XRP has been one of the worst performing cryptocurrencies throughout the past several months, as it has been facing significant selling pressure that has forced it to trade around its 2018 lows throughout the first half of 2019, despite the positive price action seen in the aggregated crypto market.
Today, however, XRP has incurred a massive pump that has allowed it to erase much of its recent losses, and its price is now nearing a key level that previously proved to be a strong support region for the cryptocurrency.
XRP Pumps Towards $0.30 as Bulls Flex Their Strength
XRP’s pump came about after a long period of consolidation around $0.26, but it is important to note that it has so far been unable to break above $0.30, which may be its near-term resistance level.
Importantly, analysts believe that this latest pump is not an anomaly, and it may be emblematic of a shifting trend that will help lead the cryptocurrency significantly higher in the coming days and weeks.
Mitoshi Kaku, a popular cryptocurrency analyst on
“Time + Price. Powerful combination. No joke! Early move, I’d love a 1D confirmation for a sustained bull trend,” he explained while pointing to the below chart
Kaku is not alone in his bullish near-term assessment of XRP, as other analysts are also noting that there is a decent chance that XRP continues climbing higher in the coming days and weeks.
Crypto Thiel – another popular analyst – noted that the crypto is currently forming a buy signal on his indicator, which has historically been followed by massive upwards momentum that allows XRP to erase months of previous losses.
Assuming that XRP’s bulls are able to push it over $0.30, it is highly probable that it will significantly extend its upwards momentum and could put some significant distance between its recent lows of roughly $0.25.
CRYPTO ADOPTION INTENSIFIES: NEW CRYPTO PLATFORM EXPLORES ADDING XRP
XRP has been boosted a lot this year by Ripple. The San Francisco-based company has been promoting all of its products and has been making sure to boost the adoption of the digital asset XRP as well.
New platform to add XRP
Now, the crypto trading platform called Luno is exploring the addition of XRP in Malaysia.
The company’s GM of Southeast Asia, David Low, said that XRP could debt on the exchange as early as 2020, according to the Malaysian Reserve.
He also cited Ripple’s efforts to use the coin to power cross-border remittances.
“It is definitely a possibility we are exploring. However, it is not yet listed on Luno…” Low said.
He continued and explained that “Ripple also has a remittance use case which we are excited about. That’s why we want to introduce it to Malaysians, as it allows people on the platform to access and learn about it, and figure out new
According to the reports coming from the online publication the Daily Hodl, Luno is one of three exchanges that has been approved to sell digital assets in the country.
Ripple launches a new portal for developers
Ripple created a new portal for developers.
The portal that Ripple is creating is called Xpring.io and it’s designed to provide developers a one-stop-shop in order to manage “everything they need when it comes to integrating payments into their applications and a way to unify the various platforms they already use,” according to official notes.
The platform also features a custom wallet that allows engineers to test XRP payments and also to create addresses.
This can all be achieved without having to spend fiat currency.
Other than this, in terms of pricing, Ripple and XRP fans have been hoping to see a boost in the price of the digital asset, but this failed to happen in 2019.
XRP Liquidity Index Surges Past 9 Bln, Leaving Previous All-Time High Behind
The Liquidity Index for XRP paired with MXN reaches another all-time high of 9 mln, taking the XRP adoption in this sector to a new level-
The Ripple-invested Mexican Bitso exchange is a partner of Ripple and MoneyGram in the Mexican On-Demand Liquidity corridor launched this year. Bitso is the largest Mexican exchange and its participation in the Ripple and MoneyGram’s project has been successful.
The Liquidity Index for XRP in Mexico adds another million
The Liquidity Index for the XRP/MXN pair is growing fast, leaving behind one all-time high after another.
Today, on December 14, this index has taken a new level and got over the 9-mln mark with the daily progress being 92 percent.
The highest liquidity mark achieved previously was slightly under 8,568,000.
Another active ODL corridor leads to the Philippines through the local Coin.Ph exchange and its liquidity index has also risen for the first time recently.
XRP gets mentioned by the US government
As reported by U.Today, the US governmental agency, the Consumer Financial Protection Bureau (CFPB), has for the first time mentioned XRP in its document, describing the asset as a reliable remittance method which makes the process much
The document called Ripple and XRP a safe harbor. It also called Ripple one of disruptors of the remittance industry, as well as the new SWIFT’s GPI system, a rival of Ripple.👉MUST READ
Large XRP transactions keep pestering the community
Recently, a large XRP transaction was spotted by the Whale Alert Twitter account when a whopping 150 mln XRP was sent from one anonymous account to another.
Many in the XRP community often criticize those who do them, with Ripple getting the largest portion of criticism, when every month it releases 1 bln XRP from its escrow account. The community believes that these dumps keep the coin’s price low.
There may be a grain of truth in this, since the XRP price has been unable to cross the $0.30 threshold for a long time and recently, after dropping below $0.22, it has been floating in the $0,21 area.
Even the much-expected SWELL conference, annually conducted by Ripple, did not push the XRP price to the North, breaking expectations of many investors.
Image via CoinMarketCap
Ripple-Based Remittance Firm SendFriend Claims to Save Up to 80% in Fees
Blockchain-based money transfer startup SendFriend utilizes Ripple’s technology to save up to 80% in remittance fees, according to a blog post published on Dec. 12.
SendFriend uses Ripple’s xRapid product for cross-border payments, converting between the United States dollar, XRP and Philippine pesos and circumventing the longer process of traditional banking systems.
Philippines-focused remittance platform
SendFriend’s money transfer app aimed at reducing annual remittance fees for cross-border Filipino workers claims to lower such transaction costs by up to 75%. What makes it possible, according to the startup’s CEO, David Lighton, is RippleNet’s On-Demand Liquidity (ODL) technology.
With ODL, RippleNet’s users can utilize digital token XRP to bridge two currencies in three seconds. “We can now source liquidity, on-demand and depress those transaction costs by
Blockchain payment network enhancement
SendFriend joined the RippleNet payment network in January, along with other financial industry players such as JNFX, Transpaygo, FTCS and Euro Exim Bank. In February, SendFriend received $1.7 million in investments from Ripple, the Mastercard Foundation, MIT Media Lab and Barclays among others in a funding round.
In late July, Chile-based peer-to-peer remittance company CurrencyBird also joined RippleNet. The partnership ostensibly allows CurrencyBird to add new routes to its more than 50 already existing destinations, new currencies, better prices and faster transfer speeds.
That same month, in a bid to drive greater financial inclusion, Philippines-based UnionBank launched a payments-focused stablecoin pegged to the Philippine peso.