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Ripple News

Ripple Makes Another Remittance Deal: Will XRP Soar?

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Ripple makes another remittance deal with the SBI Remit and Vietnam’s TPBank to provide remittance payment services between Japan and Vietnam. The latest partnership will enable the near-instant and low-cost payments with the help of the collaboration between Ripple Labs and SBI holdings as we are reading further in the Ripple news today.

The partnership is encouraging for further adoption of the RippleNET and the price of Ripple’s XRP which didn’t move on the news, at least for now. The third-largest digital asset by market capitalization got down by more than 2.75 percent for the past 24 hours. According to the press release, SBI Ripple Asia, SBI Remit and Tien Phong Bank of Vietnam have just launched the first remittance service between Vietnam and Japan with the help of distributed ledger technology. The news comes right after the pair partnering that happened earlier this month.

The latest press release announced that the deal will be made at the start of November and explained that the bank had previously implemented a blockchain-based domestic money transfer system with further plans announced to create similar services between Asian nations and Vietnam with the help of RippleNet. The CEO of TPBank stated:

 “Our cooperation with SBI Ripple Asia Co., on the application of blockchain technology in cross border money transfers marks an important turning point in enhancing our customer experience and makes international money transfers via TPBank faster, more convenient and safer than ever before.”

Ripple makes an interesting choice of companies since the representative of SBI Group, Yoshitaka Kitao, praised the progressive stance towards the latest technology but also added that SBI Ripple Asia is now aiming to provide crypto remittance services in the near future:

 “The adoption of RippleNet will further differentiate the company from its competitors. We will also develop remittance services that incorporate crypto-assets in the future.”

Despite the great development, XRP continued to trade along with the wider crypto market and the investors have not rushed to purchase XRP on the news. This could be explained by the fact that the news was announced last week and they could not even affect the price of XRP. The use of the digital asset is an optional feature for the users and when the transfers do use it, there will be an equal volume of purchasing and selling pressure created by the transaction.

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Ripple News

Ripple Trades Below $0.2260 Showing Strong Bearish Signs

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Ripple trades below $0.2260 and shows strong bearish signs. The price is currently declining from the key resistance level at $0.2320 against the US dollar so we are reading more about the price analysis in the Ripple news below.The major bullish trend line yesterday was beached with support close to the $0.2280 on the hourly chats of the XRP/USD pair. Ripple traders under a minor bearish pressure and the price is still at risk of dropping towards the $0.2140 support area in the near term. In the past few days, there was a slight increase in the price above the $.2200 resistance against the US dollar, and the price traded above the $0.2250 and $2280 resistance levels. Further, there was also a break above the $0.2300 resistance and the 100 hourly simple moving average but the price struggled to gain strength above the key $0.2320 resistance area.A new high was formed near the $0.2324 before the price started a fresh decrease below the $0.2300 but there was another break below the 23.6 percent Fib Retracement level from the upward movement of the $0.2098 low to $0.2324 high. More importantly, yesterday’s major bullish trend line was surpassed with support forming at $0.2280 on the hourly chart of the XRP/USD pair. The pair settled below the $0.2260 and the 100 hourly simple moving average.Ripple trades below $0.2240 and is closing in on the 50% Fib retracement level from the previous upward move of $0.2098 to the $0.2324 high. It seems like the $0.2210 and $0.2200 levels are the perfect support for the currency. If the price doesn’t manage to stay above the $0.2200 support, it will continue to move down towards the $0.2140 level. The next support is near the 61.8 percent fib retracement level of the upward move from the previous $0.2093 to the $0.2324 high.On the upside, the support was close to the $0.2240 which could act as a resistance. The first key resistance will be the $0.2260 so the price has to move above the $0.2240 and the $0.2260 to revisit the key $0.2320 resistance area in the near term. The price shows a few bearish signs as well as similar to Ethereum and Bitcoin. This means that if ETH drops below $144 and bitcoin breaks above $7,260, there are a few chances of a drop in Ripple’s XRP towards $0.2100.
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Ripple News

Heavy Downside Pressure For Ripple’s XRP Price

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Heavy downside pressure is forming for Ripple’s XRP with a bearish short-term and medium-term trading outlook. The four-hour time frame shows there is a bullish inverted head and shoulders that has been invalidated as we are reading more in the latest ripple news.The daily time frame shows a bearish breakout forming from the triangle pattern. Ripple remains under heavy downside pressure and still hasn’t established a technical price floor. The XRP/USD pair has lost more than 30 percent since the start of November and is now trading around five percent below the opening price of the month. The technical analysis shows that the pair is creating a bearish triangle breakout on the daily time frame which moves the cryptocurrency within the touching distance of the $0.20 level.The four-hour time frame shows that the bullish inverted head and shoulders pattern was invalidated a few days ago which is bearish development for the pair over the short-term. The price is also making lower lows which once again hint that the XRP/USD pair has yet to find a strong price bottom. The $0.1900 level is now offering the strongest form of long-term support under the psychological $0.2000 level.The bulls have to rally the price of XRP towards the $0.25 level just to encourage purchasing and then stabilize the XRP/USD pair above the $0.285 level which is the most important technical area. By looking at the potential pattern formation, if the buyers are able to rally the price after one lower push, the large inverted head and shoulders pattern could also form on the daily and four-hour time frames. The Relative Strenght index for the daily time frame shows that Ripple is quite oversold while the MACD indicator shows pockets of bullish MACD divergence.According to the latest sentiment data, the short-term sentiment towards ripple is neutral at 52 percent while the overall long-term sentiment for the cryptocurrency is quite bearish at a 24 percent range. The four-hour time frame shows that the key technical resistance is now located at $0.235 and $0.25 levels so the technical resistance over the medium-term is now located at $0.285 and $0.31 levels. The four-hour time frame shows that the XRP/USD pair has a strong medium-term technical support around the $0.21 level.The critical long-term technical support for XRP is located at the $0.19 level. Ripple has yet to establish a strong price floor placing the emphasis on more XRP/USD weakness towards $0.19.
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Ripple News

XRP Is Set To Finish 2019 Poorly After Failing To Garner Momentum

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XRP is set to finish poorly as 2019 was a hard year for the altcoin since it set new yearly lows in the past several weeks with its fall down to $0.20. This bearishness has made XRP be one of the worst-performing cryptos of the major ones, in the markets over this year, and it looks like further losses could be imminent as we reported in the previous Ripple XRP news.Yet, analysts are noticing that XRP could see some gains against its trading pair BTC in the near future, should it hold hard above a key support level. At the time of writing this article, Ripple (XRP) is been traded sideways at the current price of $0.22, which marks a notable up from its daily downs of $0.21 that we’ve seen last night.These falls were set concurrently with BTC’s fall to $7,000 yesterday, and similarly, XRP’s growth from this fall went up after Bitcoin posted a strong growth up to $7,800. Over a seven-day period, XRP is traded down noticeably from its weekly highs of $0.233 but it managed to go up significantly from its recent lows of $0.20 that were made in late-November of 2019 during the market fall that was led by Bitcoin’s fall to %6,500.In the near future, XRP may experience some further relief if it manages to surge against its trading pair, Bitcoin, with Bitcoin Jack, a well-known crypto analyst on Twitter, sharing to his followers last week that he thinks the embattled crypto could grow if it is able to bounce from 0.0002695, which is slightly down from its current price of 0.00002947. However, XRP is set to fail the next year but according to the analyst we should:
“Let’s give $XRP another go. Support here looks like shit, if it breaks this is where I want to get long. Looks like a decent opportunity to trade it back towards range high,” he explained
Another well-known crypto analyst on Twitter, elaborated in a new tweet that XRP was traded for 21 quarters, with an average quarterly growth of 114%.
“$XRP has traded for 21 quarters; – Avg Q = 114% – 10 Pos Q – 11 Neg Q – Pos Q Avg = 276% – Neg Q Avg = -32% – 6 of 8 Qs have been neg since Jan 2018, w/ Pos Q <30%.”
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Ripple Returns All XRP Funds From Escrow Days After Unlocking

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Ripple returns all XRP funds from Escrow only a few days after unlocking. The entire 1B XRP was moved through wallets for a few days without selling or distribution as reported in the previous Ripple XRP news.The recent whale transaction tracking noted that the recent Ripple escrow arrived at the start of the new month and the usual 1B XRP released was later returned in large tranches. The transfers were completed in only three transactions and the largest one of 500 million XRP. The previous escrow unlocking about 400,000 XRP remained in outside wallets to be distributed or sold and this time Ripple returns the funds after facing doubts about the intentions to sell the coins mainly as the price continued to slump.XRP moved down as low as $0.21 during the recent sell-off and is once again at the $0.219 level. At this point, the XRP loss for most of 2019 is once again getting close to 30% with only outlandish hopes for an eventual increase. The readiness of Ripple to hold onto the assets could even spike the hopes of future development and the current usage of XRP is an option on the RippleNet decentralized protocol. The transactions on the network also showed a lot of increase during October and November rising to millions per day.Right now, it is uncertain what the source of the transaction is but there are a lot of records of significant transfers of value through Ripple’s protocol and the transactions are only a part of the mix. The recent return of the entire escrow was seen as extremely bullish limiting the free supply of XRP. However, XRP also enjoyed a collection of staunch supporters that look at the asset rising based on Ripple network usage and future adoption but the rise is not immediate and some of the XRP are undervalued and the low prices are a buying opportunity.XRP managed to pass the short-term rallied and the overall trend remains downward and as December started in 2018 so XRP traded at $0.35 and moved closer to $0.30 for most of the months except for the rally mid-year. XRP is now getting into an extended slide closer to the $0.20 range.
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