XRP = xRapid or they are not related?
A net positive and possibly an unprecedented opportunity, we know now with certainty it (X-Rapid)will be used . Caution on adoption and a slow approach ensure we’ll still have a nice window to accumulate.
Ripple down 8% since the announcement of $80 billion Santander using XRP to send cross border payment. (I’d argue it is the biggest announcement Ripple made YTD)
Traditional markets: Assets surge upon positive development
Crypto: Assets surge prior to announcement, plunge after
XRP: Brighter Days Ahead as Japan’s SBI Launches MoneyTap
If you’re trading fundamentals, XRP’s price is flashing an attractive buy signal Thursday after one of Japan’s major financial institutions launched an xCurrent powered money transfer service. The conclusion of Ripple’s annual Swell conference in San Francisco also offered investors some juicy tidbits about the future of blockchain-based payments.
XRP is making headway on Thursday as prices returned above $0.530. The cryptocurrency peaked closer to $0.550 overnight. It currently sits at $0.533, having gained 1.3% over 24 hours.
Looking at the short-term charts, XRP is nearing the 50-period moving average and a return to intraday highs would push prices above that immediate threshold. While underlying momentum remains weak, according to the Relative Strength Index, fundamentals offer more compelling reasons to long the cryptocurrency.
XRP has emerged as a major trendsetter for the market over the past month, which means that a push higher could generate additional support for altcoins and tokens.
XRP trade volumes amounted to $650 million on Thursday, according to CoinMarketCap. The cryptocurrency has a total market capitalization of $21.3 billion.
MoneyTap, Swell Conference Generate Optimism
Japan’s latest money transfer service powered by Ripple technology has gone live, according to an official tweet on Wednesday. SBI Holdings, one of Japan’s largest financial institutions, has partnered with the San Francisco-based startup to launch MoneyTap, a mobile application that allows domestic bank account holders to send money instantly 24 hours a day, seven days a week. All that is needed to make instant transfers are a QR code, phone number or domestic bank account.
Three financial institutions have signed up for the instant bank-to-bank transfers – Suruga, Resona and SBI Sumishin Net Bank. The app is available both for Android and iOS devices.
The launch of MoneyTap came on the heels of a high-profile payments summit hosted by Ripple in San Francisco. The event, whose speakers included former U.S. President Bill Clinton and renowned economist Gene Sperling, was also the launching pad for Ripple’s new xRapid service platform. Ripple Labs announced that three U.S.-based financial companies – Caullix, MercuryFX and Catalyst Corporate Credit Union – have signed up for the new service.
The value of XRP surged last month after one of Ripple’s executives teased the new xRapid service offering. Though gains have died down in recent weeks, XRP is trading at a major discount in light of fundamentals. Although the XRP currency should not be mistaken for Ripple the company, the latter is finding more commercial use cases for the former. This could make XRP an attractive option for investors looking for a long-term value play.
XRP has on several brief occasions overtaken Ethereum as the world’s second-largest cryptocurrency. Both blockchains appear to be headed in opposite directions in the short run, making another “flippening” extremely likely.
XRP Price: The Great Discount?
XRP’s price is showing renewed bullish signs on Thursday, though weak market dynamics are keeping momentum in check following a slew of positive developments on the adoption and regulatory fronts.
XRP Price Update
The XRP price touched an intraday high of $0.4613, according to CoinMarketCap, following a two-day stretch of mostly lateral moves. On Tuesday, XRP peaked at $0.4715, its highest in two weeks.
The third-largest cryptocurrency by market cap is showing signs of breaking out, based on the short-term charts. A descending trendline that emerged following Tuesday’s breakout appears to have eroded, setting the stage for a potential short-term rally. That said, dismal trading volumes may prevent the bulls from charging higher. XRP trade volumes fell to $265 million on Thursday, down from more than $400 million this time last week.
At current values, XRP is capitalized at $18.2 billion, where it trails Ethereum by roughly $2.6 billion.
XRP as Collateral
XRP’s underlying price discounts several positive developments favoring widespread adoption of the cryptocurrency. For starters, crypto-backed lending startup Nexo announced Monday it will accept XRP as collateral for instant loans. The decision came in response to growing demand for XRP services from the blockchain community. It also makes Nexo the first lending platform to accept XRP as a form of collateral.
Meanwhile, the New York Department of Financial Services (NYDFS) announced this week that Coinbase, a leading digital currency exchange based in San Francisco, has [received approval](https://hacked.com/coinbase-gains-legal-approval-to-offer-xrp-custodian-service-xrp-price-jumps/) to custody XRP. This essentially sets the stage for XRP to join the exchange’s coveted list of cryptocurrencies.
From the official notice:
“DFS issued a virtual currency and money transmitter license to Coinbase, Inc. in January 2017 to offer services for buying, selling, sending, receiving, and storing virtual currency. Today, DFS authorized Coinbase Custody Trust to offer narrow services to operate as a custodian for virtual currencies, including Bitcoin, Bitcoin Cash, Ethereum, Ether Classic, XRP and Litecoin.”
As Hacked reported some time ago, XRP had been largely shunned from the major U.S. exchanges, possibly over regulatory fears. The great debate surrounding XRP is whether it should be classified as a security. It remains to be seen whether the decision opens the door for XRP to be listed on other major U.S. exchanges and thus, into the wallets of more traders.
Taking these into account, it is very likely that XRP is trading well below what its fundamentals suggest is fair-market value. However, XRP’s discount largely reflects subdued trading conditions across the entire market. As the author previously maintained, a lack of new market entrants and hesitation on the institutional side have put a firm cap on digital assets stretching all the way back to the spring.
That said, the worst of the crypto-market downtrend appears to be over, and this duly applies to XRP. The cryptocurrency is trading at break-even compared with three months ago, with the only deviation being a sharp downtrend in September that was immediately followed by a historic breakout.
@Mike_Fishy any comments?
Ripple Introducing History Sharding
Talk about wild predictions! Sheesh
The Ripple Debate Continues as Coinbase Considers Listing XRP
What happens when the largest cryptocurrency exchange refuses to list the third largest cryptocurrency? Much of this has been related to the management and strategy behind Ripple, and Coinbase’s hesitancy to align themselves with such a controversial coin.
We are facing new questions as Coinbase gives signals that they may finally be considering listing XRP on their exchange. The biggest question is if this will change how the SEC views XRP, and if this is the tipping point that may get it deemed a security.
XRP Not a Security
For Ripple to be a security, it would have to have to be proven to represent ownership in a company. This is problematic for a lot of reasons, but mostly because it would require heavier regulation than if it were viewed as a commodity.
The often repeated distinction by Ripple CEO, Brad Garlinghouse, is that is that Ripple and XRP are two separate entities. You can think about it as the difference between the currency a company uses and the profits of a company. They are related, but definitely not the same.
As Mr. Garlinghouse has said, securities give you rights to governance, dividends and ownership of a company. XRP sells presents none of these benefits.
However, the argument is that many investors view them as being so intimately connected that when Ripple announces a new partnership, the price of XRP increases. This is where the marketing may have been deceiving, and why many view XRP as being a shadier coin, regardless of its massive market capitalization.
The Outcome Doesn’t Matter
You might be wondering why it is such a big deal if XRP is deemed a security or not. The main change would be that many cryptocurrency exchanges would be less likely to want to handle it due to the drastically stricter regulations that are present on securities and protecting investors in securities.
This shaky legal status has been compounded by many unsubstantiated claims coming out a community that many would refer to as “ideological”, and that might actually be making things worse.
There is an alternate view as to what would happen if XRP was declared a security. Once declared a security, XRP could feasibly be listed on major equity exchanges (something some investors were itching for last year). This would result in a continued run-up in the price as investors would have increased access to the so-called “security”.
What It All Means
With this recent news regarding Coinbase, many think that XRP is finally going to become listed, after they have had so many false alarms over the last two years. The recent XRP news caused a significant run-up in the price of XRP, which was to be expected. The bigger question about whether it will be branded a security may have much more to do with the liquidity and regulation behind XRP.
The fact of the matter is that XRP will continue to function regardless if Ripple is in operation. The larger debate of whether investors should tie their investment theses for utility tokens to the profitability of the overall company is still yet to be settled.
if SWIFT intergrades with XRP its Game Over… 589 one day EOY i don’t know but fingers crossed.
Why does CoinPuffs say XRP market cap is over 50 billion? While others such as CMC, WorldCoinIndex, and CoinLib all say 20 billion.
Ripple Update: Bulls Poised to End Bear Market
Ripple (XRP/USD) came to life on September 18, 2018 when it breached resistance of $0.30. This sparked an unexpected yet strong rally to $0.79132 on September 21. In a matter of three days, Ripple skyrocketed by over 160%.
The price action can make it seem that bulls have finally taken over the market. Unfortunately, the pump was nothing but a dead cat bounce. Once the rally faded, Ripple lost all bullish momentum. Those who bought the bottom between $0.25 – $0.30 leveraged the pump to distribute positions and instigate the markdown.
Ripple may look incredibly bearish right now but it actually has an opportunity to end its year-long downtrend. In this article, we reveal how bulls are in a position to end the Ripple bear market.
Possible Double Bottom Formation
It’s quite difficult to be bullish on Ripple especially if you’re a day trader. A quick look at the 4-hour chart shows that the market is forming a bear flag. Breach of $0.30 support is a continuation of the bearish trend.
4H chart of XRP/USD
If Ripple breaks out of this pattern, the target is support of $0.25. This is where bulls can make their stand and end the bear market.
At that point, conditions will be right for the defense of $0.25. The 4H and the daily RSI will likely be oversold. On top of that, the daily RSI has the potential to create a double bottom pattern. The likelihood of bearish exhaustion and the increased demand at $0.25 will make it easy for bulls to establish a double bottom pattern on the daily chart.
Possible bottom for Ripple
A double bottom structure makes sense at this level because $0.25 is the market’s parabolic support. If you look at the weekly chart, you will see that this level used to be a strong resistance area. When bulls blasted through it in December 2017, Ripple skyrockted to $3.30.
Weekly chart of Ripple
If bulls can hold on to this level, they can effectively end the bear market.
Shift from Markdown to Accumulation
The end of the bear market does not imply an immediate trend reversal. Although it is within the realm of possibilities for Ripple to pump itself into a bull run, we expect the market’s trend to shift from down to sideways. The formation of the double bottom structure should end the bleeding and usher in a new market cycle.
XRP range accumulation
We expect Ripple to range trade between $0.25 – $0.57 for the next few months. This will be the time when market makers and smart money investors enter positions in preparation for the next market cycle. As long as $0.25 holds, it would be wise for retail investors to accumulate positions at these levels as well.
No one can tell when Ripple will shift from accumulation to markup. When it does, however, those who bought positions near $0.25 can potentially grow their investments by over 1,200% if the market revisits its all-time high of $3.30 on the next bull run.
Prepare for Invalidation
Buying at the projected accumulation range sounds promising. Nevertheless, there’s always a possibility that our assumptions are incorrect. In the off chance that the bottom is not yet in, we can expect the market to perform these steps:
- Weak bounce and inability to take out range midpoint of $0.41.
- Breach of $0.25.
- Retest of $0.25 as resistance
Possible bear market continuation
Should this happen, you can cut your losses at the retest of $0.25 as resistance to minimize your risk.
Ripple may look bearish right now but in reality, bulls have a decent shot to end the bear market. If they’re successful, we can expect Ripple to range trade for the next few months in preparation for the next bull run. This is where retail traders can accumulate with the smart money investors. However, it is also wise to plan for invalidation and protect your capital.
XRP/USD Price Analysis: Israel’s Largest Financial Services Company GMT Partnering with Ripple
- Ripple has another large financial firm leveraging its technology, as the list keeps on growing.
- XRP/USD will search for buyers within $0.3000-$0.2500 range initially, ahead of possible $0.2000 return.
- XRP/BTC looks surprisingly encouraging, subject to a potential breakout to the upside.
XRP in line with the rest of its peers across the cryptocurrency market remains firmly on the back foot. XRP/USD is running at its third consecutive session of losses. At the time of writing, the pair has dropped 7% over this mentioned period. A renewed wave of selling pressure hit the market after the price was allowed some time to consolidate. The market was very much within range-bound mode, before the bears struck again. As a result, XRP has firmly given up the $0.3000 mark.
Israel’s GMT to Utilize Ripple Technology
The largest financial services organization in Israel, GMT, has announced a partnership with Ripple. They will be utilizing Ripple’s technology for their cross-boarder payments.
GMT said via their latest blog update: “GMT is joining companies like MoneyGram, AmericanExpress, CIBC, Earthport, AKBANK and many more, who are already authorized to use Ripple’s platform. This partnership is establishing GMT’s place in the forefront of the Israeli Fintech industry, also allowing us to work side by side with some of the leading companies in the world.”
GMT are the largest and leading financial services organization in Israel. They have an outreach of 250 branches spanning across the country. GMT specialize in local and international remittance services, among many other financial offerings.
In terms of which technology of Ripple’s they will exactly be leveraging, it does not appear to have been stated for now. Whether GMT will be using either xCurrent or xRapid is still subject to debate. Hacked will be sure to provide further details upon those being announced.
Technical Review – XRP/USD
XRP/USD 4-hour chart
Price behavior seems to be quite readable of late. XRP/USD is going through periods of hard selling, which is then followed by some range-bound trading. Once again, bears breakout from this consolidation mode to ignite more downside pressure. Between the 7th and 14thDecember, XRP/USD had formed a range-block. The sellers came piling in on the 14thDecember, and as a result the recent range was broken with $0.3000 giving way.
XRP/USD weekly chart
XRP/USD is now moving within a critical area. This is seen running from $0.3000 to $0.2500. A very well-known area for big buyers coming in, as proven on occasions this year. Any failure of this initial range holding could see a free-fall down to $0.2000.
XRP/BTC daily chart
Finally, looking the daily chart of XRP/BTC, it remains somewhat encouraging. XRP is holding its ground again BTC, in comparison to many of its peers. The price is ranging for now, looking possible to see a chunky breakout to the upside. It remains trading around levels seen during the explosive run in December 2017.