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XRP Price Holds Steady as Key Ripple Partner Enters China

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The value of XRP jumped in early-morning amid news that Ripple, the cryptocurrency’s parent company, was making inroads into the Chinese market through a pair of local partners. Although gains have since dissipated, the third-largest cryptocurrency by market capitalization continues to trade well above a key psychological threshold.

XRP/USD Update

The XRP price reached a high of $0.5349 on Tuesday, according to Bitfinex. At the time of writing, XRP was trading hands at $0.5293 for a gain of 1%. On CoinMarketCap, XRP is reported to have reached a high of $0.5255 late Monday before falling through the overnight session.

XRP is likely to face resistance near $0.5500, which represents the high from last week. Over that period, trade volumes have dropped by more than half to $626 million, according to CoinMarketCap.

At the height of Tuesday’s rally, XRP had a total market capitalization of around $21.1 billion, putting it just below Ethereum, which is currently valued around $21.5 billion.

The biggest markets for XRP trades are ZB.com, ZBG and Bitbank; combined, they processed nearly 40% of transactions on Tuesday.

XRP Value Drivers

Ripple’s global expansion has achieved a major milestone after Chinese authorities granted American Express, one of the company’s biggest partners, entry to the domestic payment market. China has reportedly given the greenlight to AmEx, an international payment platform, to begin servicing the nation’s e-commerce market. Ripple partnered with AmEx last year in a new initiative aimed to streamline payment processing for small- and medium-sized enterprises.

Interestingly, AmEx’s entry into the Chinese market must go through a gatekeeper called LianLian Group, which settles transactions through the government-controlled UnionPay. LianLian Group is already partnered with Ripple and is using the company’s technology to process domestic e-commerce transactions domestically.

The so-called banker’s cryptocurrency has been the recipient of positive news flow in recent months pointing to wider mainstream adoption of Ripple’s technology. As Hacked reported three days ago, Japan’s largest bank, MUFG, is collaborating with Brazil’s Banco Bradesco to leverage Ripple technology for cross-border payments between the two countries.

Speculation concerning XRP’s possible listing on Coinbase has also made headlines amid efforts by Ripple’s lawyers to move a securities lawsuit to federal courts. Records obtained from the Northern District of California confirm that the San Francisco-base company has filed an application to move its securities lawsuit from state to federal level, which would allow Ripple’s lawyers to prove definitively that XRP is not a security.

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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4.7 stars on average, based on 772 rated postsChief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi




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XRP Price Analysis: Explosive Breakout from Pennant Confirmed; SBI Holdings CEO Bullish on XRP

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  • XRP/USD is enjoying three consecutive sessions of gains, having jumped around 17%.
  • SBI Holdings CEO believes XRP market capitalization will be higher than bitcoin’s.

Ripple’s XRP price has been enjoying a decent move to the north over the past few sessions, as life flows back into the bulls. XRP/USD is currently running at a third consecutive session in the green, having gained around 17% within this period. The explosion of buying pressure came after the price managed to escape a bullish pennant pattern.

XRP/USD: Price Recap

XRP/USD had initially been cooling since the big bull run at the back end of 2018. The price rallied on 24th December up to a high of around $0.4670, before quickly losing upside momentum. It was then forced to trade within the confinements of a descending wedge pattern. XRP lost over 30% in value before it was able to break out from the wedge.

On 8th February a chunky push higher from the bulls was observed, resulting in a breach of the upper acting trend line. XRP/USD jumped around 10% on this day but then eased south to retest the trend line for a few sessions. During the cooling period, price action has formed a pennant structure which saw an eventual big breakout to the upside, as described earlier.

SBI Holdings CEO Bullish on XRP

The SBI Holdings CEO, Yoshitaka Kitao, was recently speaking on XRP and said this year is a significant one for the so-called banker’s cryptocurrency. He believes that the market capitalization of XRP is likely to dwarf bitcoin’s at some point in the future. Kitao has firm belief in the future sucess of XRP and can see it being adopted on a global scale. He was quoted saying:

“Because XRP is already beginning to become international, xRapid will be used for fund transfers in 2019. By increasing the so-called XRP’s plastic use, we anticipate that the XRP market capitalization will easily exceed the market capitalization of bitcoin.”

SBI has many joint ventures set up with Ripple across the blockchain industry; it’s therefore not too surprising to see such comments. The organization will also be launching its very own cryptocurrency exchange called VCTRADE, scheduled for March. Deposits and withdrawals for bitcoin, XRP, and Ethereum (ETH) are already available on the platform.

Technical Review – XRP/USD

XRP/USD daily chart.

Given current upside, eyes must now be on the next likely barriers of resistance for the bulls. A supply area noted from $0.3450 up to $0.3600 is the next target; XRP has not traded comfortably above this region since 10th January. A break above this zone should put the bulls in an excellent position to retest the $0.4000 area. On several occasions, this price territory has caused issues for the bulls in their attempts to push further north. In terms of support, this is seen back down at the psychological $0.3000 mark. If that fails to hold, then there is a demand which runs from $0.3000 down to $0.2500.

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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4.6 stars on average, based on 124 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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XRP Price Analysis: XRP/USD Could be in Serious Trouble as Test of Major Support Back in Play

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  • Ripple’s XRP price is seen trading marginally in negative territory towards the latter part of Friday, with XRP/USD heading for a weekly closure in the red.
  • Ripple has announced a newly improved XRP Ledger 1.2.0 for improved censorship resistance.

XRP/USD: Recent Price Behaviour

Ripple’s XRP price continues to cool, running towards is a third consecutive session in the red as the bulls fail to sustain any upside. XRP/USD has dropped more than 5% over the mentioned period, with the bears set to the test the big psychological $0.3000 mark once again. The price had not traded below this area since 8th February, when it received a chunky amount of buying pressure.

Ripple Announces Newly Improved XRP Ledger 1.2.0

Ripple, the San-Francisco-based blockchain startup, released an updated version of its XRP ledger 1.2.0. The update is expected to significantly improve user experience, in addition to expanding upon the range of services within its offering.

Details provided by the Ripple team suggest that this update has seen its resistance to censorship improve. In other words, a single entity will not be able to decide success or fail. No one will have the ability to alter any transaction once added to the ledger.

Moreover, the upgrade has introduced the MultiSignReserve amendment. Ripple has further streamlined the process, reducing the number of barriers for those involved in signing the transactions. The amendment will now allow just a reverse of 5 XRP, in comparison to the prior of between 15-50 XRP.

The blockchain startup has also announced a bounty program, inviting developers to review their updates in the new version. Should any vulnerabilities or errors be detected, Ripple will reward those who communicate such to them.

Users of the ledger should update to the latest version before 27th February 2019. It is critical that users complete the upgrade, as the server will not be able to determine the authenticity of the ledger. Without the upgrade, transactions will not process and cannot be submitted.

Technical Review – XRP/USD

XRP/USD daily chart.

Last week, the XRP/USD bulls managed significant double-digit gains of around 11%, breaking out of a descending wedge pattern formation. The bearish structure had contained price action since the back-end of December 2018. It was forced to drop around 30% while moving within this wedge after such a promising initial recovery started from the middle of December.

In terms of support to the downside, eyes will be on a retest of the upper part of the wedge pattern. It can be seen tracking around the high-mid $0.28000 region. A significant buying area is also in proximity, ranging from $0.3000 to $0.2500; an area that has on several occasions proven to attract decent sized buyers. Any failure of this providing necessary comfort will expose $0.2000 as the next target.

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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4.6 stars on average, based on 124 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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XRP Price Analysis: XRP/USD Breakout Out is Now Retesting Wedge Pattern Formation

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  • UAE Exchange and Unimoni joins the ever-growing list of institutions to leverage Ripple technology.
  • XRP/USD broke out and is now retesting a wedge pattern formation.

Recent Price Behavior

XRP/USD has been cooling of late, with the past three sessions having closed in the red. This comes after the bulls failed to sustain the big chunky upside momentum, which was seen on 8th February. The price had jumped around 10%, where it saw a daily close above a descending wedge formation.

The bears are pushing the price once again towards a large area known to attract big buyers. This can be observed around the $0.3000 mark, tracking right down to $0.2500. As seen on several occasions in 2018, big bull momentum has come into play from these levels.

Ripple Payment Network Adds UAE Exchange and Unimoni

Additional payments institutions will be leveraging Ripple’s blockchain technology, as per the latest announcements. This time the news comes from the United Arab Emirates, where Finablr, a global payments platform and foreign exchange organization, has announced it will be partnering with Ripple.

In a press release on Monday, Finablr detailed that its network brands and UAE exchange Unimoni will be joining RippleNet, where they will leverage blockchain technology to power real-time transactions to Thailand.

Furthermore, the UAE based payments company noted that it is looking to expand on its services to other countries in the future. Other than UAE Exchange and Unimoni, Finablr also owns the likes of Travelex, Xpress Money, Remit2India Ditto and Swych. They will be keen to leverage blockchain technology across some of their services too, according to the company’s announcement.

The Finablr CEO Promoth Manghat commented on the newly released details to use Ripple technology. He said, “The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience.”

Technical Review – XRP/USD

XRP/USD daily chart.

XRP/USD is currently in the state of easing to the south. It is currently playing out to the textbook with the breakout and retest of the wedge pattern formation. If the upper part of the breached wedge is able to hold and withstand the bearish momentum, then a greater wave of buying could be seen.

The upper trend line of the wedge can be observed tracking at the big psychological $0.3000 price mark. This coincides with the big demand area as previously noted, which is seen from $0.3000 down to $0.2500 initially. Should the above-detailed support hold, then the first target area for the bulls will likely be $0.3500.

Looking further to the north, a chunky amount of supply can be seen within the $0.4000 price region. XRP/USD has faltered here on countless occasions, as it is an area that has notoriously plagued the bulls from greater upside. Breaking down this zone is the major key for a reclaim of the big $0.5000 level. The price has not traded up at these heights since 20th November 2018.

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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4.6 stars on average, based on 124 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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Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

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