Latest Ripple [XRP] News
Thing is, Ripple—the company– has never shied from away from letting the world know of their ambitions. Their vision-mission statement states that their ultimate objective is to provide financial and other large institutions a gate-away where they can easily transact, process and efficiently move funds without committing large sums via nostro accounts. The elimination of huge capital requirements gives them an edge over other platforms.
What’s more? Ripple, company executives argue, is a digital and a largely revamped version of the 45-year-old SWIFT. The latter–though dominant and improving as they bid to protect their turf–remain expensive with high latency.
Unlike SWIFT, Ripple is always fronting new solutions, striking new partnership and looking into the future by sponsoring education initiatives—like their recent partnership with Tsinghua University’s the Institute for Fintech Research (THUIFR).
Encouragingly, their efforts are paying off dividends. In less than three months, the number of firms and payment processors using xRapid—a solution that leverage XRP shot from three–MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union to 12. Add that to the 200 banks that are currently plugged in to the RippleNet and it is not hard to see why the demand for Ripple’s solutions will continue to inch higher as banks—and clients—demand for better, fluid and efficient services.
At spot prices, the path of least resistance is well-defined: southwards. Sellers, despite our optimism—in the short term—have an upper hand against bulls. As we can draw from the daily chart, the slide that began late in the first week of Jan did build up, creating a platform for liquidation. At spot prices, gains of mid-Dec have been recouped.
From previous Ripple analysis, 30 cents is an important support line and if there is a confirmation whereby a whole bar close below this level, then we might end up seeing an ecstatic drawdown with prices retesting Sep 2018 lows in no time. Before then, the simplest approach is to maintain caution and risk-averse traders can hedge against stable coins in the meantime.
Meanwhile, the optimistic can stay on the sidelines until after there are strong gains above 34 cents—blasting the 50 percent Fibonacci retracement line of Dec 2018 highs low. All the same, it is an optimistic outlook and as sellers maraud, odds are XRP prices might retest 25 cents before they rise sharply, above 35 cents as risk-off traders are jolted back to action with first targets at 40 cents.
All Charts Courtesy of TradingView—BitFinex
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.