Ripple’s (XRP) price attempted a slight pullback after it dropped by more than 12 percent over the weekend and in the coming altcoin news, we look at the price analysis further.
The XRP-to-dollar exchange rate maintained a cycle low of $0.371 back on Sunday at about 1600 UTC. This downside action brought Ripple’s market cap to reach a new low at $16.04 billion which is an 11 percent drop from the Saturday peak level. The highest point of the market cap of the action this year was at $19.67 billion.
Ripple’s (XRP) price went under a small upside correction today, surging slightly above 5.5 percent to settle a new intraday high towards $0.392 at 0700 UTC. However, the jump appeared that it had no substantial volume, hinting a weakening momentum. This price move reached a stronger interim bearish sentiment for the XRP market this month since the losses of the altcoin this month extended up to 20 percent from the 7 percent only last week.
Thailand’s largest commercial bank Siam Commercial Bank noted on June 5 that it will start using XRP in their ripple-based payments services. The asset’s price surged as much as 11 percent after the news. However, the bank issued a contradictory tweet just a day later saying that they ‘’are so sorry for the previous information of the previous post’’ saying that they don’t have any plans on using XRP. The price later dropped by as much as 12 percent in a 24-hour period after the contradictory level.
The traders seem to have bought the Siam rumor believing that the XRP’s demand from Thailand’s commercial bank will lead the price on a long-term bullish case. After Siam backed down, the same traders who bought XRP at a weekly low, decided to exit their positions at an interim profit and thus creating a dip in the market. At the same time, Ripple’s (XRP) price plunged following a market-wide correction sentiment while Bitcoin dropped by more than 7 percent.
As reported in the latest cryptocurrency news, the XRP-to-dollar exchange rate is now trending upwards and creates a new pattern that shows that the price can survive as long as the pair tests the $0.394 price level or the descending trendline as resistance. At its current price, XRP-to-exchange-rate is still about 50 percent up from its cycle low of $0.251.
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‘’we’ve added more than 150 employees last year, at a time when I think others have been less focused on solving real world problems. There’s been a bunch of lay offs in crypto community over the past weeks.’’Ripple intends to work with regulators for more clarity and he wants to see the US becoming a leader in the crypto industry which will not happen without regulatory clarity. He also said that XRP’s value is north of $10 billion so this valuation for the IPO presents an opportunity for Ripple shareholders which will give the platform more flexibility to pursue deals such as their $50 million investment in MoneyGram:
‘’When I step back and think about it macro, I think it’s really healthy and constructive for the entire crypto blockchain community to see central banks and central governments lean into what can these new technologies do to make our economy more efficient, our payment infrastructure more efficient… so at large I think it’s really positive.’’
Ripple Has Room To Double As Technical Strength Grows
“Looking at XRP/USD on the Weekly timeframe, we can see that price broke out above trendline resistance from June 2019 a couple of weeks ago on strong volume, and has now found resistance at the prior swing-high at $0.36,” he said.In order for the cryptocurrency to rally past this resistance, it will probably require Bitcoin to see some further momentum. Patel said that he does believe XRP will ultimately see some significant upwards momentum and set a mid-term target with highs around $0.56.
“Volume continues to rise and I am firmly of the belief that dips are for buying, with the ultimate target being the high at $0.56 from June 2019,” he noted.Patel also explained that the cryptocurrency is right now "consolidating above its 200-day moving average" and a strong defence of its key defence at $0.27 could spark a new short-term movement to over $0.36 soon.
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Binance US News: XRP Is The ‘Future Of Banking Remittance Services’
- Their statement which shows that "Ripple has one of the largest and tight-knit communities."
- The fact that the Xpring SDK makes it possible for "developers to easily integrate XRP in their apps."
- Ripple's support for BRD's vision to make their wallet "the cheapest and easiest place to buy XRP."
- BRD was "impressed with the adoption of XRP for real use cases around the remittance, payments and cross-border banking initiatives."
"The BRD team has helped consumers on-ramp $6 [billion] worth of traditional currencies into digital currency, making them an ideal partner to continue the proliferation and adoption of cryptocurrencies like XRP to solve real-world problems," he said.Three days ago, the Binance US news coincided with these news and showed that the exchange is adding XRP support to its mobile app. The Binance news were taken well by many and the exchange called XRP "the future of banking remittance services" which was another compliment for the network coming from an authority in the field. https://twitter.com/BinanceAmerica/status/1227683795123556355 Launched in September 2019, Binance US is a digital asset exchange that is "powered by matching engine and wallet technologies" which are licensed from Binance but operated by the San Francisco based BAM Trading Services. The market situation for XRP is also good and the token is at $0.33 today with a 3.48% rise following all of these good news. The total (combined) cryptocurrency market cap, on the other hand, went above $300 billion a couple of days ago and is now trading at $306 billion.
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