Despite the ongoing SEC vs Ripple Labs lawsuit and the market experiencing a dip, Ripple has been making waves in crypto news. During an episode of the Thinking Crypto podcast, RippleX General Manager Monica Long spoke to host Tony Edward about Ripple’s recent performance, multi-chain development, and the XRP Ledger technology.
Water, water everywhere
Calling ODL the “killer value proposition to Ripple Net,” Long explained,
“So you know, ODL’s been in market for a few years now and Q3 was definitely, you know, the most outstanding…And the volume through ODL grew – so if you compare Q3 2021 to Q3 2020 it grew 25 times and more than 130%, quarter over quarter.”
“And now it’s available in more than 20 countries, some of the big ones being US, Mexico, Philippines, Japan, Australia..,”
Long also confirmed that the client didn’t have to hold XRP, as the asset was being sourced from an exchange partner – or Ripple. This was one of two available models. The exec also reminded listeners that the feature would cut down exchange fees and speed up the process.
Minting NFTs….on XRPL?
Diving into the XRP ecosystem, Long reiterated her belief that the future would be multi-chain. Coming to NFTs, Long shared her complaints about Ethereum’s high gas fees and pointed out that the XRP Ledger had transactions fees which were “a fraction of a penny.”
To support minting NFTs on the XRP Ledger, Long spoke about the XLS-20 standard proposed earlier in 2021.
How soon could this come? Noting that community feedback was “great” and that validators needed to vote on it later, Long said,
“So it’s really going to be upto the amendment process. That’s kind of the beautiful thing about these blockchains, is they’re decentralized and open. But it means, you know, it’s a timeline that’s in the hands of the community, really.”
Speaking about RippleX’s other projects, Long reminded viewers about EVM sidechains for Ethereum smart contracts, the federated sidechains which developers could preview, and Automated Market Making [AMM].
Ripple x Bhutan…and more?
Coming to Ripple’s partnership with Bhutan’s Royal Monetary Authority for a CBDC pilot, Long said that “sustainability” was a selling point for the technology. She also stressed on interoperability between international CBDC ledgers.
What’s more, Long noted that there had been “many, many conversations with central banks around the world” and hinted there could be news about future customers “soon.”
It’s worth noting that Ripple partnered with the Digital Pound Foundation to support the UK’s CBDC development.
Ripple previously stated,
“The CBDC solution is carbon-neutral and, because it’s based on the public XRP Ledger, is 120,000x more energy efficient than proof-of-work blockchains.”
XRP Forecast November 29 — December 3, 2021
XRP/USD end the trading week at 0.9427 and continue to move within the correction and the bullish channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers and a potential continuation of the growth of the cryptocurrency from the current levels. At the moment, we should expect an attempt to develop a correction and a test of the support area near 0.7455. Where can we expect a rebound again and a continuation of the rise of the cryptocurrency to the area above the level of 1.4205.
XRP Forecast November 29 — December 3, 2021
An additional signal in favor of the growth of XRP quotes in the current trading week November 29 — December 3, 2021 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the Ripple cryptocurrency will be a fall in prices and a breakdown of the 0.6855 area. This will indicate a breakdown of the support area and a continued fall in XRP/USD quotes with a target below the level of 0.6055. Confirmation of the growth of the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the 1.2205 area.
XRP Forecast November 29 — December 3, 2021 suggests an attempt to test the support level near the 0.7455 area. Where can we expect the continued growth of quotations with a potential target at the level of 1.4205. An additional signal in favor of a rise in XRP value will be a test of the trend line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be the breakdown of the 0.6855 area. This will indicate a continued decline with a target below 0.6055.
Ripple To Deploy Climate Friendly National Digital Currency In Partnership With Palau
With the increase in the adoption of digital assets across several mainstreams, some countries are strategizing on moving with the flow.
Hence, most countries across the globe are working and experimenting on developing a national digital currency that they can link with their fiat currencies. This is the primary reason for collaboration between the Republic of Palau and Ripple’s digital payment network.
Through the partnership, Ripple will assist the Pacific Island country in developing its national digital currency. The initiation ensures that the digital currency is USD-backed and will support Palau’s payments across borders.
In addition, Ripple announced that it would produce a national stablecoin within the first half of next year through the partnership. This will stand as the first of its kind globally with government backing.
Furthermore, Ripple indicated that the national digital currency for Palau might not be a Central Bank Digital Currency (CBDC). The digital payment network explained that its support to Palau cuts across design, business, policy, and technology.
It talked about the influence of exploring a USD-backed stablecoin and its use cases on the XRP Ledger. It mentioned that such an application would give a preferable substitute to CBDCs for a nation like Palau.
On his part, President Suangel Whipps Jr. of Palau confirmed that the citizens receive increased financial access through the national digital currency.
Commitment Of Ripple To Climatic Considerations
Furthermore, Palau as an island is prone to impacts from climatic changes. Also, this is another reason for the partnership with Ripple. The network explained that XRP Ledger is carbon-neutral and conserves energy more by 120,000 times than Proof-of-Work blockchains.
Ripple’s VP of Central Bank Engagements, James Wallis, disclosed their excitement with the collaboration with Palau in handling both the financial and climatic issues. He said it offers them the opportunity of displaying their experience and technology within Palau’s unique attributes. Hence they will effect a real impact on both the economic and social aspects of the country.
The place of Ripple within environmental and climatic influences is beyond that of a newbie. This year, in February, the network announced its aim of being carbon net-zero by 2030. The move involves using the EW Zero tool in turning XRP carbon net-zero.
As an Energy Wen open source solution, EW Zero will enable developers to buy tokenized renewables that will empower them to be carbon net-neutral.
Additionally, Ripple piloted the fundraising project of about $44 million for Nelnet Renewable Energy, a fintech provider. This project was for the funding of conscious environmental campaigns within the United States.
The payment network still manages its case with the SEC concerning whether the XRP tokens in 2013 were unregistered securities. However, according to Brad Garlinghouse, the issue has progressively gone pretty well and will end in 2022.
Ripple Price Prediction: Bears Contemplate A 9% Decline As XRP Drops Below $1
Ripple price dropped below the $1.0 psychological level on November 26, unravelling a possible bearish forecast. The descending parallel channel chart pattern suggests that Ripple could see a 9% drop. To invalidate the pessimistic outlook, XRP would need to overcome the 200-day SMA resistance.
Ripple price fell below the $1.0 psychological level on November 26, paving the way for further losses. The bulls of the international remittances token are struggling to keep their heads above the water as overhead pressure mounts.
Ripple Price Could Drop To $0.8708
XRP price is trading at middle boundary of the descending parallel channel around $0.9545 as seen on the daily chart. A descending parallel channel is a significantly bearish chart pattern that suggests a continued bearish leg as long as the price of an asset remains within the confines of the falling channel.
For XRP, the descending channel chart pattern points to a 9% downswing from the current price to tag the lower boundary of the channel at $0.8708.
The down-sloping moving averages and the position of the Relative Strength Index (RSI) indicator at 36.06 close to the oversold region suggest that Ripple is firmly in the hands of the bears, accentuating this bearish outlook.
XRP/USD Daily Chart Live Chart
On the upside, the bearish thesis could be invalidated if XRP price overcomes the immediate resistance at $0.9753 embraced by the 200-day Simple Moving Average (SMA). If this happens, Ripple price may potentially unto the losses that began on November 08 by breaking out above the upper boundary of the prevailing chart pattern at $1.0513.
However, any movement further could be inhibited by stiff resistance from $1.1056 and $1.1157 where the 100- and 50-day SMAs lie respectively.
Ripple bulls would need support from the wider market to overcome these hurdles which may see the XRP price pushed higher towards the peak of the descending parallel channel at $1.3542.