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Latest Ripple News
Ripple as a company has a distributed ledger designed mainly for financial institutions. Their objective is to present—and demonstrate—and efficient solution that will ultimately convince bankers to shift away from the more dominant SWIFT Network.
Read: Ripple’s Xpring Starts Partnership With ex-President of BMG’s Raised in Space Enterprises
SWIFT, as we know has been around for the last four decades and along the way, they have picked along important lessons that make them a force they are. Despite their partnership with R3 through Corda Settler and rumors swirling around that they will eventually adopt XRP as they drive towards efficient, efficacy and instantaneous settlement, it is unlikely that they will do so.
Corda Settler can work on top of any payment layer and the same way they support XRP, Corda Settler can operate successfully with XLM for example. All the same, Ripple and SWIFT eventual integration—assuming there will be one, is good for the community and more so for XRP investors as more than 10,000 banks will all at once plugin and even use XRP for liquidity purpose.
Also Read: Why Decentralized Exchanges are the Answer to the Question of Privacy
However, we cannot hide our heads in the sand. There is a lot of criticism around XRP and whether it is necessary in the first place. This regulatory headwind is slowing down adoption of xRapid which in turn bogs demand, deflating prices.
XRP/USD Price Analysis
Prices are dumping and from the charts, it is clear that bears have an upper hand over XRP bulls. However, and as laid out in our previous XRP/USD price analysis, we shall maintain a bullish outlook as long as prices are trending above 30 cents. 30 cents mark the base of Jan 30, high volume bull bar and in an otherwise bullish trend guided by events of Sep 2018, XRP is at a cusp of a complete capitulation unless of course there is an intervention.
Technically, and to reiterate–bulls are in charge—when we analyze price action from an effort versus result point of view but for risk off traders to initiate longs in the direction of Jan 30, there must be high volume breaks and close above Jan 30 highs at around 32 cents. That may print out, fading current bears who despite pressing the sell pedal are literally struggling to reverse gains of Jan 30—advising our position.
Moving on, we recommend patience until after there are gains above the 38.2 percent Fibonacci retracement level of Dec 2018 high low at 34 cents. Bear momentum that causes prices to slide below 30 cents means we shall flock to stable coins and wait for better entry positions above 34 cents.
All Charts Courtesy of Trading View–BitFinex
Disclaimer: Opinions are those of the author. Do your Research.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.