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Ripple Market Update: Will XRP/USD bulls hold $0.30 support after BitMEX flash drop to $0.15?

  • Ripple price slides under $0.32 renewing bearish momentum targeting $0.30.
  • BitMEX maintains that it will not rollback the funds to traders who claim their stop losses failed to trigger.

Ripple has continued to face rising selling pressure following a rejection from the yearly highs at $0.3397. Bulls have already endured a 2% loss on Friday. Besides, the support at $0.32 has given in to the rising selling activity. However, with low volatility during the European hours, Ripple is likely to hold contain the losses above the key support at $0.30.

XRP flash drop to $0.15 on BitMEX agitates investors

BitMEX is dealing with a backlash from traders following a 60% flash crash in single candlestick. Crypto communities mainly on Twitter have highlighted the matter talking about a probable liquidation on BitMEX. However, BitMEX has refused to take responsibility for the flash crash denying its involvement in the incident.

Some traders complained that their stop losses failed to trigger leading to their accounts being wiped out. The incident is currently being referred to as “XRP bitMEX’d.” One traders blamed XRP itself for its inability to hold. Interestingly, BitMEX has said that there is not going to be any rollback of funds for traders who claim their stop losses failed to trigger.

Ripple price technical analysis

Ripple price has broken under a short term ascending trendline. Technical analysis shows that the bearish momentum could last longer. The RSI, for instance, is pointing south after the break down below the overbought region. If the next support at $0.31 is cleared, XRP is likely to retest the key hurdle at $0.30. Moreover, the MACD’s bearish divergence is anything go by, the bulls will have a hard time relaunching XRP towards $0.34 resistance area.

XRP/USD 2-hour chart

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Ripple

Ripple News Today – XRP Community Suggests an XRP Token Burn To Boost Price

  • XRP burn needed to push XRP price upward
  • XRP Price Update –Is the surge to $0.30 in the short term attainable?
  • XRP/USD Price Update – Will XRP bulls retest the $0.30 before the end of February?

XRP all-time high – The bid to burn 25% of the token in circulation by the XRP community is as a result of the sustained sluggishness of the XRP market. XRP News Now – according to insight from a trader with the username DanRocky on Twitter, he plans to attain a surge in XRP price via this means. According to DanRocky, this plan came to him after the report of crypto company Bitrue on BTR token burning. XRP News Now – The Twitter post has ignited a hot discussion amidst members of the crypto community. Although, not everyone is on the same page with this suggestion.

Ripple News Today – Previously, the XRP token was able to surge one point higher and exceeded ETH. In addition to XRP price variance, according to a Twitter post, the centralization of the asset by Ripple will also decline after the coin burning event.

XRP Price Update –is the surge to $0.30 in the short term attainable?

XRP Price Prediction 2020 – Even with the fast growth of the crypto market, there has been some variance in the price movement which has kept the major 10 tokens in the bullish zone. XRP daily – LTC is the major gainer so far with its market price surging by almost 7% over the last day. Generally, XRP price has declined by about $0.10, with a market cap of $12 040 521 791.

XRP Price Prediction 2020 – Ripple XRP price Forecast 2020

XRP USD TradingView – XRP currently has a trading price of $0.2751, with a 24-hour trading volume of $2 927 099 042, and a 24-hour change of 3.36%. XRP all-time high – traders have so far continued to press and pressure the price of the XRP token to the lower zone of the mounting green channel. Though the support level at $0.266 was able to sustain the XRP/USD pair from declining to the $0.236 level.

XRP/USD Price Update – Will XRP bulls retest the $0.30 before the end of February?

XRP Prediction 2020 – due to the buying pressure from traders, the XRP price has been shoved back into the bullish zone and it is trying to reinstate the XRP/USD pair to the average price level during the day. XRP daily – Should the reinstatement of the resistance of the two-hour moving average fails, the XRP price will seek for support at the $0.28 level to consolidate.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3XRP(XRP)$0.27510.171%

XRP USD TradingView – on the upside, the price movement on the XRP token is less positive. Even though XRP price encountered some price corrections amidst its growth, a massive price decline is yet to be seen. Hence, the closest XRP price prediction 2020 is a decline to the liquidity level of around $0.25 level until the end of February.

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RIPPLE LAUNCHES NEW XRP FRAUD REPORTING PROCEDURE

The Rundown

  • FRAUD CAN BE REPORTED, BUT FUNDS NOT REVERSED
  • RIPPLE PUSHING TO BECOME LEADER IN FINANCIAL SPACE

The company has created a page on its website where foul-play can be reported. This move represents the increasing attempts by Ripple to establish itself as a key player in global finance.

FRAUD CAN BE REPORTED, BUT FUNDS NOT REVERSED

The reporting website gives consumers the ability to make the company aware of fraudulent behavior involving the XRP token. This behavior could include theft, scams, or unauthorized gateways/exchanges. 

The site makes clear that Ripple cannot reverse transactions, owing to the decentralized XRP ledger. Also, XRP users are not Ripple customers. Thus, an “unusual activity report” can be used to help identify and stop fraud, but not necessarily compensate victims.

Interestingly, Ripple encourages users to report “potential sanctions violations, money laundering, unauthorized transactions and/or other financial crime.” In other words, it calls on the Ripple community to self-police, and inform the company of possible illegal activity. This fact underscores the close relationship between Ripple and XRP use, and the company’s firm desire to prevent any foul play with the token.

RIPPLE PUSHING TO BECOME LEADER IN FINANCIAL SPACE

This move is the latest in a series by Ripple in its goal of becoming a key player in global finance. The company has long asserted that it has major plans for expansion. CEO Brad Garlinghouse recently compared the company to Amazon, and noted that moving forward it would explore other services beside cross-border fiat transfers.

Brad Garlinghouse Ripple CEO

To achieve its goals Ripple will need cooperation from regulators, politicians, and law enforcement on a scale yet to be seen in the blockchain sector. In this context, opening up a tool for fraud reporting, and demonstrating a strong willingness to fight crime, is a sensible move. 14 BTC & 30,000 Free Spins for every player, only in mBitcasino’s Crypto Love Affair! Play Now!

Importantly, Ripple has not drawn the ire of the leaders that it needs to win over. For example, unlike Facebook’s Libra, which has been met with a torrent of opposition from world leaders, Ripple has received almost none despite being just as disruptive. 

Ripple’s position is, however, controversial among crypto advocates. Many blockchain purists have long criticized the company for its willingness to work with banks and regulators, asserting that the technology is designed to replace these institutions, not compliment them. Ripple and its executives disagree, claiming that cryptocurrency can only achieve mainstream use if it cooperates and enhances the existing financial infrastructure. 

Regardless of what one thinks of Ripple’s vision, its success in the blockchain space is without dispute. It now counts over three hundred banks as partners, and experienced over 500% growth in the fourth quarter of last year alone. 

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Ripple Price Analysis: XRP/USD consolidates in a flag formation as price settles around $0.275

  • XRP/USD is hovering above the green Ichimoku cloud.
  • The SMA 50 is on course to cross over the SMA 200 curve.

XRP/USD daily chart

XRP/USD daily chart

XRP/USD dropped from $0.2745 to $0.273 as the price continued to consolidate in a flag formation and settle below the $0.275-level. XRP/USD is still hovering above the green Ichimoku cloud, while the SMA 20 is trending above the price. The MACD and Elliott Oscillator both indicate sustained bearish market sentiment, while the RSI is trending around the neutral zone. Interestingly, the SMA 50 is about to crossover the SMA 200, which could trigger massive bullish action in the near future.

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