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Ripple Weekly Forecast: Time for XRP bulls to shine

  • The cryptocurrency market outlook has improved significantly this week compared to last one.
  • Ripple breaks barriers with its cross-border blockchain payment solutions; RippleNet and On-Demand Liquidity.
  • Ripple price ability to defend $0.30 support could determine the run-up to new 2020 highs above $0.40.

The cryptocurrency market has been on an upward roll since the beginning of the week. The bulls have not been afraid to flex their muscles with some stamping their feet on the bears. Ripple and other major cryptoassets jumped above critical barriers to form new 2020 highs. In particular, XRP gained incredibly from last week’s support at $0.28, advancing above $0.30.  A new high was formed marginally below $0.35. Bitcoin closed in on $10,500 while Ethereum clocked $275 before correction took over.

Crypto industry overview: Ripple’s groundbreaking Egyptian deal leads the way

Ripple’s 12% growth this week can be attributed to several factors including the partnership with the National Bank of Egypt (NBE). The bank became the first financial institution in the country to join RippleNet with the aim of tapping into the cross-border solutions provided by Ripple. NBE also happens to be the oldest bank in Egypt and described the partnership as “the first of its kind” among the commercial banks in the nation. The bank finds the move to be groundbreaking; providing a getaway to the more than 300 partners within the RippleNet network.

The impressive performance was also bolstered when Bitcoin was mentioned second in a list of the largest fintech firms in America. The 2020 list released by Forbes placed Ripple second at a valuation of $10 billion. Coming in the first spot was Stripe, a company that concentrates on enabling businesses to accept online payments. The largest exchange by trading volume in the US, Coinbase came third with a valuation of $8.1 billion.

Barely a day after the Forbes’ list, XRP landed support on BRD wallet as well as Blockset. The support on BRD is important for XRP, particularly because, the wallet has been identified as the fastest-growing consumer crypto-wallet and is said to have a presence in more than 170 countries. On the other hand, Blockset is a blockchain integration platform developed by BRD to assist “developers with access to the XRP Ledger as they build their applications.

Banks shun the zero-tolerance stance on crypto

Banks have, for a long time, been taking a zero-tolerance approach towards cryptocurrency. However, it appears that the stance is becoming less rigid across the world. Banks are taking up more crypto solutions especially Ripple’s RippleNet and On-Demand Liquidity (ODL). Continued openness to crypto and especially Ripple’s financial solutions is bound to increase the demand for XRP and lead to growth in the future.

The most significant entrant in the crypto industry being US fourth-largest bank, Wells Fargo. The bank has invested $5 million in a crypto risk management firm, Elliptic. The investment was part of a Series B round that saw the firm raise $28 million to help push its flagship product, Elliptic Discovery.

Ripple forecast: XRP/USD technical picture

Following the surge to new 2020 highs at $0.339, XRP embarked on a gain-trimming exercise. The selling pressure forced XRP under the short-term support at $0.32 and extended the action towards $0.31. An ongoing recovery has reclaimed support at $0.32, allowing the bulls to once again take their focus back to $0.35.

From a technical perspective, Ripple is likely to continue taking a breather between $0.30 and $0.35 in the next few days. The RSI’s ability to stay within the overbought region will ensure that the bulls remain largely in control. Similarly, the MACD features a bullish divergence at +0.0255, which cements the bulls’ position on the market.

For formidable upward advancement, the buyers must bring down the resistance at the 50% Fib retracement level, taken between the last drop from $0.51 to lows at $0.1768. In addition to that, a channel resistance formed since the beginning of January must come out of the way.

As far as support areas are concerned, the 38.2% Fibonacci level (marginally above $0.30) will try to hold the price above $0.30). Other key support areas range from the ascending channel support, the 23.6% Fibo at $0.25 (forming a confluence with the 200-day SMA), the 50-day SMA at $0.2361 and $0.20 as the last resort.

XRP/USD daily chart

In terms of resistance and support areas, the confluence detector places the first hurdle at $0.3275. Movement above the seller congestion zone must for more selling activity at $0.3376. The journey to new yearly highs above $0.4 could also be limited at $0.3543. Ripple is supported in the same measure as it is resisted. The first confluence support is $0.3208 while the most significant support is seen at $0.3007. If losses progress under $0.30, $0.2974 support will come in handy.

More confluence levels

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Ripple’s Partner SBI Remit Announces Tie-Up with Major Japanese Bank

RippleNet-powered money transfer service SBI Remit has made an announcement about its cooperation with the Fukushima Bank. From now on, this regional Japanese bank will be responsible for handling all of the company’s international remittance services.

Technological innovations 

SBI Remit states that is it keen on adopting new technologies, including Ripple’s distributed ledger technology. This helps it make remittances more ‘convenient’ and ‘secure.’ 

The Ripple partnership already allows SBI Remit Thai nationals that reside in Japan to conduct nearly instantaneous cross-border payments between the two countries.

“With the steady rise of remittance flows, we see Ripple helping us open up new revenue potential for our business and a better overall experience for our customers,” Nobuo Ando, Representative Director at SBI Remit Co., Ltd. 

SBI Holdings, the parent company of SBI Remit, also started offering its shareholders benefits in XRP on Jan. 31.    Must ReadRipple’s XRP Is Being Adopted by Almost Every Japanese Bank: CipherTrace CEO –

A real-life problem    

The Fukushima Bank has a strong network in Japan’s Fukushima region with 10,000 workers from Vietnam, China, and the Philippines. The number of workers has seen a 2.5-fold increase since the earthquake that took place in 2011. There is untapped demand for remittances that SBI Remit wants to address by opening new payment channels. 

The recently formed alliance helps to cut the red tape when it comes to international operations. 

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Ripple Price Analysis: XRP/USD hits a brick wall ahead of the 0.25 level

  • Ripple is trading over 5% higher on a good day for cryptos.
  • The pullback has just met some resistance before the bulls had a chance to test 0.25.

XRP/USD 4-Hour Chart

The whole crypto market has clawed back some losses on Thursday.

XRP/USD has pushed 5.25% higher but the pair met some resistance at 0.2472.

Looking at the volume on the bottom of the chart it is still clear that the sellers are in control.

Only when a green candle has more volume than a red one could you dispute this.

Looking further ahead now, if the 0.2250 low gets broken then the downtrend would be confirmed once again.

For the trend to be broken the previous wave high of 0.2857 would need to be taken out.

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Additional Levels

XRP/USD

OVERVIEW
Today last price0.2416
Today Daily Change0.0126
Today Daily Change %5.50
Today daily open0.229
TRENDS
Daily SMA200.284
Daily SMA500.2544
Daily SMA1000.2331
Daily SMA2000.2534
LEVELS
Previous Daily High0.2551
Previous Daily Low0.2253
Previous Weekly High0.3187
Previous Weekly Low0.2615
Previous Monthly High0.254
Previous Monthly Low0.1846
Daily Fibonacci 38.2%0.2367
Daily Fibonacci 61.8%0.2437
Daily Pivot Point S10.2179
Daily Pivot Point S20.2068
Daily Pivot Point S30.1882
Daily Pivot Point R10.2476
Daily Pivot Point R20.2662
Daily Pivot Point R30.2774

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4 THINGS HOLDING BACK XRP PRICE RIGHT NOW

The Rundown

  • Ripple Case Not Dismissed
  • XRP Securities Status Still Unknown
  • IPO Concerns
  • Lack Of XRP Endorsement

Ripple’s XRP token had been performing very well in 2020, reaching as high as $0.34 in mid-February, before pulling back to just under $0.30. Unfortunately, it wasn’t immune to the losses which have hit virtually the entire crypto-space this week. So what could be holding it back from recovering now?

RIPPLE CASE NOT DISMISSED

A federal judge in California yesterday ruled that the class action lawsuit being pursued against Ripple could not be dismissed. A group of investors are suing the company, claiming that they lost money selling XRP after being ‘tricked’ by Ripple’s promotional statements.

The judge did dismiss certain claims, but Ripple had requested that the case be thrown out entirely, due to it being filed over five years after XRP was first offered in 2013.

The investors will now get a chance to take Ripple to court for selling unregistered securities. Ripple themselves said that this “would upend and threaten to destroy the established XRP market more broadly.”

XRP SECURITIES STATUS STILL UNKNOWN

Speaking of unregistered securities, the US Securities and Exchange Commission (SEC) has still not made a decision as to whether it classes XRP as a security. Should it eventually take the position that the Ripple asset is not a security, then this should also negate the class action lawsuit.14 BTC & 30,000 Free Spins for every player, only in mBitcasino’s Crypto Love Affair! Play Now!

The SEC has certainly been taking its time with the decision. Back in June 2018, it classed Bitcoin and Ether as currencies and not securities, but was undecided on XRP.

At the time, some believed that a ruling by the Financial Crimes Enforcement Network (FinCEN) in 2015 allowing Ripple to continue selling XRP tokens, meant that the SEC could not then classify them as securities.

However, 20 months later and the SEC has thus far failed to come to the same conclusion.

IPO CONCERNS

Back in January, Ripple CEO, Brad Garlinghouse, hinted that the company was very likely to go public sometime in the next 12 months, selling shares in an initial public offering (IPO). Some felt that a move such as this was tantamount to pulling out the rug from under XRP investors and would essentially make the tokens obsolete.

If an IPO is going to happen, Ripple needs to convince investors of its commitment to XRP tokens, and the value of them going forward.

LACK OF XRP ENDORSEMENT

We’re serious. While many other cryptocurrencies have their big name fans, XRP and Ripple are more likely to find themselves at the sharp end of a put down.

As Bitcoinist reported this week, Anthony Pompliano said in no uncertain terms that he would never buy XRP in a televised interview.

BitMEX CEO Arthur Hayes famously called XRP “dogs**t” earlier this month, as his company announced it as a trading pair for perpetual swaps. And Tone Vays didn’t hold back, when he told Bitcoinist what he hates most about XRP.

Even retired UFC fighter Ben Askren felt the need to get in on the act, saying that he thought XRP was ‘a scam’.

Maybe a big name endorsement would help XRP to get moving upwards again?

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