2019-1-9 15:00 |
Latest Ripple News
The cross-border payment market is projected to hit $2 trillion by 2020 according to a recent report by McKinsey. Citing robust growth especially in the Asia-Pacific corridor, the report goes on to say the global payments will swell and even exceed $5 trillion in the next five years. This means at spot prices, Ripple through xRapid need to control a mere five percent for XRP to surge 500 percent.
Read: RippleNet Now Has Over 200 Global Customers With 5 More Using XRP
True, the figures are solid but the truth of the matter is that Belgium based SWIFT, formed by banks and improving to seal loopholes, is still the dominant and a go-to platform for banks. Albeit the advantages fronted by Ripple—speed, efficiency and cost cutting, SWIFT is working to address settlement time and HSBC is trialing a solution that will see transaction time drop to two hours.
On the other hand, Ripple is ramping up. Although partnering institutions prefer xCurrent to xRapid—a solution that leverage XRP for liquidity, the number of companies plugged in to the RippleNet is up to 200. What’s more, two months after launching xRapid during the SWELL conference, 12 more companies including JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank are enjoying the cost and speed benefits of XRP.
Also Read: Kuwait Finance House Confirms Using Ripple Tech. For Cross Border Remittances
Moreover, there has been a spike in use with 350 percent more transactions sent via Ripple from last year. Combined, these are the kind of details XRP holders need to hear as 2019—labelled the year of crypto adoption—unfolds.
XRP/USD Price AnalysisAt third, XRP’s market cap is $14.7 billion, $800 million less than Ethereum and up one percent from last Wednesday. Still, XRP prices are ranging within a tight 6 cents limit with caps at 40 cents—the 61.8 percent Fibonacci retracement level and 30 cents and 34 cents on the downside.
Nonetheless, the resurgence from mid-November 2018 cements our bullish stand but until there are solid, high volume gains above the 40 cents-42 cents resistance level, short term bears can drive prices to 25 cents or lower by end month.
Trend and candlestick Formation: Neutral, AccumulationFrom a top-down approach, buyers are in control and consolidating within Sep 2018 high low. Even with this, the declines from 80 cents have been steep and prices are roughly 13 cents away from Sep 2018 lows of 25 cents.
Regardless, this proximity shouldn’t be a basis for bear projections but instead, every dip should technically be a buying opportunity now that we have clear higher highs after prices momentarily sank below 30 cents in mid-December.
Overly, what we have now is an accumulation inside a wider 55 cents range—a double bar bull bar—where XRP/USD is accumulating in a bull flag after rallying from 29 cents. From an effort versus result perspective, bulls are in control and chances for upsides are more than declines.
Volumes: Low, bullishAs aforementioned, XRP/USD is bullish from an effort versus result point of view. Backing this view is the larger confinement of price within Sep 2018 high low three months after rocketing from 25 cents.
Besides, short term trend is bullish and behind Dec 17 bull bar were above average volumes—52 million versus 28 million, exceeding current volumes level—at the time of press.
ConclusionConsidering technical and fundamental developments, XRP bulls have an upper hand. However, before we recommend longs, we need to see convincing breaks above 40 cents. Afterwards, we shall trade as follows:
Buy: 40 cents
Stop: 30 cents, 34 cents, 37 cents—depends on risk-averse levels
Target: 60 cents, 80 cents
All charts courtesy of Trading View—BitFinex
This is not investment advice. Do your research.
The post Ripple Price Analysis: xRapid Needs to Control a Mere 5% of Global Payments for XRP to Rise 500% appeared first on Ethereum World News.
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