Ripple Sees Another Partner Joining RippleNet, XRP/USD Itching for a Breakout

  • Amore Finance is the latest company to join RippleNet for its cross-boarder payments.
  • Google product lead manager leaves the tech giant for the world of blockchain, joining Ripple. 

The Ripple Partnership List Continues to Grow

Ripple continues to add to their ever-growing list of partnerships, after it was reported Amore Finance as the latest company to join RippleNet. They are based in Prague, Czech Republic, offering a wide range of banking solutions for different expanding not sized companies. Amore Finance’s intentione on joining RippleNet are for further growth and to expand on their infrastructure for facilitating cross-border payments at a low cost. In terms of which software solution that will be used by Amore Finance, as in xRapid with XRP or xCurrent, that will be announced in the next few days.

RippleNet is a network of institutional payment-providers, including banks as well as money services businesses. They take advantage of solutions that are developed by Ripple, facilitating friction-less experience sending funds globally.

Key Google Player Switches Sides for Ripple

A lead product manager from Google, Amir Sarhangi, will be leaving the bellwether tech giant for a move to Ripple, launching him into the blockchain-sphere. At Google, Sarhingi was vital in the launch of the company’s RCS, which was a wireless messaging system. He will now be the new vice president of products at Ripple.  It is reported that he will be focusing on the development and management of RippleNet.

Ripple Updates Endlessly Flowing

Over the past few months, it is clear to see how much of a large effort the Ripple company is making for mass adoption. The phrase ‘mass adoption’ is thrown around quite often. However, the developments of late back that up for Ripple and its native token XRP. It appears the company have slowed down on simply just giving tons of XRP away in hope that people will begin using it. Their strategy from this has shifted somewhat. The token sales from their latest Q3 sales report demonstrate the growing adoption.

Technical Review – 4-hour Chart

XRP/USD 4-hour chart

The bulls continue to penetrate the upper resistance of the previously mentioned bull flag formation for XRP/USD. It doesn’t appear if, but when the extended move to the north takes place. The 16 days of consolidation appear to be very much numbered now, following the large spikes on 15th October.

Upside resistance is seen immediately just around the $0.4650 area, the above trend line. Given the continuous testing of this, it is making it extremely vulnerable to a breach. Eyes will then be on a quick reclaim of the $0.5000 mark. Then going by the length of the pole for the bull flag and also historically, there isn’t too much in the way of $0.6000 coming back into play. Elsewhere, support remains solid at the $0.4400 territory, down to $0.4350, a demand zone.

Lastly, it is quite interesting to note how much volumes have decreased. Just looking at this month alone, after the big spike on 15th October, volume is practically non-existent. This is in comparison to even observing just the first half of October. Volumes then, were considerably higher than current levels.

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.

Ken 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.