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Ripple Price Analysis: XRP Struggling To Stay Above $0.2, What’s Next?

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Summary
XRP suffered a rough week as the price dropped by 12%. During the past 24 hours, however, it marked a slight increase of almost 2% and reached its current level at $0.222.
The cryptocurrency has been trapped within a wide range between 3324 SAT and 3000 SAT against BTC in November 2019.
It may be able to climb higher as the technical indicators start to flatten out in oversold conditions.
Key Support & Resistance Levels
XRP/USD

Support: $0.215, $0.200, $0.185

Resistance: $0.2345, $0.252, $0.270

XRP/BTC:

Support: 3000 SAT, 2900 SAT, 2853 SAT

Resistance: 3200 SAT, 3325 SAT, 3500 SAT

XRP/USD: XRP Attempts To Rebound From $0.215 Support
xrpusd-dec3

The daily chart above shows XRP bouncing from the strong support at $0.215 over the past three days. Like the majority of the altcoin market, XRP had suffered heavily in November after dropping by a total of 25% to create a multi-year low, not seen since December 2017.

Nevertheless, the support at $0.215 looks to be strong, and we wait to see if XRP will start to rebound higher from here.

XRP Short Term Price Prediction
If the bulls do start to push higher, an initial resistance is expected at the $0.2345 level, which had provided strong support for the market during September 2019. Above this, resistance lies at $0.252, which is the September 2018 price low. Beyond $0.252, resistance can be found at $0.281, where lies the 100-days EMA.

Alternatively, if the sellers regroup and push lower, we can expect immediate strong support at $0.215. Beneath this, support

lies at $0.200 and $0.185.

The RSI has recently turned upward, which is a sign that the selling momentum may be starting to fade. Furthermore, the Stochastic RSI has been in extremely oversold conditions for the entire period of November. It is beginning to shape up for a bullish crossover signal, which should certainly help this coin rebound higher.

XRP/BTC: XRP Holding Strong At 3000 SAT
xrpbtc-dec3

Against BTC, XRP did fall lower after our last analysis. However, strong support was found at the expected level of 2852 SAT. This allowed XRP to rebound sharply and rise back above the 3000 SAT support level.

XRP Short Term Price Prediction
If the sellers start to pressure the market beneath the 3000 SAT support level, we can expect immediate support toward the downside to be located at 2900 SAT (.618 Fib Retracement). Beneath this, support is expected at 2853 SAT and 2752 SAT.

Alternatively, if the buyers can start pushing higher above the support at 3000 SAT, we can expect immediate resistance to be located at 3200 SAT and 3325 SAT. Beyond 3325 SAT, resistance is located at 3500 SAT.

The Stochastic RSI has recently produced a bullish crossover signal, which could result in XRP rising higher against BTC if the moving averages for the indicator can start to expand away from each other.

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Ripple’s XRP Technical Analysis: XRP/USD daily double top risk

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  • Ripple’s XRP price is trading in the green by some 0.50% in the session on Friday.
  • XRP/USD is running towards its fifth consecutive session in the red, with a lack of reversal signs.
  • The price has been moving within a narrow range since falling from mid-late November. 

XRP/USD weekly chart

The critical weekly support area is a

danger of giving way to the bears, which could see a fast drop below $0.2000.

XRP/USD daily chart

The price via the daily has formed a daily top pattern, at risk of breaching the neckline at $0.2150. 

Spot rate:                 0.2200    

Relative change:      +0.50%

High:                         0.2199

Low:                          0.2153

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RippleNet Member SendFriend Seeing Massive Savings in Remittance Fees by Using XRP

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On-Demand Liquidity (ODL), Ripple’s XRP payment solution used by “more than two dozen” of the firm’s customers, reportedly helps save up to 80% in remittance fees, according to money transfer firm SendFriend.

Ripple revealed David Lighton, co-founder and CEO of SendFriend, touted ODL as a solution that helps its own customers save while speaking at a conference this week. The CEO explained that Ripple’s XRP solution removed the need for businesses to pre-fund tehir accounts in destination currencies, removing the need for a large amount of working capital.

The company’s post reads:

ODL enables RippleNet customers to use the digital asset XRP to bridge two currencies in three seconds, ensuring payments are instantly sent and received in local currency—on either side of the transaction.

SendFriend is reportedly able to leverage the solution to cut transaction costs by up to

75%, and Lighton added that it plans to pass on the savings to its customers. He compared his firm’s savings to those of other companies, claiming it can charge 2% for a service instead of 10%.

The firm started using Ripple’s XRP solution earlier this year, with its CEO noting that there are four big markets in the world for remittances: India, China, Mexico, and the Philippines, where SendFriend is based. Per Lighton, Philippine regulators “understand that there is a potential to help financial inclusion” with digital assets.

According to a Ripple progress report from last month, RippleNet now has 300 customers, 24 of which are using XRP-powered xRapid, the ODL solution. Its customers include MoneyGram, goLance, Viamericas, FlashFX, and Interbank Peru.  Interestingly for XRP fans, the cryptocurrency that powers xRapid, transactions have surged 7x from the end of the first quarter of 2019 to the end of October 2019.

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Coinbase & Ripple Investor: Bitcoin to “Blow” Past $20,000 in 2020

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Over the past few months, analysts have begun to fear that the worst is yet to come for the Bitcoin market. This fear and apathy should come as no surprise, especially considering that the cryptocurrency has already tanked 50% in the past six months, tanking as bulls expected the asset to “moon.”

Despite this, top industry investors are keeping their heads held up high, going as far as to suggest that the price of Bitcoin is likely to surpass $20,000 in 2020. $20k in 2020 has a nice ring to it, after all.

Top Fund Expects BTC to Top ATH in 2020

Blockchain Capital just released its 2019 annual report. In it, the prominent venture capital firm — investor in Coinbase, Abra, Ripple, Messari, and an array of other top industry companies — revealed that it expects for Bitcoin to “blow past” its $20,000 all-time high sometime next year.

It isn’t only Blockchain Capital that is expecting for Bitcoin to mount higher in the coming months, especially in 2020 in general. In fact, the fund’s assertion lines up with the opinions of two prominent investment fund managers in the crypto industry: Travis Kling, current CIO of Ikigai Asset Management and former Point 72 portfolio manager, and Mike Novogratz of Galaxy Digital.

Both of these prominent Bitcoin analysts have asserted in recent interviews that they believe

that the leading cryptocurrency will top $20,000 and hit a new all-time high by late-2020/early-2021.

Per previous reports from NewsBTC, Mike Novogratz, a former Goldman Sachs partner, said on CNN earlier this year that he expects BTC to hit $20,000 by early-2021 at the latest. Travis Kling echoed this, telling Yahoo Finance viewers that by early-2021, BTC is likely to have surmounted its previous all-time high and established a new one.

Why Will Bitcoin Top $20,000?

Well, why do these top investors think that this will take place?

The reasons vary, so here are a few.

  • Institutional involvement: In August, Novogratz said that institutional involvement will help push the price of the leading cryptocurrency higher after a consolidation between $8,500 and $14,000. The Galaxy Digital CEO’s long-held thesis is that institutions, coupled with solution providers like Bakkt, will bring a mass influx of capital into Bitcoin markets that were not seen before.
  • Positive macro backdrop: Novogratz also thinks that trends in the macroeconomy will support Bitcoin. He specifically cited negative interest rates, geopolitical unrest, and mistrust in centralized systems.
  • Halving: Next year, Bitcoin will see its block reward reduction, known as a halving. This will see the number of BTC issued per block be cut in half, acting as a negative supply shock to the market. Previous halvings have catalyzed bull runs in the past.
  • Lightning: Pundits like Tim Draper say that the adoption of Lightning Network and other Bitcoin-related applications will dramatically increase the value proposition of BTC, thus increasing its value due to higher demand.

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