Ripple News

Ripple’s (XRP) Price Attempts A Pullback After Dropping by 12%

Published

8 months ago

June 10, 2019

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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Stefan

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Ripple News

Ripple Will Be The Amazon For Crypto: Brad Garlinghouse

Published

1 day ago

February 18, 2020

Stefan

Ripple will be the Amazon for crypto as per the CEO of the platform Brad Garlinghouse who stated his optimism in an interview with CNN’s Julia Chatterley when speaking about the current state of Ripple’s XRP and the plans for this year. Let’s find out more in the following XRP news today. Garlinghouse concluded that in about 5 years time, Ripple will be the Amazon of the crypto industry. It seems that the Amazon cryptocurrency will have to wait since Ripple will be the most used one. Garlingouse sees Ripple and XRP as doing pretty good in 2020 but he doesn’t pay as much attention at the short-term prices. He sees his company from a longer-term standpoint and compared the nascent crypto markets with the now hundred billion-dollar markets such as gold. Brad believes that Ripple’s ecosystem will continue to grow in the future and will solve real problems for real customers with projects such as Coil. He also doesn’t see Bitcoin or Ethereum as competing but believes that the overall growth in the space is good for everyone. Ripple grew by adding more than 100 employees during the bear market and many other projects had massive layoffs as well. Brad commented on the upcoming Ripple IPO although he didn’t give a definitive timeline:

‘’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 News

Ripple Has Room To Double As Technical Strength Grows

Published

2 days ago

February 17, 2020

Stefan

The XRP news today show that the native cryptocurrency by Ripple has room to grow a lot more and appears to have retraced in a quick period of time. Now, Ripple's token is back below its key psychological resistance at $0.30 in a market breakdown which occurred overnight. This opened the gates for further short-term bearishness and according to many, could trigger the price of XRP to move downwards. However, there are still analysts who are optimistic about XRP's trajectory and believe that Ripple has room to double in the future as its technical strength grows. All of this was sparked by the Bitcoin news initially, which showed that BTC went below $10,000. Once the dust settles from the recent drop, however, we could see a massive rally and see how Ripple has room to double. This could be fueled by growing technical strength, too. At the time of writing, the XRP token is trading down by 10% at the current price of $0.29 which marks a massive retrace from its daily highs set at $0.33. The cryptocurrency is also in the process of shedding the majority of the gains which were incurred during its recent rally that led it to highs of around $0.36, with its inability to find stability around this price action which spelled trouble for what comes next. One prominent trader named Nik Patel wrote a blog post in which he explained how the token was able to break above a trendline resistance - also explaining why Ripple has room to grow now.

“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.

Ripple News

Ripple Eyes APAC Expansion Via On-Demand Liquidity Product

Published

4 days ago

February 15, 2020

Stefan

Ripple eyes APAC expansion since there’s an increase in the remittance sphere in the Asia Pacific region. However, according to an article by Pegah Soltani who is a Senior Product Marketing Manager at Ripple, there are a few issues with transferring the funds between local currencies as we are reading further in the XRP price news. Soltani explained that the APAC market sees around 2 billion remittance transactions per year which is why Ripple eyes APAC expansion. Ripple aims to encourage the remittance services and banks to contact them if they want to improve the systems by using Ripple’s On-demand liquidity product that is backed by XRP. Soltani’s article explains that in the APAC region including Thailand and the Philippines, cash still plays the lead role when it comes to remittance services. 90 percent is named as the local payments value in cash in Thailand as per the report: “Cash transactions still represent a staggering 90% of Thailand’s domestic payments value.” The same goes for the Philippines since the service providers have to be connected with major outlets that work with cash payouts. The current remittance solutions are quite hard to scale according to Soltani. There is a high need for pre-fund bank accounts but it makes the fees very high. The author drove the article towards a conclusion that Ripple’s on-demand liquidity services can improve the situation with remittances in the APAC region and can even make the transactions much more fast and cheap. Soltani offered the banks and remittance service providers to contact the crypto platform and see how the ODL services can improve and help them serve their customers better. As it was recently reported here at DC Forecasts news in the previous XRP price news, Ripple increased its presence in some of the Asian Pacific countries. MoneyGram, the huge strategic partner of Ripple has also expanded recently, especially enhancing its presence in Singapore by setting up a website for the local users that can send funds via the On-Demand liquidity platform. Ripple made another key partnership with Intermex who is a leader in the remittance industry in Latin America.

Binance News

Binance US News: XRP Is The ‘Future Of Banking Remittance Services’

Published

4 days ago

February 15, 2020

Stefan

There have been two interesting XRP-related developments taking place in the latest Ripple news over the past 24 hours. First of them is the popular non-custodial crypto wallet BRD which adds support for XRP - and the other one shows the Binance US news adding support for XRP/USD trading to its mobile app. The news showed that on October 11 last year, BRD announced that it had formed a strategic partnership with Ripple. There were four main reasons for the enthusiasms about this partnership, including:

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 Binance US news now show that Ripple is one of the most interesting project out there. As part of the partnership mentioned above, Ripple said that Xpring will be investing $750,000 into BRD and the vice president confirmed this, calling BRD “one of the oldest and most respected” crypto wallet providers.

"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.