocurrency is nearing the overbought zone with a slight dip in the momentum. The hold near the overbought territory shows that the buying pressure is much more than the selling pressure.
The Chaikin Money Flow indicator stands way above the zero line, an indication that the capital coming into the Ripple market is much higher than the capital leaving the market.
Ripple Price Gearing Up for an Uptrend
- Ripple rides the bulls with its intraday movement
- The future of XRP is anticipated to be great
Ripple (XRP) is one of the major cryptocurrencies of the global market and the recent market movement has helped the coin to escalate notably. The current price movement in the market indicates towards having a bearish turn, but Ripple indicates its movement towards immediate resistance level formed.
The future of the coin is also likely to bring huge dividends and the traders can dig-in XRP with a high prospect of return.
Ripple to USD Price Analysis:
Ripple started trading at $0.258 on September 1, 2019 when the price immediately jumped to $0.267 by 4.27%. Later, the price fell to $0.247 by 5.41% just to rise again and trade at $0.266 by 7.87% and later to trade at $0.327 by 27.23%. Later, the price fell tremendously to $0.212 by 35.04%.
Towards the end of the month, the price recovered to trade at $0.261 by 23.16%. In the ongoing month the price escalated and took the first jump from $0.245 to $0.288 by 17.70%. Later, the second escalation took it to $0.300 from $0.268 by 11.60%. In the last fifteen days, the price has booked a profit of 14.57%.
The coin is moving towards the immediate resistance level at $0.303. After violating the same, we are anticipating that it would break the next level too at $0.309. Here is the chart for resistance and support level for XRP.
The currency holds heavy expectations of the traders. There are strong indications that they all would come true. The currency is recommended for long-term investment as the short-term might not bring the desired result.