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XRP Support Built Around The $0.2830 Level: Will Ripple Rise?

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Ripple (XRP) has managed to recover against the US dollar, proving that it has what it takes to keep posting gains similar to Bitcoin. However, as the market corrects, the XRP support is not that stable and no one knows if the Ripple gains will continue to be a main topic in the altcoin news.

The price of Ripple traded above the $0.2940 resistance and the $0.3000 level which is seen as a pivot level right now. However, the XRP support was built near the $0.2830 momentum and the price is now trading with a few positive signs above the $0.3050 support area.

All of that shows that Ripple has a bullish angle against the US dollar and Bitcoin, and that the XRP support could extend its recovery and gain even more – becoming the hottest altcoin in the latest cryptocurrency news.

In comparison, the coming altcoin news show that yesterday was a tough day for Bitcoin and Ethereum. However, the dips were limited when it comes to Ripple. The XRP/USD pair broke the $0.2940 level and traded to a new monthly low. A swing low was formed near $0.2833 and recently the price started a new upside correction. The XRP support therefore proved to be important in this manner.

However, there are a lot of supports on the downside for Ripple, especially near the $0.3050 and $0.3040 levels. The 50% Fibonacci retracement level also shows that there is a strong wave and a connecting bullish trend line forming with support at $0.3045 on the same chart.

Therefore, analysts on many best cryptocurrency news sites think that the XRP support is crucial and that the price is likely to find bids near the $0.3040 and $0.3050 level. Below the trend line, the price of Ripple may perhaps test the $0.3000 pivot level. On the upside, the current resistance is around the $0.3230 and $0.3240 levels. If there is a solid breakout above $0.3240, the price of Ripple (XRP) could accelerate its gains in the near term.

When seeing the chart, the Ripple price remains well bid above the $0.3040 level. Currently, Ripple (XRP) is at $0.3173 with a 6% increase and a $13 billion market cap. The total cryptocurrency market cap stands at $268 billion.

 

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Ripple News

Ripple Will Be The Amazon For Crypto: Brad Garlinghouse

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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.’’
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Ripple News

Ripple Has Room To Double As Technical Strength Grows

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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.
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Ripple News

Ripple Eyes APAC Expansion Via On-Demand Liquidity Product

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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.
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Binance News

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

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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.
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