RippleNet and Progress made
With Ripple Inc., adopting firms, and especially banks, can move funds cheaply and instantaneously to all corners of the world. This is enabled by XRP, the native currency of the Ripple Ledger, an open source network from where RippleNet products are built on. Ripple offers three main solutions: xRapid, xCurrent and xVia. All of them are part of the RippleNet suite but the adoption of xCurrent leads.
It was the first solution to be popularized by the company and through it, banks and financial institutions can send end to end encrypted messages. Good news is that should a firm want to upgrade and incorporate xRapid, they can. The option utilize XRP for cheap, cost cutting transfer of money.
Ripple mentioned in a BBC Program
For Ripple achievement, the possibilities offered was mentioned by Curve’s COO Nathalie Oestmann. During a session in the BBC, she mentioned XRP and the benefits has it for fostering economic growth. Since financial transactions in the traditional finance setup can take hours to days, its effects can be far reaching. Talking of Ripple Inc.’s efficiency, she said:
“They’re producing commercial opportunities for companies to do cross-border exchange, removing the multiple-day process by using cryptocurrency. Cryptocurrencies are unproven and nonvolatile, though central banks are starting to look at this.”
XRP/USD Price Analysis
Judging from price action, it is evident that cryptocurrencies across the board had a tough week. XRP, the third most valuable coin by market cap, is under immense pressure and is back in red across most leading time frames. Week-to-date, XRP Price it is down 2.3% against the USD, and 4.2 and 4.4% respectively against BTC and ETH respectively.
Since XRP is trading within a bear breakout pattern against the greenback following Nov 22 close below the main support line at the 23-25 cents zone. There could have been some climactic efforts on Nov 25 resulting in an inverted hammer and a three-bar bullish reversal pattern where bulls flew in, supporting prices.
However, the failure of bulls to edge higher, and comprehensively close above 23-25 cents resistance could mark the end of a retest and the resumption of sellers if prices close below Nov 25 close of around 17-20 cents. For buyers to be firmly in control, then there must be a sharp, high volume close above Nov 22 highs.
In that case, traders can buy the dips with the first target at 30 cents. On the flip side, steep losses below 20 cents with high participation could see XRP sink to new 2019 lows and possibly to 2017 lows of 12 cents.
Chart courtesy of Trading View – Bitfinex
Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk. Do your research.