2018-11-14 18:33 |
Latest Ripple News
Blockchain is roughly 10 years old– going by Bitcoin statistics. It could be older now that Ripple Labs was formed in 2004 but Ripple began full operations in 2012. As one of the leading cross-border payment solutions leveraging on blockchain technology for efficiency, transparency and speed, we expect the tussle between them and SWIFT to heat up.
Rumors were rife that Ripple could partner with the global payment system but the company’s spokesperson poured cold water saying SWIFT was planning to update their global payment innovation allowing users to enjoy payment rich information, end to end tracking capabilities, better speeds and improved efficiency. All member banks had to do was to upgrade. But recent statistics indicate that adoption level is low as member banks avoid paying more to access this new GPI.
As a vast messaging and communication network connecting more than 11,000 banks, securities organization and basically all vital market infrastructure moving a whooping $100 billion a day, estimates put adopting members at around 200. That is very low and sensing weakness, Brad Garlinghouse in a recent interview with Bloomberg said there are channeling all their efforts to replace SWIFT as the next dominant payment system in the world.
Of course, this is ambitious and it would be better more so if member banks adopt xRapid and XRP. By making use of this on-demand liquidity tool, attention would be drawn to XRP propelling prices to new levels.
XRP Price Analysis XRP/USD Weekly ChartOverly, the nine percent loss in the last week should be a cause of worry. For all we know, prices have been stuck in range mode for the better part of October weeks after those super gains of late September.
Regardless of short term bears, we shall maintain a bullish outlook on price expecting buyers to buy dips in lower time frames as long as price action is maintained above 40 cents—previous resistance now support.
Generally, we expect buyers to prevail but before we project moon slings, bulls must first drive prices above 55 cents-60 cents buy trigger line marked by the 38.2 percent Fibonacci retracement level in line with our previous XRP/USD trade plan. Thereafter, first targets would be 80 cents and later $1.
XRP/USD Daily ChartHere, losses are moderate at five percent in the last day but still buyers are technically in charge.
This preview is purely from an effort versus result perspective and despite rejection of higher highs, the failure of price action to print a double bar bear rejection pattern after Nov 4 is an indication of underlying momentum.
Notice that prices are still oscillating inside Nov 4 high low and with supports at 50 cents we expect prices to find support. However, if there is a meltdown and XRP/USD prices close convincingly below 50 cents, we suggest taking a neutral stand.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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