Ripple Price Analysis: Break Below $0.2900 Could Speed Up XRP Losses

Key Highlights

  • Ripple price seems to be struggling to clear the $0.3100 resistance area against the US dollar.
  • There is a key bearish trend line formed with resistance at $0.3025 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could decline heavily if there is a break below the $0.2900 and $0.2880 supports.

Ripple price is under pressure against the US Dollar and Bitcoin. XRP/USD failed to move past $0.3100 and now it could decline further towards $0.2650.

Ripple Price Analysis

There was a decent base formed near $0.2920 in ripple price against the US Dollar. The XRP/USD pair traded higher and broke the $0.3000 resistance area. However, buyers struggled to clear the $0.3090-0.3100 resistance. As a result, the price declined below $0.3020 and the 100 hourly simple moving average. The price retested the $0.2920 support area, which is currently protecting further losses.

An initial resistance is the $0.3000 level and the 23.6% Fib retracement level of the recent decline from the $.3090 high to $0.2924 low. The stated $0.3000 level also coincides with the 100 hourly SMA. Above $0.3000, there is a key bearish trend line formed with resistance at $0.3025 on the hourly chart of the XRP/USD pair. The trend line coincides with the 61.8% Fib retracement level of the recent decline from the $.3090 high to $0.2924 low. Therefore, the price is likely to struggle near $0.3000 and $0.3020 if it corrects higher. Above $0.3020, the next key resistance is at $0.3090-0.3100.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price remains at a risk of a sharp decline if there is a break below the $0.2900-0.2880 support area. The next main support below $0.2800 is near the $0.2650 level where buyers may emerge.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Level – $0.2900

Major Resistance Level – $0.3020

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Why Has Coinbase Not Added Ripple (XRP) Into Its Crypto Trading Platforms?

Just under a week back (on Dec 7), a spokesperson for Coinbase announced that his firm was looking to integrate a total of 31 different crypto assets onto their native exchange platform.

In this regard, one of the alt currencies that the platform was looking to incorporate was the XRP token (currently the world’s second most valuable crypto coin by total market cap).

Over the course of the past few months, the folks over at Coinbase have repeatedly expressed their desire to list XRP on their exchange-interface. However, it now appears as though many investors are not satisfied by the firm’s recent actions since they have time and again avoided listing XRP, even though they have added support for tokens like Decentraland (MANA) earlier this month.

So Why is Coinbase Not Listing XRP?

Some of our readers may remember that earlier this week, Coinbase VP, Dan Romero, stated in an interview that he wants his company to eventually list “90 percent of the world’s legally compliant assets” as long as they fulfill certain quality requirements.

Additionally, he also spoke about how in the near future Coinbase wants to provide people with a host of trading options (much like the way in which the conventional traditional stock market works).

Romero then went on to add:

“Our recent shift in strategy is really driven by customers. When we asked customers the number one thing they want, they told us it’s adding new cryptocurrencies to the platform. With a traditional stock exchange, they list everything above a certain quality bar. And ultimately investors and individuals make decisions on what to invest.”

More On The Matter

With Coinbase repeatedly claiming that its number one priority right now is to “add new and unique crypto assets” to its native platform, over the past month or so, there have been many investors who have questioned the inability of the exchange to add XRP (despite it being the second largest cryptocurrency in the world).

In this regard, this cautious approach taken by Coinbase could be due to a pending court case between Ripple Labs and a group of investors who are alleging that the asset is a ‘security’.

Also, on the matter, SEC chairman Jay Clayton said that the commission is still awaiting a decision on whether the Federal court deems XRP to be a security or not (so as to then take further action on the matter). On the aforementioned issue, Clayton went on to say:

“The question I get most frequently: ‘do you think XRP is a security?’ Unfortunately, I can’t answer without giving legal advice. Even if I could, I’d only be speculating about what a judge or jury may decide and what Ripple is willing to accept in a settlement. Just have to wait.”

Final Take

Till we hear more from the US federal court in relation to the above stated matter, it is quite safe to assume that we will not be seeing XRP on Coinbase anytime soon.

Ripple And Finablr’s UAE Exchange To Debut Blockchain Payments By Early 2019

Soon by the first quarter of the 2019, Asia may experience the cross-border payment settlement system. According to the local press, UAE Exchange is joining hands with U.S startup Ripple to offer cross-border remittances to Asia based on the blockchain. Promoth Manghat, executive director and chief executive at Finablr states;

“We expect to go live with Ripple by Q1, 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia.”

UAE Exchange Debuts RippleNet to Capture Asia’s market

Finablr is the key player in foreign exchange services where UAE exchange contributes as the networking company. However, the plan to offer cross-border payment solutions is not new, earlier in February 2018, UAE exchange has tied up with Ripple, focusing on future plan of getting into the core of blockchain. Moreover, the partnership intends to brand ‘UAE exchange’ as the sole and largest firm employing Ripple technology for international remittance.

Among the various products of Ripple, UAE exchange steps ahead with RippleNet. By employing RippleNet, it entered the row of 100+ Fintechs and banks to offer instant payment and transactions settlement.

UAE Exchange has been in a service of foreign exchange since 1980. Founded by B.R. Shetty, the firm is primarily headquartered in Abu Dhabi, UAE and observed how billions of funds transferred to Asia. Nevethless, an article notes that the roughly $613 billion sent in remittance in 2017 through various FX branches. Both, UAE Exchange and Ripple plan to grip up Asia’s market for remittance service by using blockchain technology.

UAE Exchange Plans to Progress Ahead of Blockchain Getting Into Mainstream

Though market appears with a lower volume since the later 2017, Finablr sees a huge potential and value in utilizing blockchain. Promoth Manghat, executive director and chief executive at Finablr aims to involve before it reaches mainstream; He said that;

“Blockchain holds tremendous promise for the industry but there is progress to be made before we see it go fully mainstream,”

He further aims to view how ripple works to boost ‘B2B solutions at Finablr’. Already in the year 2016, Finablr sets a target of investing $250million-$300million towards the expansion globally and a large amount of such target is already consumed. Manghat asserted that the firm has ‘ a strong pipeline’ now.

“Blockchain is one aspect we are looking at. We want to become the partner of choice for banks and technology companies and are looking at potential bolt-ons,” .

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Ripple Exec: Crypto Technology Needs Improvement Before Adoption

This year’s bear market has seen most of the top cryptocurrencies hemorrhage over 80% as they plummet from those lofty heights made almost a year ago. Some have fared better than others and Ripple’s XRP token has been one of them. Crypto technology, however, is still in need of vast improvement, at least according to the chief technology officer at the fintech firm.

Technology Before Adoption

Ripple has been one of the most pro-active blockchain companies during the downturn as it continues to sign up banking and finance partners to RippleNet and offer services based on XRP. The token itself may well be down 90% from its peak at over $3.50 but it has managed to usurp Ethereum and is now the second largest cryptocurrency on the planet.

Many have asserted that greater adoption will be the catalyst to reverse the trend and send crypto markets on the road to recovery. Ripple’s CTO, David Schwartz, however believes that the technology needs improving before that can happen.

The 2017 bull run saw crypto prices surge thousands of percent in a short space of time which led to their store of value being far greater than their potential for use. This catalyzed the inevitable selloff as adoption of a new method of money movement never actually happened.

According to Forbes some fear that the current problems cryptocurrencies face such as centralized exchanges, security and hacking concerns, and lack of regulation could put people off using them for their intended purpose.

“I don’t want the adoption to get ahead of the technology. It took a long time for the internet to get to the point where it was suitable for anybody to use it and you didn’t have to really understand the technology in great detail in order to be able to get it to work,” Schwartz said on a recent podcast.

Difficulties using cryptos such as setting up wallets and navigating often clunky exchanges may be holding back that adoption that the industry so badly needs. On the flip side, crypto offerings from the institutional heavyweights such as Bakkt and Fidelity could be the on-ramp for greater adoption.

True global adoption will only really take off when the volatility is tempered. Using a digital token to buy a coffee where the price can change by several percent by the time it is poured is not practical by any means.

 

Image from Shutterstock

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Ripple Price Analysis: Risk of Bounce Grows In XRP Above $0.3100

Key Highlights

  • Ripple price traded higher recently above the $0.3060 resistance against the US dollar.
  • This week’s important bearish trend line was breached with resistance at $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to climb higher above the $0.3090 and $0.3100 resistances in the near term.

Ripple price is showing a few positive signs against the US Dollar and Bitcoin. XRP/USD could dip slightly before an upward move towards the $0.3100 and $0.3150 levels.

Ripple Price Analysis

After forming a support near the $0.2920 level, ripple price traded higher against the US Dollar. The XRP/USD pair broke the $0.2980 and $0.3000 resistance levels to move into a positive zone. There was even a break above the 50% Fib retracement level of the last slide from the $0.3180 high to $0.2916 low. Moreover, there was a break above the $0.3060 resistance and the 100 hourly simple moving average.

Besides, this week’s important bearish trend line was breached with resistance at $0.2980 on the hourly chart of the XRP/USD pair. It cleared the path for more gains and the price traded close to the $0.3100 level. A high was formed at $0.3090 and later the price retreated lower. It recently traded below the 50% Fib retracement level of the recent wave from the $0.2916 low to $0.3090 high. On the downside, there are many supports near the $0.2980 and $0.2940 levels. Therefore, if the price dips from the current levels, it may find bids above $0.2920.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is likely to resume its upward move above $0.3060 as long as it is above $0.2920. The main resistance levels on the upside are $0.3090 and $0.3100, followed by the $0.3150 area.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD moved back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD just moved below the 50 level.

Major Support Level – $0.2920

Major Resistance Level – $0.3090

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South Korean Crypto Exchange Launches Ripple Powered Remittance Service

South Korea’s first blockchain powered remittance mobile app and web service will be launched this month by crypto exchange Coinone.

‘Cross’ For Faster and Cheaper Cross Border Remittances

The service, simply named Cross, will be launched by Coinone Transfer, a payments business and a subsidiary of the South Korean crypto exchange. The service aims to facilitate faster and cheaper remittances to Thailand and the Philippines. The official website claims that;

“Cross is the safest fintech remittance service that sends money all across the world,” adding that it is “licensed by the government and approved by financial institutions for its security.”

According to the company blog Cross will be using Ripple’s blockchain technology rather than banks or other traditional payment methods. There are plans to aggressively expand the service across Southeast Asia in the coming months by linking to members of RippleNet in order to streamline transactions between them. Partnerships have already been made with Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines.

The Thai banking partnership will allow anyone with a bank account in the country to access PromptPay which enables instant transactions.

South Korea has a huge immigrant worker population which has been estimated at around 2 million or roughly 3.4% of the entire population. Of that figure Thai workers make up over 150,000 people, the third largest immigrant group in the country, Filipinos account for almost 60,000.

Remittances in and out of South Korea are on the up, the World Bank estimated a figure of around $17 billion in 2017. Using traditional payment methods such as banks or PayPal can incur heavy losses due to fees and inflated foreign exchange rates. It is not practical to use any of the current options to send micro-payments due to the costs and lengthy transfer times. Hence the growing need for a reliable and secure remittances platform in the region.

The Association of South Eastern Asian Nations (ASEAN) region currently lacks such a service and Ripple have been making moves to increase the network of interlinked payment providers;

“In the past year, RippleNet has helped enable a multitude of new services aimed at addressing this problem, including a new “multi-hop” feature on RippleNet pioneered by SCB, access to Latam and Europe for InstaReM’s remittance customers across the region and The Japan Bank Consortium’s MoneyTap mobile app,” the post added.

While Ripple is a centralized company with a great deal of control over its own cryptocurrency, XRP, services like Cross are one step towards easier movement of money and one step away from banks and their ever increasing fees.

 

Image from Shutterstock

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Ripple Price Analysis: Break Above 100 SMA Could Push XRP Higher

Key Highlights

  • Ripple price declined recently and traded towards the $0.2910 level against the US dollar.
  • This week’s followed major bearish trend line is in place with resistance at $0.2975 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must break the $0.3000 resistance and the 100 hourly simple moving average to gain traction.

Ripple price remains in a bearish zone against the US Dollar and Bitcoin. XRP/USD might trade higher once there is a break above $0.3000 and the 100 hourly SMA.

Ripple Price Analysis

There was a slow and steady decline from the $0.3178 high in ripple price against the US Dollar. The XRP/USD pair declined and traded below the $0.3040 and $0.3000 support levels. A new intraday low was formed at $0.2912 and later the price corrected a few points. It moved above the $0.3000 level and the 100 hourly simple moving average. There was a break above the 23.6% Fib retracement level of the recent decline from the $0.3178 high to $0.2912 low.

However, buyers failed to clear the $0.3060 resistance. There was also no proper close above the $0.3000 level and the 100 hourly SMA. The price was rejected near the 50% Fib retracement level of the recent decline from the $0.3178 high to $0.2912 low. Moe importantly, this week’s followed major bearish trend line is in place with resistance at $0.2975 on the hourly chart of the XRP/USD pair. The pair is currently consolidating below $0.3000 and the trend line. A successful close above $0.3000, trend line, and the 100 hourly SMA is needed for a fresh upward move.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price could slide below $0.2912 and $0.2900 if buyers fail to push XRP above the 100 hourly SMA.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level.

Major Support Level – $0.2900

Major Resistance Level – $0.3040

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American Express Steps on xCurrent’s toes, Tested Ripple’s Latest Product

Ripple is getting a lot more hot these days. Reported recently, American Express or Amex employing xCurrent, one of Ripple’s products. Accordingly, the firm has already gone through the prior testing and satisfied with the positive outcome.

Amex Praises Ripple for Cross-Border Payments

Forbes earlier reported that the American Express which is the multinational financial service corporation is introducing Ripple blockchain for transferring the fund to businesses located in the UK. However, the firm has successfully completed its testing phase and unveiled Ripple’s potential for their international payments. At the Wings of Change Europe conference in Madrid, Amex’s general manager for the corporate payments, Carlos Carriedo claimed that they have partnered with Ripple and Santander, local Bank to streamline the international payment with Ripple’s technology.

In his own words,

“We did a pilot. We did a test, partnering with Santander locally, and with Ripple to just do cross-border transactions. Cross-border transactions continue to be complex and slow. And in a matter of seconds, through this test, our clients were able to transfer funds in a very transparent and seamless way, from one part of the world to the other one,”

xCurrent and Hype of Ripple’s Technology

xCurrent is a new enterprise software solution powered by Ripple to facilitate instant settlement of cross-border payments by the bank with real-time and end-to-end tracking. Despite the year-end crash in the cryptocurrency market, many firms and enthusiasts still see the potential of cryptocurrencies and their underlying technologies. In order to ensure the international payments would perform well with xCurrent’s implementation, Amex heavily invested in fintech research and development. According to Carlos Carriedo, Amex have ‘invested in a fintech lab based on blockchain technology’ which he adds

‘Just to understand how to leverage this better’

Ripple’s latest partnership and launch of various products have eventually raised the eyebrows of major market players and confidently urged founding members of Ripple to bet on its future expansion.

Furthermore, Amex’s FX International Payments (FXIP) partnership with ripple and Santander designed to provide real-time, trackable non-card payments from the US to Britain.

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Coinbase Exploring Support for 31 More Crypto Assets, Ripple Included

Coinbase has announced that is exploring an additional 29 cryptocurrencies including Ripple, in addition to the previously announced Cardano and Stellar, bringing the total coins the firm is exploring to 31 in total.

Coinbase Explores 29 More Altcoins In Addition to Cardano and Stellar

Back in September, Coinbase announced its ambitious goal to “rapidly list” any “digital assets that are compliant with local law.” Now, the San Francisco-based cryptocurrency giant is staying true to that word and has revealed a variety of new altcoins that the firm is “exploring” support for to potentially list in the future.

Related Reading | Coinbase To Be Valued at $8 Billion After $500M Investment

While Coinbase is quick to point out that they “cannot guarantee” all of the assets will eventually be listed for trading on Coinbase and Coinbase Pro, the current crypto kingpin aims to offer its clients “access to greater than 90% of all compliant digital assets by market cap,” starting with the following altcoins:

  • Cardano (ADA)
  • Aeternity (AE)
  • Aragon (ANT)
  • Bread Wallet (BRD)
  • Civic (CVC)
  • Dai (DAI)
  • district0x (DNT)
  • EnjinCoin (ENJ)
  • EOS (EOS)
  • Golem Network (GNT)
  • IOST (IOST)
  • Kin (KIN)
  • Kyber Network (KNC)
  • ChainLink (LINK)
  • Loom Network (LOOM)
  • Loopring (LRC)
  • Decentraland (MANA)
  • Mainframe (MFT)
  • Maker (MKR)
  • NEO (NEO)
  • OmiseGo (OMG)
  • Po.et (POE)
  • QuarkChain (QKC)
  • Augur (REP)
  • Request Network (REQ)
  • Status (SNT)
  • Storj (STORJ)
  • Stellar (XLM)
  • Ripple (XRP)
  • Tezos (XTZ)
  • Zilliqa (ZIL)

Seeking to curb any rumors before they start to fester, Coinbase cautions that “customers may see public-facing APIs and other signs that we are conducting engineering work to potentially support these assets,” and that these signs shouldn’t be taken as confirmation that any assets are being listed, and that Coinbase will provide updates through its official channels.

Coinbase also says to expect “similar announcements about exploring the addition of multiple assets” in the future. The last time Coinbase revealed a list of altcoins they were exploring, it was a batch of five altcoins including Basic Attention Token (BAT), Cardano (ADA), 0x (ZRX), Stellar (XLM), and ZCash (ZEC). Of those five, Coinbase has listed three, starting with 0x, followed by BAT, and most recently Zcash.

XRP May Finally Be Listed on Coinbase

Of the list of new tokens, among the most interesting inclusions is Ripple’s XRP token. Coinbase has long listed many of the tokens in the top ten cryptocurrencies by market cap, but have oddly omitted the current number two crypto, Ripple. Speculators suggest that Coinbase may have avoided listing XRP over concerns it may not be sufficiently centralized, which could make it a security under U.S. law.

Related Reading | Ripple Rumors on Coinbase Swell

Back in April, anonymous sources claimed that Ripple had offered to lend Coinbase $100 million in XRP tokens to let users begin trading the asset, and were even willing to allow Coinbase to pay back the loan in dollars, letting Coinbase profit on the loan if the value of Ripple increased.

Given Coinbase’s full compliance with U.S. regulators, should XRP be listed it could be viewed as a green light for investors to safely hold the asset without fear of it being deemed a security.

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“This is my third crash in crypto-market, and I am not phased by it”- Ripple’s Asheesh Birla

In an interview with PCMag media, Asheesh Birla, Senior VP of Ripple’s Product Management discussed the cryptocurrency mechanism. We have seen that Ripple is constantly on its way to building on-demand decentralized products such as xRapid, xCurrent, xVia, RippleNet and more. During the discussion, Asheesh heads up explaining the difference between cryptocurrency and blockchain. He began talking about the cryptocurrency regulation, the goal of Ripple’s cross-border payments along with the future of decentralized apps.

Ripple’s Price Factor

Since the bear market battle between XRP and ETH has taken place several times these days, Asheesh Birla’s first talk began with the question regarding factors affecting the price of Ripple’s day-to-day operations. He said that they don’t think about the day-to-day price factor rather looking at the longer market term. As Ripple’s principal, he advises the other crypto project must think about the long-term than considering the market for day-day volatility.

He explains that;

This is my third crash now in the crypto-market, and I am not phased by it. The flip side is that sometimes you crash and take out all the folks who are not focused on solving real problems and real use cases. And, I think you are going to see some really interesting companies come out of this next downturn.

Blockchain Projects Are More likely Built on Google Sheet

He strongly believes in the volume and liquidity to make the digital app noticeable. During the talk about how blockchain companies separating the coins from technology, he explains that the key of blockchain is to provide a 10x better experience and if not ‘do not use blockchain’ he advised. Moreover, he argued that some of the projects that claimed to be on blockchain technology are not essentially working on it. Rather, projects like blockchain tourism appear as Google Sheets and ‘not a sophisticated decentralized blockchain database’ he said.

So that’s been the frustrating part. When prices are climbing, people are using it as marketing either to get funding or to get rid of [their coins].

On questioning blockchain beyond Google sheet and database and his view about the Ripple’s widely deployed blockchain App, he points the high fees charged by Citi Bank, JP Morgan and HSBC for cross-border transactions. He emphasized, Ripple’s underlying technology can work cross-border ‘without friction and without permission’ and criticized these banks, stating;

Today, if you want to money across borders, you are essentially trusting Citi Bank, JPMorgan, or HSBC. Those three banks control most of the cross-border flow. Either directly or indirectly, you are going to trust those three companies to move money on your behalf and they charge whatever fees they want. If they don’t care about the emerging market or the other firms then expense just goes up and up and up.

Trends and Potentials for Ripple & Blockchain in Southeast Asia

In his view, Southeast Asia with friendly regulation knows the value and potentials of blockchain technology. He compared the growth of blockchain with the trend of cell phones and mobile devices. Moreover, he pointed that instead of 1950’s wire technology or SWIFT, ‘we are going to use blockchain’. Nevertheless, According to Asheesh, there is 80 percent of trading traffic that comes from Asia which he thunks three factors that derive the trend;

  • The regulators are really friendly
  • These economies’ GDP is growing at 7-8 percent a year
  • They are going from cash to digital via mobile payment at a crazy clip

Ripple is focusing the countries like India to make overseas bank transfer easily. Accordingly, he said Ripple’s regulatory crew is closely working to build the progress where Indians can connect their bank account directly via their phones and access them. Moreover, Ripple’s aim in India is to educate regulators about the fundamental and potential of blockchain to move money.

Ripple in 2019 is closely analyzing the companies that build an app on top of XRP. He points out few of the firms powered by XRP ledger including Ripple for cross-border payment, Coil using XRP ledger for micropayments, Omni employing XRP Ledger for renting and storage.

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