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XRP Plunges 6% Despite Network Being “Stronger Than Ever”

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After a brief attempt to climb above its strong resistance level at $0.30 earlier this week, XRP faced a strong and swift rejection and is now moving down towards its monthly lows that currently sit around $0.26.

This bearishness has come about in the midst of Ripple’s highly anticipated Swell event, and as the Ripple CEO announced fresh deals involving XRP that, according to him, have made the XRP network “stronger than ever.”

XRP Plummets 6% as Bears Take Control

At the time of writing, XRP is trading down nearly 6% at its current price of $0.27, which marks a significant retrace from its daily highs of roughly $0.30.

Earlier this week, XRP’s bulls attempted to propel the cryptocurrency past $0.31, which ultimately proved to be a fleeting move that was closely followed by today’s bearish movement.

It is important to note that XRP is not alone in facing mounting selling pressure today, as Bitcoin has similarly faced a sharp sell-off that sent it plunging from the lower-$9,000 region to lows of $8,800.

BTC’s drop instantly sent shockwaves through the aggregated crypto market and has led virtually all major altcoins to post similar losses.

For XRP, it is important to note that this bearishness came about shortly after it had attempted to validate a long-term bottom formation that analysts had been closely watching, which means that today’s move invalidated this bullish possibility and may spell trouble for its near-term price action.

Peter Brandt, a highly regarded analyst, recently pointed to this since-invalidated formation, saying:

“This chart interpretation remains valid — $XRP is taking another run at a breakout.”

Ripple Expands Network, But Investors Aren’t Impressed

XRP’s ongoing drop has come about concurrently with Ripple’s Swell event, where the company announced that they already have over 300 customers, with over two dozen utilizing XRP-related products.

Brad Garlinghouse – Ripple’s CEO – spoke about this in a recent tweet, explaining that the network is “stronger than ever” and continuing to grow.

“Good things come in 3s – at our 3rd annual Swell event we announced @Ripple has more than 300 customers, more than 2 dozen of which are using #XRP through On-Demand Liquidity. The network is stronger than ever, and momentum behind ODL is only beginning,” he explained.

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XRP’s liquidity index on Bitso blazes to another milestone

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The much talked about XRP Liquidity Index had surpassed 6 million on Bitso, a popular cryptocurrency exchange.

XRP and its entire user base believe that the third-largest cryptocurrency will be responsible for bringing about a revolution in the cross border transactions department. Despite the recent price falls, the XRP army has remained confident in Ripple’s native cryptocurrency and its vision for a seamless banking experience.

Recent reports now show that the much talked about XRP Liquidity Index had surpassed 6 million on Bitso, a popular cryptocurrency exchange. The 6 million figure has become the latest all-time high figure for the cryptocurrency. XRPCryptowolf, a famous XRP proponent, tweeted:

“#Twitter’s Liquidity Index Bot (@LiquidityB) reported that the liquidity of #Ripple’s #ODL $XRP corridor hit an All-Time High of 6,023,781

#XRP/MXN represented 65.78% of the total volume on #Bitso”

The liquidity index has been on a steady rise over the past couple of months, and several supporters oversaw the metric. The index closed at a figure of 6.023 million, surpassing the earlier record of 5.993 million. The liquidity index has played a significant role in XRP’s growth in other regions also, with Mexico being a prime example. The index rising so significantly on Bitso was calculated to be a direct effect of the partnership between Ripple and MoneyGram.

The partnership impact was clear because, before the deal, XRP’s Tenitoshi Liquidity index in Mexico was just below the zero line. An analyst had also pitched in to say:

“In principle, market volume cannot be negative. But the calculation of the index sometimes outputs negative values undesirably. It tends to happen if a market is no liquid or very volatile. But those absolute values are negligibly small. So you can think of it as near-zero.”

Back in August of this year, Ripple CEO Brad Garlinghouse had reinstated that MoneyGram will use XRP and its technologies to enable trade for Mexican Peso and its pairings. He assured holders that the volume increase, as well as price fluctuations, will be very evident at the start of 2020.

Ripple has also witnessed its On-Demand Liquidity [ODL] sector jump by a factor of 7 this year after onboarding multiple customers on to its roster. Ethan Beard, the Senior VP of Ripple’s Xpring, had recently said that the company was working closely with market makers to ensure that there is adequate liquidity for transactions.

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Ripple may benefit from Yahoo JP, Line Corp merger

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SoftBank Investment Corporation has announced its plan to merge internet subsidiary, Yahoo Japan, with the messaging application, Line Corp, according to a recent report. The reason behind the merger is speculated to be the creation of a $30 billion tech group to provide relief to the ailing Line Corp, as it has struggled to compete with competitors such as Rakuten and U.S. tech companies.

The coalition will result in Yahoo JP getting access to Line’s 164 million users, as well as their data in Japan and Southeast Asia. Line, a South Korean company owned by Naver Corp, has been reporting losses lately. Thus, the merger will be providing it with Yahoo JP’s tech expertise.

Yahoo Japan recently changed its name to Z Holdings Corp and aims to complete the merger by October 2020. SoftBank and Naver Corp are expected to reach a definitive agreement by next month under which, the companies will form a 50:50 venture that would control Z Holdings. Z Holdings will also operate Yahoo JP and Line.

This partnership could pave the way for Ripple as SBI Group, a subsidiary of SoftBank, announced a partnership with Yahoo JP’s PayPay, last month. The partnership aided PayPay in integrating with Ripple-enabled MoneyTap. The speculation doing the rounds in the community is that Line pay might integrate with Money Tap, opening another gateway and becoming a member to RippleNet.

The speculations gained strength after the report noted that,

“Line has been looking for growth through expansion into areas such as QR code payments with Line Pay, but has been squeezed because of its limited funds and heavy-spending peers including SoftBank, which has a rival service called PayPay.”

SBI Holdings had also spoken of using XRP to enable remittances from Japan to South-East Asia in its performance and strategy report.

Yahoo Japan’s CEO Kentaro Kawabe has not responded to questions about the services that would be combined or abolished with the two companies’ merger. However, Line CEO Takeshi Idezawa and Kawabe will be serving as joint CEOs post-merger.

Source: ambcrypto

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New Ripple-Based Remittance Service Launching – Will Crypto Asset XRP Be Utilized?

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SBI Ripple Asia and SBI Remit, a cross-border funds transfer platform that operates as a subsidiary of the Japanese financial giant SBI Holdings, are launching a new payments service between Japan and Vietnam.

The new transfer platform will run on RippleNet with the Tien Phong Commercial Joint Stock Bank, a Vietnamese financial institution, on board.

According to a release, the CEO of SBI Holdings and Ripple board member Yoshitaka Kitao says new remittance services utilizing crypto assets will be released in the future. But he doesn’t specify whether the new remittance corridor between Japan and Vietnam will include the use of the digital asset XRP.

“The booming Vietnamese economy is one of the most attractive markets around the world. TPBank, which the SBI Group has invested in, in 2009 and owns a 19.9% share of, has achieved steady accumulation of loans and non-interest income such as settlement services, by actively utilizing cutting-edge technologies.

The adoption of RippleNet will further differentiate the company from its competitors. We will also develop remittance services that incorporates crypto-assets in the future.”

The number of Vietnamese residents in Japan has quadrupled over the last five years to around 330,835, according to The Japan Times.

CEO of Tien Phong Bank, Nguyen Hung, says,

“Our cooperation with SBI Ripple Asia on the application of blockchain technology in cross border money transfers marks an important turning point in enhancing our customer experience and makes international money transfers via TPBank faster, more convenient and safer than ever before.”

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