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Ripple Effect: XRP Leads Market Higher with Double-Digit Gains

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The third biggest cryptocurrency XRP is leading the market higher today, having risen by 16.5% in the last 24 hours. XRP currently boasts a market cap of more than $14.7 billion on trading volume of $541 million, adding to much-needed gains the coin already achieved in recent days.

The XRP coin, whose majority holder is blockchain payments startup Ripple, has added nearly 30% to its value over the past week. Most of the trading is unfolding on ZB.com, where volume is nearing $75 million. Other active exchanges for the coin include Bitbank, Huobi and Bitfinex.

Source: TradingVIew

Ripple Effect

The increase in the XRP price is a welcome sign to investors in the No. 3 cryptocurrency after a disappointing summer. For instance, between June and August, the XRP price was slashed in half from the $0.60 range to the $0.30 range.

The sudden surge in price is akin to the performance in similarly battered crypto Ethereum, which after being stuck below $200 for weeks, suddenly skyrocketed 8% on Tuesday to about $211 which is where the price remains as it faces resistance at $212. XRP’s price spike was similarly sudden and reflects a more positive tone that’s permeating the broader crypto market.

Besides the unpredictable nature of crypto prices, there were a couple of drivers of the XRP price of late, most notably the timing of Ripple execs touting the release of the commercial iteration of its XRP-fueled product, xRapid expected in October. Also in the spotlight is RippleNet, where global adoption has been robust. There was a time that the market ignored positive developments like these, but the timing of the Ripple executives making the media rounds and the shift in sentiment in the broader market has put wind in XRP’s sails.

Meanwhile, Ripple’s ability to ink a partnership with a brand like PNC bank isn’t hurting, either. A PNC division plans to integrate Ripple’s xCurrent for international payments. Despite the fact the XRP isn’t involved in that collaboration, it’s the start of a relationship that could develop further down the line. Regulatory hurdles are preventing banks from engaging in cryptocurrencies like XRP as much as they’d like to, based on anecdotal evidence.

Final Stretch

September is looking up for the broader cryptocurrency market, with trading volumes on the rise and bitcoin’s dominance falling slightly to below 55%. Investors are gearing up for what is predicted by market strategists and technical signals alike to be a strong final quarter of the year for crypto prices.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 70 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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Ripple

Ripple: Moving Toward Mass Acceptance

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In the interest of full disclosure, I own nary a drop of XRP.  However on nearly a daily basis the question comes to mind: why not? Part of the resistance comes from my grudging respect for technical analysis.  

In other words, the price action of XRP is hardly inspiring. The fact that Ripple was one of the worst performing cryptos this year falling over 90% doesn’t help.  But you can’t blame just one crypto for the sins of everyone.

The Ripple story of being part crypto, part closely controlled company with cofounder Jed McCaleb selling billions of XRP tokens isn’t exactly news, so one can assume those investors who were offended by these issues either sold their XRP or never got involved in the first place.

What is the most irritating point is how poorly XRP is performing in the face of the recent steady supply of favorable news. Here are two data points that tell the story.  On September 25, XRP was trading around $0.53. At the time of this writing, the price was $0.47, a drop of over 11% in just under a month. During the same period Bitcoin prices fell also but just 2%.

We could have picked other cryptos to compare but because these two are so suited as a method of exchange as well as a storehouse of value, not to mention they are both among the most highly valued cryptos, they make for a suitable comparison. The point here is that in the last few weeks XRP has been blessed with favorable news and yet cannot seem to convert this to better investment performance.

Swell 2018: A News Bonanza

On October 1-2, Ripple hosted the SWELL event in San Francisco, CA. The event was meant to connect the world’s leading experts in policy, payments and technology.

The event was packed with political literati including former President Clinton.  When you consider that a keynote address from Clinton could cost Ripple well over $100,000 why would they waste his star power on simple chit chat? Here are the headlines taken directly from the Ripple website.

Day one featured Ripple news: xRapid is commercially available and will go into production with three financial institutions. This is very positive news.

On day two, Ripple released the first Blockchain in Payments Report during the keynote session featuring Chief Market Strategist Cory Johnson alongside Celent Senor Analyst Alenka Grealish. Key among the findings: mainstream blockchain adoption is at an important tipping point. This was less important the xRapid but still a headline maker.

By October 3rd, the day after concluding the Swell event, XRP price dropped 6%. It is possible XRP investors anticipated the event by buying in advance of the conference but the evidence isn’t exactly compelling.

XRP Preferred By A Landslide

If good news for Ripple is bad news for XRP, consider this. According to today’s CryptoGlobe, a recently released survey by the firm AEVI, XRP is the favored crypto among mass users.  It is safe to assume that respondents to the survey are Fintech aficionados, which means the results may not be completely reflective of the population in general.

Participants in the survey were asked to choose a single form of payment for their expenses. A surprising  81% of respondents said they would use XRP, 10% preferred BTC, 6% said they’d use LTC, and only 3% wanted to use ETH for daily purchases.

Whenever findings like these are announced, you have to scrutinize the results closely but even if you heavily discount the findings they still provide some potent headlines. These days the size of the headlines often carry more weight in setting crypto prices than longer term fundamentals. This however does not appear to apply to Ripple.

As I admitted at the start, I do not own a single XRP and no one is paying me to promote any crypto.  But once I figure out why good news for Ripple is bad news for XRP, I might just be inclined to take the plunge.  

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 114 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




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Analysis

Ripple Price Analysis: XRP/USD Subject to Pullback Before Another Surge; More Partners Added to xRapid and RippleNet

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  • Ripple continue to add new partnerships for both xRapid and RippleNet.
  • XRP/USD subject to a near-term pullback, ahead of any firm committed upside move.

Ripple adds Viamericas to xRapid Solution

The Ripple foundation have been extremely busy, since the official launch of xRapid earlier in the month. Viamericas, who are a “licensed money transmitter offering international money transfer.” They cover over 76,000 locations in 29 countries. Viamericas is the latest to be added to Ripple’s xRapid.

Last month, Ripple held a two-day the Swell Conference. This is where Ripple’s CEO Brad Garlinghouse unveiled xRapid. Furthermore, at the time he covered that Ripple has partnered xRapid with three firms already, Cuallix, Mercury FX, and Catalyst.

UK E-Money Firm Moneynetint Joins RippleNet

Moneynetint are the latest company to join RippleNet, after recently completing integration. The business is a UK e-money institution. They facilitate in cross-border money transfers and currency exchange for corporate and private clients globally. As a result, The CEO of Moneynetint Yishay Trif, CEO commented, “The cooperation signed with Ripple is part of the company’s strategic move to advance into innovative areas of the payments industry. To become a groundbreaking institution in the field”.

Furthermore, direct commentary from Ripple, their director of account management. Nadeem Ladki, director, added, “by leveraging Ripple’s blockchain technology, Moneynetint will now be able to simplify and reduce the FX conversion rates for their customers, Increase the speed of settlement and offer services to new markets, that would otherwise have been too difficult or too costly to reach in the past.”

Technical Review – 4-hour Chart

XRPUSD 4-hour chart

XRP/USD has been attempting a break-down of a stubborn supply area observed from $0.4800-0.5000 region. The price for now continues to face rejections. After going through a period of high volatility, XRP/USD managed to find stability. This resulted in it grinding higher within a small ascending wedge pattern, which consequently has seen a breach. Even more, looking at playing out to the textbook with a breakout south.

The below demand area will be in focus, seen within the $0.4500-0.4350 territory. If near-term downside momentum is maintains its current course, the broken descending channel will be eyed. Finally, this support could likely be seen at $0.3900, just on top of the channel.

Technical Review – Daily Chart

XRP/USD daily chart

Looking for the daily view, the significance of the mentioned above supply and below demand areas are evident. Between the period of July – August, the price was swinging between these zones. The range was narrowing. This saw an eventual breakout south from the demand area, $0.4500-0.4350. As a result, XRP/USD went on to drop almost 80% down to a low of around $0.2445, on the 14th August.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 33 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Ripple Price Analysis: XRP/USD Shoots Higher For Further Correction, Trump Administration Discuss XRP

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  • Ripple has been in regular discussions with the Trump administration on XRP and other cryptos.
  • XRP/USD receives a strong bid on Monday, making another attempt at correcting the heavy drop. 

XRP Discussions with Trump Administration

Ripple’s chief marketing strategist Cory Johnson, in an interview, revealed Ripple has been discussing XRP with the Trump administration. He mentioned how the White House are conducting much research on cryptocurrencies. The Trump administration were also looking into the large amount of mining in China.

Cory Johnson said “There’s clearly a lot of homework going on. The White House in particular seems to be thinking about what it means to have 80% of bitcoin mining taking place in China. In addition to a majority of Ether mining taking place in China. When you look at XRP, there is no mining. From a foreign-control aspect or from an environmental aspect, XRP is a very different beast. And in conversations we’ve had with the administration, they seem to get that and think that might matter.”

The Ripple chief marketing strategist made it clear these discussions are not just a one off. They appear to be a regular occurrence, with the Trump administration. He said “we’re in regular talks throughout Washington, and we meet with regulators as well as politicians. We’ve got a whole team that’s devoted to doing that, not just in the U.S., but worldwide.”

SEC Awaited XRP Verdict

Ripple and its team have been working hard, given some of the external market pressures and trying to make it clear that Ripple and XRP are separate. In other words, they are keen to avoid being considered as a security, by the U.S. Securities and Exchange Commission (SEC).

Towards the end of the interview with Cory Johnson, he was questioned on whether the SEC were likely to give a verdict on XRP. He stated, “I think it’s possible the answer is never. I don’t know that the SEC wants to be in a position to have to comment on every single cryptocurrency or digital asset created and issue a ruling about it. I don’t know if they like what they did with bitcoin and Ether. “

Technical Review – 4-hour Chart View

XRP/USD 4-hour chart

XRP/USD has caught a strong bid on Monday. The price looking to make a decent recovery, following the heavy selling pressure seen last week on 11th October. XRP/USD had attempted an immediate response on 12th October, to the drop, however it was knocked back south. The bulls were initially driving the price higher, before running into sellers within the $0.4700 territory. It was also rejected by a descending line of resistance. This had been in play since 30th September, during a firm bear market. Under its dictation, XRP/USD was forced to fall over 39%, in each attempt to break above, sellers pilled in with some force.

Given the recent bullish momentum, eyes will be on to see how the psychological $0.5000 is dealt with. A key will be to see a daily close above.  The price was seen trading here on 8th October. Further north, there isn’t much in the way of reclaiming $0.6000 territory. However, worth noting the heavy supply zone which is seen tracking from $0.6000-0.6300. The price having faltered here on 21-22 September and 30th September. In terms of support, this is eyed back above the broken descending trend line, sitting at $0.4000. Further south, the low area between 11-12 October, $0.3780.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 33 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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