The latest Ripple news show that the company behind XRP is again in the focus for drastically reducing the sales in the previous quarter of 2019 to $66.24 million which is a drop of 73.66%. Ripple reduced sales in this period and the company said that the XRP sale rate is similar to the inflation rate in Bitcoin (BTC) and lower than the one of Ethereum (ETH) and Litecoin (LTC).
Meanwhile, Ripple partnered with Finastra which is the third largest financial services technology firm in the world. The partnership is set to benefit the existing customers of both companies. However, the big question still remains: “Will these positive developments be able to boost the XRP prices?”
If we analyze the chart, we can see that Ripple reduced sales and the XRP/USD pair broke above the 20-week EMA but is finding it difficult to sustain above it. However, it has been in the green for the last three weeks which is still a positive sign. The flattening 20-week EMA and the RSI just below this midpoint suggest that the sellers are losing their grip.
Above this 20-week EMA, a move to the downtrend line of the descending triangle is possible. This is a major and important level to watch out in the cryptonews, mainly because of the fact that if the bulls can scale it, the bearish pattern will be invalidated.
Failure of a bearish pattern is a bullish sign. Hence, if the pair is able to sustain above the downtrend line, a new uptrend is very likely. Meanwhile, while Ripple reduced its Q3 2019 sales, the stats show that XRP is trading with a good vibe.
Right now, long-term traders can buy on a close (UTC time) above the downtrend line and keep the stop loss below the recent low. The target objective, as we can see, is a move to $0.76440 with intermediate resistances at $0.5050 and $0.5650 accordingly.
Our view will also be invalidated if the pair turns down from the current levels and plummets below $0.22. However, this possibility is not very probable to occur.
Meanwhile, the XRP Liquidity Index soared to new all time highs of 3M, according to one analyst and his chart posted on Twitter.
XRP And Ripple Officially Mentioned In US Bill Proposal
“The continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payments messaging platform to support cross-border money transfers as well as a proprietary virtual currency, XRP, which can be used to effect settlement of those transfers.”Ripple has mentioned also in the context that he is a system which can exactly predict the funds to be received:
“The Bureau also believes that expanded adoption of SWIFT’s gpi product or Ripple’s suite of products could similarly allow banks and credit unions to know the exact final amount that recipients of remittance transfers will receive before they send the transfer.”The document doesn’t mention some of the other payment platforms or blockchains concretely and XRP and Ripple have been singled out as a cryptocurrency that is related to a one of a kind remittance system. However, the proposed bill on protecting remittances doesn’t include insurance of transfers on other blockchain networks, it does only for fiat settlements. The XRP cryptocurrency is one of the speculative bets in the crypto sphere. XRP stagnated to a lower range of $0.21, which much of the community sees as an entry point of speculative characteristics to bet on future growth.
Ripple Broke The $0.2200 Support Area Against USD
- Hourly MACD – The MACD for XRP/USD is now moving in the bearish zone.
- Hourly RSI (Relative Strength Index) – Ever since Ripple broke a new support zone, the RSI for XRP/USD has been correcting higher towards the 40 level.
- Major Resistance Levels – $0.2200, $0.2240 and $0.2260.
Ripple Trades Below $0.2260 Showing Strong Bearish Signs
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