Connect with us

#Ripple

Trading Signals for XRP: October 12

Published

on

The relative strength index (RSI) is in the oversold region with it signal pointing up suggesting upward momentum as the bulls return to the market XRP

Dominant bias for RIPPLE (XRP) – Bearish

Resistance Levels – 0.5000 $0.5500, $0.6000

Support Level – $0.3500, $0.3000. $0.2500

 

Ripple’s journey to the south started on 30th September. It got a final confirmation today. The break of the 200 exponential moving average by a large bearish engulfing candle gave credence to the bears’ journey. Pullbacks to the resistance area after each drop in price occurred until the break of the 200 EMA. These are necessary for the market correction.

 

XRP 12 Oct

XRP 12 Oct

 

The first pullback denoted by PB1 occurred on 1st October as XRP dropped to $0.5311 while it pullback up to $0.5960 same day. The second pullback was on 3rd October with the cryptocurrency down to a low of $0. 5067 and retraced back up to $0.5496 with a doji on 4th October.

The third pullback (PB3) occurred on 6th October at $0.4712 when bullish railroad pattern was formed at the support area and pullback to $0.5020 on 8th October

XRP was down to $0.3892 in the support area earlier today. Pull back to $0.4300 area may occur. This will pave way for the bears comeback that may drop XRP to $0.3000 in the support area. The presence of a bearish reversal candle pattern will confirm the bears’ return

The relative strength index (RSI) is in the oversold region with it signal pointing up suggesting upward momentum as the bulls return to the market

#Bitcoin

Will XRP overtake Bitcoin to become new king of cryptocurrencies?

Published

on

Can XRP take over Bitcoin in the total market capitalization with the massive adoption of XRP by financial institutions all around the world?

XRP is often called as ‘banker’s delight’ and banks love XRP as it has hundreds of partners globally with many of the world’s biggest names in banking. Banks are actually tired of using the SWIFT system which it turns out is not that swift. XRP can seriously put the heat on swift and provide money savings and transparency at every level. Bitcoin with its 10 minute block time and unstable fees can be a bit problematic when it comes to this but bitcoin is a massive improvement over the previous architecture and the banks themselves. Can XRP take over Bitcoin in the total market capitalization with the massive adoption of XRP by financial institutions all around the world? Let us make some comparisons.

No Forks

Another benefit of XRP is no forks. A real company with a real office run by professional people that you can contact if you have a problem. The whole bitcoin forking thing has been a very device issue in the crypto community and has done little to give large businesses any kind of confidence in the crypto economy especially when they are new to the crypto economy.

 

XRP a ‘security’ issue

XRP might be a security and is currently being litigated in the courts but until this is resolved there will be this uncertainty around XRP in the likelihood of seeing things like XRP futures, XRP ETF or major banks stockpiling XRP.

 

Proof of Work

While there have been many criticisms of the Proof of Work network including the massive burn rate of hardware and the huge environmental footprint in terms of energy consumption, we could do a whole host of what about the bitcoin energy use, but the reality is that the XRP ledger uses less energy than bitcoin. The long-term trend of Proof of Work mining and Bitcoin mining overall will at some point have some explaining to do as currently, we do see a lot of projects moving away from the proof of work networks.

 

Banks don’t like bitcoin

The Banks around the world really don’t like bitcoin and sure this is a badge of honor for bitcoin but the theory goes that they will actively work to suppress and hurt bitcoin. With the big Wall Street products coming specifically targetting bitcoin, it appears that the banks want to profit from bitcoin, not to crush bitcoin. The love and hate relationship of banks with bitcoin is currently in a love period. Interestingly both bitcoin and XRP could be put under real pressure by an influx of national cryptocurrencies or even more worrying  for XRP, the banks implementing their own solutions. As of now, banks are loving the solutions that Ripple Labs are putting forward for them to use. It is much easier to implement someone else’s technology rather than build your own technology especially when it comes down to interoperability between hundreds of different international banks. XRP is not unique in this, other payment providers use bitcoin or stellar lumens to do the same thing that is done with XRP. The difference is of course that Ripple’s network and banking partners are huge. But then banks do not actually hold and stockpile XRP, they can actually just quickly move in and out to do transactions. But just because banks don’t need to stockpile XRP doesn’t mean they won’t. Previously, a report was published about South Korean banks which are currently holding around 1% of all cryptocurrency.

 

Daily Transaction Volume

In terms of daily transaction volume, XRP has dropped back to around half a million daily transactions from recent highs of 1.6 million daily transaction which is well ahead of bitcoin’s quarter million daily transactions. But don’t forget that the lightning network is still in its baby phases and so far away from reaching critical mass so we should really not underestimate the possibility of the lightning network to seriously disrupt this narrative around daily transactions in the future.

 

Transactional Fees

On the fees side XRP is consistently way lower than bitcoin with bitcoin having unstable network fees but again lightning network is coming.

 

Circulating Supply

Ripple’s control over the XRP’s supply vs bitcoin’s code based emission is another area of concern for many investors. As much as some people may want one or the other to fail. But it doesn’t seem that any of these are going anywhere unless XRP is deemed to be a security. But if XRP is declared not to be a security then maybe XRP can rise massively.

 

XRP is crypto and banking coming together. For some, it is like a dream come true and for others, it just gives them a headache as the true aim of cryptocurrency was to destroy the banks and not join them. If XRP ever does get mass adoption by banks and manages to have a larger market cap by bitcoin. Would this mean an end for bitcoin? Certainly not. The use case of XRP does not eradicate the use case of bitcoin.

 

What are your thoughts about XRP and its adoption by banks? Tell us in the comments section below.

Continue Reading

#Ripple

Ripple Latest Updates and XRP Market Analysis

Published

on

Ripple has partnered with yet another large bank CIMB Group and secured the 2nd position according to the market capitalization.

Ripple has partnered with yet another large bank CIMB Group which is the 5th largest bank in Asia. CIMB Group announced that it will implement RippleNet Software to process cross-border payments. Ripple’s XRP has also crossed ETH and secured the 2nd position according to the market capitalization.

 

CIMB Bank to use RippleNet

According to sources, CIMB Bank is the 1st bank in Asia in order to implement blockchain technology in such a place where the payments are small in value but the amount of transactions is very high.

SpeedSend, which is CIMB Bank’s platform with use RippleNet to improve the transactional speed and costing for international payments.

 

XRP Crosses ETH

XRP which is Ripple’s native token has crossed ETH is terms of market capitalization. The Ripple Company says that their token XRP and Ripple are not interlinked but it is always seen that as Ripple extends its partnerships with banks over the world, the price and market capitalization of XRP tends to rise.

Continue Reading

#Ripple

Ripple Updates: New office, XRP tip bot, Nasdaq, Trezor and more.

Published

on

Ripple has been steady in collaboration and advancements throughout the globe. Here are some of the recent advancements with respect to Ripple and XRP:

Ripple has been quite steady in collaboration and advancements throughout the globe. Here are some of the recent advancements with respect to Ripple and XRP:

XRP Tip Bot in Amazon Alexa

The XRP Tip Bot is ready to be a part of the Amazon’s Alexa. This will allow Alexa Users to easily transact their XRP by using voice command on the Alexa Device. The Alexa application developer posted on Twitter on November 6 about Alexa’s implementation of XRP

 

XRP likely to be listed on Nasdaq in 2019

A source from the National Association of Securities Dealers Automated Quotation Exchange (NASDAQ) said that the exchange’s crypto initiative in 2019 is surely interested in scalability and they cannot put apart XRP which is a top-level security cryptocurrency by market cap. The Nasdaq team also said that they believe that XRP is surely going to be the 2nd largest crypto in the future after bitcoin but there hasn’t been any official announcement for the same.

 

Trezor Model T

Trezor will likely list a list of more altcoins in the upcoming model T update of the Trezor Device which will include XRP as well.

 

Cred to provide XRP backed loans

Cred, which is a leading provider of cryptocurrency backed lending. This will help the XRP owners to get loans using their XRP as a collateral security without actually having to sell their tokens.

 

Ripple Opening office in Dubai

Ripple Labs has planned to open their new office in Dubai in order to get themselves a strong position in the middle east markets.

 

Banks adopting Ripple’s Technology

Japan’s MUFG Bank and Brazilian Bank Banko Bradesco have signed an MOU to start using Ripple Software to send cross-border payments between Japan and Brazil. The Banks will use just Ripple’s software XCurrent and not the XRapid which uses the XRP coin. Ripple also tweeted about the collaboration:

 


 

The level of collaboration that Ripple has globally has been rising day by day. However, the XRP investors are still waiting for the real adoption of XRapid which will use the XRP tokens for the transfers rather than just the XCurrent Software of Ripple Labs.

Continue Reading
Advertisement BitcoinAdvertising.com

Live Crypto Prices

  • BTC
  • USD
  • AUD
  • CAD
  • EUR
  • BTC
    Bitcoin(BTC) 3588.70503207
  • ETH
    Ethereum(ETH) 95.6742201605
  • EOS
    EOS(EOS) 2.5429738159
  • BCH
    Bitcoin Cash(BCH) 101.69508855
  • LTC
    Litecoin(LTC) 28.9541794997
  • TRX
    TRON(TRX) 0.0143730283
  • ADA
    Cardano(ADA) 0.0333563661
  • DASH
    Dash(DASH) 70.8747306963
  • XEM
    NEM(XEM) 0.0652780611

Trending