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Ripple Price Surges 49% аѕ Market Shаkеѕ Off Wеdnеѕdау Woes

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Ripple Price Surges 49% аѕ Market Shаkеѕ Off Wеdnеѕdау Woes

Thе rіррlе рrісе ѕurgеd bу 49 реrсеnt оn Thursday аѕ the сrурtосurrеnсу mаrkеtѕ made a $177 bіllіоn rесоvеrу frоm Wednesday’s low-point.

 

Rіррlе Prісе Mаkеѕ 49 Pеrсеnt Recovery

Like аll сrурtосurrеnсіеѕ, thіѕ week’s mаrkеt mоvеmеntѕ have dealt rіррlе a lоѕіng hаnd. After реаkіng near $4 earlier this month, thе rіррlе price plunged аѕ low аѕ $0.88 оn Bittrex оn Wednesday, rерrеѕеntіng a 77 percent реаk-tо-vаllеу dесlіnе.

 

Thurѕdау, however, dеmоnѕtrаtеd thаt thе mаrkеtѕ dо not intend to go dоwn without a fight, and сrурtосurrеnсіеѕ rоѕе across the bоаrd аѕ $177 bіllіоn in саріtаl flоwеd bасk іntо thе есоѕуѕtеm. Thе ripple рrісе was оnе of the dау’ѕ top реrfоrmеrѕ, rising 49 реrсеnt, whісh enabled XRP to оutреrfоrm thе сrурtосurrеnсу market cap іndеx and rесоvеr to $1.56. Ripple nоw hаѕ a сіrсulаtіng mаrkеt сар оf $61.1 bіllіоn, whісh mаkеѕ іt roughly twісе аѕ valuable аѕ bitcoin саѕh.

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South Kоrеа now ассоuntѕ fоr 67 percent оf all XRP trading, whісh may bе a nеw аll-tіmе high. A plurality оf thаt volume іѕ соnсеntrаtеd оn Bithumb, but Upbit hаѕ emerged as a mаjоr force within thе mаrkеt аnd currently ranks аѕ thе wоrld’ѕ largest exchange wіth a 24-hоur vоlumе іn еxсеѕѕ of $8.3 bіllіоn. Thеѕе exchanges сurrеntlу рrісе XRP аѕ high аѕ $1.87, whісh represents a 20 percent premium over thе tоkеn’ѕ equivalent vаluе оn Wеѕtеrn exchanges.

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Factors Bеhіnd the Ripple Price Rаllу

Thе primary drіvеr of this rаllу іѕ the mаrkеt’ѕ gеnеrаl uрѕwіng, but several factors еnаblеd XRP tо оutреrfоrm оthеr top сrурtосurrеnсіеѕ.

 

Most іmроrtаntlу, уеt another Sоuth Kоrеаn regulatory agency hаѕ ѕроkеn оut рublісlу аgаіnѕt thе Justice Ministry’s proposed сrурtосurrеnсу еxсhаngе bаn. Thе сhаіrmаn оf thе соuntrу’ѕ Fair Trade Cоmmіѕѕіоn ѕаіd уеѕtеrdау that hе believes a blаnkеt ban is “nоt rеаlіѕtісаllу роѕѕіblе” аnd thаt the government dоеѕ nоt hаvе the authority tо mаkе such a policy сhаngе. Given thе heavy соnсеntrаtіоn оf XRP trаdіng in Kоrеа, this аnnоunсеmеnt undеrѕtаndаblу hаd an outsized effect on thе ripple price.

 

Addіtіоnаllу, Sоuth Korean bank Wооrі Bаnk announced that іt wоuld соnduсt a second ріlоt program using Rіррlе’ѕ еntеrрrіѕе blосkсhаіn. Although thе trіаl wіll not include the uѕе of XRP, these trials nеvеrthеlеѕѕ seem tо hаvе a positive effect оn the ripple price.

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Ripple News

Ripple Bulls Are Ready To See XRP Above $0.30

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Ripple is slowly rising today above the $0.2300 region against the USD and is following both Ethereum (ETH) and Bitcoin (BTC) from the backseat. However, many believe that XRP has the power to outperform the most dominant cryptocurrency and altcoin - and the Ripple bulls are definitely ready to see the cryptocurrency trading towards $0.2500 or $0.2850 in the coming days.Recently, we saw a steady increase on the crypto market and a new market cap of $250 billion. This helped Ripple to recover above $0.2250 as its main resistance point - after which the XRP price followed a decent bullish past and surpassed the $0.2300 resistance point.There was also a close above the $0.2320 resistance and the 100 hourly simple moving average. This was how a new weekly high for XRP was formed near $0.2359 and how the price managed to rise.So, we can safely say that the Ripple bulls are closely watching the major bullish trend line forming with support near $0.2305 on the hourly chart of the XRP/USD pair. The trend line support is also very close to the 50% Fib retracement level of the recent wave from the $0.2259 low to the $0.2359 high.On the upside, the altcoin news and rumors show that Ripple can safeguard the $0.2350 and $0.2360 levels soon and the price is likely to continue higher towards the $0.2450 resistance. The first serious resistance, in that manner, would sit near the $0.2500 and $0.2550 levels. A successful close above these levels may open the doors for a larger upward move towards the $0.3000 barrier in the coming days.The XRP news today also show that a correction is always on the table. Even though the Ripple bulls are warm, there is always a chance for a retrace to the $0.2300 area (even though the chances are slim now).The 100 hourly simple moving average is also waiting near the $0.2240 level for Ripple and XRP. Therefore, dips towards the $0.2250 and $0.2240 are very likely to find a solid buying interest in the near term.Today's technical indicators for Ripple (XRP) are as following:Technical Indicators
  • Hourly MACD – The MACD for XRP/USD is starting to gain momentum in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is right now near the 60 level, featuring a small bearish angle.
  • Major Support Levels – $0.2305, $0.2300 and $0.2250.
  • Major Resistance Levels – $0.2360, $0.2450 and $0.2550.
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Coinbase News

Coinbase And Ripple Executives Want To Drive US Crypto Adoption

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The Coinbase news today show that two executives from Coinbase and Ripple are now leading a push for a smart regulation and transparency in the crypto sphere. According to them, this would arguably drive adoption and take blockchain technology mainstream.The Market Integrity Working Group's co-chairs want regulators to grasp how they can advance the crypto industry. As they said in an official company statement, the Coinbase senior director and associate general counsel Rachel Nelson along with Ripple's head of global institutional markets Breanne Madigan, wrote:
“To improve market integrity and provide consumers the confidence they deserve, Congress may need to enact legislation to support the orderly and secure functioning of crypto markets.”
When it comes to regulations, the Coinbase and Ripple executives noted:
“Such legislation could expand the Commodity Futures Trading Commission’s (CFTC) authority to include the regulation and oversight of digital commodity exchange markets.”
They also expanded on the need for a regulatory framework and said that state-specific regulations are to blame now.The Market Integrity Working Group has the Blockchain Association behind it. As these Coinbase and Ripple executives said in the crypto news today, exchanges are hobbled by many regulatory frameworks in the US and as a result of that, new exchanges find it hard to enter the market while existing ones have a hard time remaining compliant.
“Consumers and cryptocurrency exchanges deserve a clear regulatory framework, the establishment of which would ultimately enhance market integrity and drive consumer adoption of cryptocurrencies.”
The executives from Coinbase and Ripple now argue that the new exchanges face byzantine burdens while existing exchanges struggle against compliance requirements. However, a regulatory framework would help them bolster market integrity and would encourage consumer adoption of cryptocurrencies.Before this, we saw that Coinbase announced Dogecoin (DOGE) and Stellar (XLM) support on their wallet and developed a new asset listing process. On the other hand, Ripple's XRP token was in the news for trading high and reaching new monthly highs. Right now, the altcoin is at $0.2329 with a 2.17% increase on the day and a market cap of $10.18 billion.Speaking of which, the market has returned to its previous highs and is now stable at $247 billion and preparing to cross the major psychological barrier at $250 billion.
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Ripple News

Ripple IPO And How It Would Affect The XRP Price

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ripple ipo
The blockchain payment Ripple is in the altcoin news and rumors for launching an initial public offering (IPO). However, many experts believe that a Ripple IPO would devalue the cryptocurrency in which it holds a majority stake.According to many market participants interviewed by media outlets over the weekend, Ripple is going public and has potential implications for the destiny of the XRP altcoin. The CEO of the company, Brad Garlinghouse, last week hinted that an IPO may occur within the next year.As he said, the impetus behind a major fundraising event is clear for many commentators. However, people don't know if it could reverse the token's fortunes. According to experts, XRP is "yet to disrupt the global money transfer system in a major way." As an analyst named Rakesh Upadhyay recently said:
“Initially, after the IPO, the market participants might be patient but they will soon seek results. When the results don't come through, it will hurt prices.”
According to him, the lack of progress for Ripple despite its various deals with major banks and other businesses now means harder times are still to come. Moreover, a sure sign that liqudity is problematic is the mass selloff of XRP by Ripple.As the Ripple news now show, these were bigger in 2019 than ever before. Even the IPO announcement failed to move the altcoin higher. The idea of an IPO becoming a straightjacket for Ripple was echoed by many.For him, the IPO would be a litmus test for buyer appetites which are already under scrutiny after the XRP selloffs. “Many see Ripple selling XRP regularly as a recurring 'IPO' already sans shareholder rights,” an analyst named Allen Scott added.By contrast, the contributor and ex-eToro analyst Mati Greenspan said that an IPO could allow Ripple to strengthen its position with XRP. “My feeling is that it would be positive. Additional funding for Ripple would mean less reason to sell off tokens,” Greenspan summarized.Predictably, prominent XRP investors share even less of the sense of foreboding now. Even though some see the Ripple IPO as "healthy," the effect that it could have on the XRP price could change a lot of things in the markets. 
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Ripple News

MoneyGram Will Become The Leader Of The Remittance Market In India

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Moneygram will
MoneyGram will try to become the leader of the remittances market in India since it is backed by Ripple so let’s find out more in today’s Ripple news.After forming the strategic partnership with EbixCash, Moneygram will aim to become the biggest market share in India according to the Hindu Business Line. Cross-border payment systems will help the Indian economy connect to worldwide services and take the larger part of that market. So far, MoneyGram met a lot of problems spreading to the Indian market and according to Alex Holmes the CEO of MoneyGram, the partnership will solve the problems of money transfers. EbixCash is one of the better fintech networks encompassing multiply preloaded and general payment services. The platform is one of the latest partners and will connect India’s payment ecosystem with Ripple, Inc.The San-Francisco based company invested about $50 million in MoneyGram in the summer of 2019 and continued to expand and to link the space of cryptocurrencies with regular payment systems. The platform Is now in experimental stages of using the RippleNet’s ecosystem and has announced a lot of plans to utilize the on-demand liquidity system. If this happens, the platform will become the perfect position to deliver the Ripple protocol and show the many benefits in real-world usage.MoneyGram will capitalize on the increased usage of electronic wallets as well and fintech payment solutions. India has also become one of the larger markets that started adopting digital asset solutions but they are competing with the local usage of cash as well as local payment systems. India rejected using the Libra stablecoin but they don’t consider it as a threat since it is not issued yet. Ripple’s solution may be the first distributed solution that will arrive on the market. Despite the low XRP prices, ripple continues to position itself as the best fintech solution provider which can also launch its own IPO in the near future.MoneyGram remains the flagship business and has a huge share of the international remittances capitalizing on the well-known brand. The price of XRP stabilized around $0.22 on the small trading volumes of $1.6 billion. The altcoin waited for the verdict on the status to form security or another type of asset and this kept investors' interest low despite the previous expectations that XRP usage will increase.
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