Latest Ripple News
That blockchain will find widespread use in the multi-billion-dollar cross-border payment industry is true. Spearheading this drive is Ripple and although it is a for-profit company that utilizes XRP as an on-demand liquidity tool for one of its main solutions, the team at Ripple is working overtime to ensure there is regulatory compliance.
Launched during the much-anticipated SWELL conference where Bill Clinton delivered his keynote, xRapid is yet to lift off as expected. The xCurrent update 1.4 is an enhancement that availed an option for plugged in financial to easily incorporate xRapid but so far, the majority of these banks and payment processors using xCurrent are yet to opt in.
Nonetheless, the vision of Ripple is undeterred and already three exchanges—Bittrex, Bitso, and Coins.ph– and payment processing platforms–Cuallix, Mercury FX and Catalyst Corporate Federal Credit Union will leverage xRapid for expediency. This is positive and in sync with the ambitions of Ripple as mentioned by Chris Larsen, the co-founder and executive chairman of Ripple, during the Crypto Finance Conference back in Sept 2018. According to Larsen, Ripple will always advocate and use XRP to power payment across the world:
“For payments, we think that has additional requirement. You’ve got to have settlement predictability. You’ve got to have consistent low costs. You’ve got to have high throughput. xRapid, that’s a component of RippleNet. That allows payment providers to lower the cost and liquidity for their global payments.”
Ripple (XRP) Price Analysis
At prevailing rates, XRP is down to third but relatively stable against the USD in the last day. Even with that, XRP/USD rates are fluctuating and ranging within a tight 6 cents range in the daily chart.
Now, in sync with previous trade plans, we shall maintain a bullish outlook as long as XRP is trading above 25 cents in the near term with an opportunity for more upsides more so if prices rally above our immediate resistance and buy trigger line at 42 cents.
Remember, if bulls fail to build enough momentum and thrust above 40 cents then it is likely that bears of mid-November and early Dec will pounce on the opportunity driving prices below 34 cents or Sep lows at 25 cents.
Trend: Bullish, Range-bound
Note that although we are net bullish in the short to medium term, XRP/USD is actually trading within a larger 10 cents range with limits at 40 cents on the upside and support at 30 cents. The reason why the resistance zone between 40 cents and 42 cents is important because it coincides with the 61.8 percent Fibonacci retracement level when the tool is anchored on Sep 2018 high low.
Therefore, with the trend defined, it’s upon traders to track this pair as they wait for solid break and close above resistance.
Aside from ecstatic buys of Dec 24 when prices temporarily close above 40 cents, volumes have been thin justifying current tight trade ranges. If bulls are to be in control then we need to see confirmation of Dec 17-24 bulls with prices printing above 40 cents at the back of high volumes exceeding Dec 24—123 million versus 54 million. Thereafter, we shall trade as set out in previous XRP/USD trade plans.
In the meantime, our trade plan is as below:
Buy:40 Cents-42 Cents
Stop: 37 Cents
Target: 55 Cents, 60 Cents, 80 Cents
All Charts Courtesy of Trading View—BitFinex
This is not Investment Advice. Do your own Research.