2019-5-8 21:00 |
Ripple (XRP) in an extended consolidation Technical reasons preventing RippleNet clients from upgrading to xCurrent 4.0
For Ripple (XRP) demand, then more banks should use xRapid an “on-demand liquidity tool.” Unfortunately, it is a handful of banks that use the solution as technical and legal reasons slow down adoption. Meanwhile, Ripple (XRP) is flat, ranging within a 10 cents zone with caps at 34 cents and 40 cents.
Ripple Price Analysis FundamentalsEven though Ripple (XRP) is one of the most liquid assets in the sphere and the third most valuable, its performance in the last few months has been dismal. Perhaps they may be functioning as designed, acting as a settlement tool.
However, it is clear that should Ripple (XRP) prices expand then not only will it benefit investors, but Ripple Inc that a big chunk of Ripple Lab’s XRP will be in a better position to support projects around XRP use case through Xpring.
Even so, before then Ripple Inc should increase their marketing, engage with central banks and individual financial institutions, create a perfect rapport with regulators and above all, convert as many FIs into using xRapid. That is now simple and because of xCurrent Ver 4.0 that allows xCurrent clients to incorporate xRapid, a solution that makes use of xCurrent rails introducing speed and efficiency.
All the same, David Schwartz admits that besides regulatory challenges, there are technical reasons behind the low uptake of xRapid though a majority of banks accept xCurrent. He says upgrading banks must re-configure their middleware and that calls for other possible expensive adjustment or even downtime that banks won’t agree.
Candlestick ArrangementRipple (XRP) is down 2.3 percent oscillating around early April open. Although we expect bulls to flow in, it is until prices clear 34 cents and 40 cents according to our laid out XRP/USD trade plan.
Before then, traders should be ready for an extension of a ranging market and a possibly explosive consolidation that will drive prices either to oblivion below 15 cents or to the moon, above 80 cents.
However, as aforementioned, the success of XRP hinges on more than one factor now that prices move inversely to Bitcoin. In light of market conditions and an extended trade range, we shall adopt a neutral but bullish stance aware that dips below 30 cents invalidate our trade plan.
Technical IndicatorsParticipation levels are low. Even so, we expect a breakout above 34 cents in weeks ahead. Accompanying this must be volumes exceeding 30 million of Apr-26. On a higher time frame, it will be ideal if there is an up-thrust above 40 cents with volumes above 98 million of Apr-3.
Chart courtesy of Trading View
The post Ripple (XRP) Unresponsive, Lagging and Consolidating Above 30 Cents appeared first on NewsBTC.
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