The crypto space is all geared up for its leg-up this fourth quarter. Several coins in the market have outperformed their targets, with the start of Uptober. The market cap of the industry at press time stands firm, with steady gains at $2,589,881,510,260.
While the trading volume for the last 24-hours is at $119,704,920,223. Meanwhile, XRP struggles to rebound on the charts, owing to its shrinking presence in the U.S. As a result of its legal tussle with the U.S SEC.
Ripple Is Holding Firm to High Tides!
Crypto proponent highlights the movements of XRP on the charts, where-in the structures look like mirror reflections. Except for the fact that the consolidation from the present case scenario is larger and longer. The analyst also highlights that, consolidation precedes expansion, and that consolidation is directly proportional to the expansion that follows.
If these two structures look similar, it's because they are. Almost mirror images, except the current consolidaiton is a larger, longer consolidation structure.
1. Consolidation precedes expansion
2. The greater the consolidation, the larger the expansion that follows$XRP pic.twitter.com/XvaWXxqNjp— CrediBULL Crypto (@CredibleCrypto) October 19, 2021
Another analyst expects the move towards the $10 milestone, could follow more consolidations and expansions. And that, the coin might leg-up towards its ATH, this rally. Meanwhile, netizens expect the coin to reach its new ATH in the range of $4 to $5.
On the contrary, Ripple is in opposition to SEC’s request to extend the expert discovery to the 14th of January. As the delay would further freeze its market in the U.S. The claim is justifiable, as XRP is beating the cold since December of 2020. With December of this year around the corner, it would be a year of beating the odds for the platform.
XRP Price Analysis
XRP at press time is trading at $1.09 with gains of negligible 0.1% for the last 24-hours. The market cap of the digital asset is $50,970,708,997. While the 24-hour trading volume is at $3,665,454,140. The coin needs to surge 3X to hit its previous ATH of $3.40.
From the chart, it is understood that XRP has been moving along the bottom of the Bollinger band. Indicating the presence of bears along with their movements. Trading volume can be seen fluctuating currently. The digital asset has dipped about ~16.3% previously, and a similar pattern formation can be seen. However, we can notice the price attempting to resist its crucial zones and rebound.
While traders looking to buy XRP price can look for its entry zone of ~$0.88, to yield decent gains. If things prevail in favour of the coin, it might hit $1.80 in the short term. And a major milestone of ~$5 with its legal tussle subsiding. A positive update from the Ripple vs SEC case may fuel the bull rally. On a positive note, some reports suggest that XRP has ranked #1 crypto asset in the U.K.
XRP and Other Top Cryptocurrencies Now Accepted by Croatia’s Largest Supermarket Chain
Crypto is becoming mainstream in Croatia because of Konzum
Konzum, the largest supermarket chain in Croatia, which was founded all the way back in 1957, has begun accepting cryptocurrencies in its online store, according to a Dec. 1 report by Zagreb-based newspaper 24sata.
The lineup of supported digital currencies includes Ether (ETH), Bitcoin (BTC), XRP, Stellar Lumen (XLM) and Bitcoin Cash (BCH), as well two stablecoins (Tether [USDT] and DAI).
Shoppers are now able to buy groceries, hygiene items, household supplies and other items with the aforementioned cryptocurrencies.
Konzum partnered with Croatian fintech company Electrocoin to use its PayCek system to facilitate crypto payments.
They spent several weeks testing the service before the official rollout in the run-up to Christmas.
Crypto is coming to Konzum’s physical stores
Crypto payments will also gradually become available in Konzum’s physical stores throughout the country.
The company will begin with 60 locations that have self-checkouts. After that, new payment options will be introduced in 630 stores of all sizes throughout Croatia.
XRP Seeks Fresh Rally as Investors Look to Key Events in 2022
Ripple announced plans to launch Liquidity Hub in 2022 to assist financial services entities in providing customers with the capacity to buy and sell securities
Ripple has announced a financial liquidity hub planned for 2022. XRP seeks a fresh rally past the $1 mark at December’s start amid investors’ hopes for upcoming events in 2022 that might impact the price.
The goal of Ripple’s Liquidity Hub, which will launch in 2022, is to assist financial services entities in offering their clients the opportunity to buy and sell cryptocurrencies. The functionality will provide enterprise clients access to digital assets from a variety of sources, including market makers, exchanges and over-the-counter trading desks, according to the San Francisco-based company.
Second, according to Ripple CEO Brad Garlinghouse, the ongoing Ripple-SEC lawsuit will be resolved in 2022. ”Ripple is seeing pretty good progress despite a slow-moving judicial process,” according to the CEO. The SEC accused Ripple and its officials of selling $1.3 billion worth of tokens in an unregistered securities offering in December 2020.
XRP/USDT Daily Chart, Courtesy: TradinView.com
XRP has improved in price since the Friday sell-off, where it marked lows at $0.87. The cross-border token currently trades at $1. If the buyers of the remittance token push above $1.00, pending buy orders will be filled and market makers will provide more liquidity.
XRP nodes run by Ripple fell out of sync for over 5 hours, disrupted wallet services
- Public XRP ledger nodes “s1” and “s2” run by Ripple fell out of sync with the XRP ledger for over 5 hours yesterday.
- Non-custodial XRP wallet Xumm was not functioning well, disrupting usage and accessibility.
- Ripple engineers to work on increasing public node capacity.
- XRP continues flooding exchanges, whale moves 40.4 million worth of tokens and sells on Binance.
XRP ledger needs improvements to its “Trust Line” related traffic to increase the capacity of nodes to handle simultaneously active users.
Out of sync XRP nodes disrupt wallet services
Two XRP nodes run and maintained by Ripple and developers, “s1” and “s2,” recently fell out of sync with the network. The disruption lasted 5 hours, and users of non-custodial wallets like Xuum and xrplcluster.com were impacted.
The public XRP Ledger nodes by @Ripple @RippleXDev, "s1" and "s2" (full history) are out of sync. with the XRP Ledger for over 5 hours now.
This results in apps using these services (like our own @XummWallet xApps (if https://t.co/HzBcVgXrl2 is too busy) not functioning well.— XUMM Support (@XummSupport) November 30, 2021
Though XRP has a throughput of 1500 transactions per second (tps), this does not account for “Trust line” transactions on the network.
When users plan on receiving payments in anything other than XRP, they need a trust line to that asset’s issuing account. This helps avoid token spam and gives users the power to decide what assets to hold and receive without any negative effect on the XRP wallet or balance.
The amount of “Trust lines” and tokens on the XRP network has exploded beyond the tested or expected numbers. This has disrupted the activity of the XRP ledger’s public nodes. XRPL public nodes and clusters are being scaled up but aren’t ready for a higher volume of “Trust lines” transactions.
A cryptocurrency analyst, @WKahneman, shared his outlook on the challenges faced by XRP Ledger in a recent tweet.
A synopsis of recent XRPL issues cherry picked from @WietseWind & @XummSupport threads. Lots to learn & maybe even free them from answering the same ?'s over and over. It's a long thread but see it through. Some important XRPL things are going on.
1/12https://t.co/gI3KlDyw5U— WrathofKahneman (@WKahneman) November 30, 2021
Transactions on the applications using the two nodes are held up, and switching to other nodes like xrplcluster.com can create backup there.
Ripple engineers are working on increasing public node capacity.
Whales are flooding exchanges with XRP tokens. A mysterious whale recently moved 40 million XRP to Binance and sold the holdings. XRP has failed to recover from the recent price drop.
FXStreet analysts have evaluated the XRP price trend and predicted a nasty bear trap.