Today’s Ripple (XRP) News
Much has been said about Ripple and specifically, one of their talked about solution, xRapid. Albeit the challenges presented by regulators and critics, the option is really convenient, cheap and efficient for the adopting enterprise. It has been proven that firms can save anywhere between 40 to 70 percent of their initial transaction costs if they shift from legacy systems to xRapid.
Western Union piloted the program only testing a handful of transactions on xRapid and later concluded that there were no evident costs savings after the end of their tests. Dropping the piloting, their re-entry is a good sign for XRP holders.
Add that to the entry of MoneyGram in the xRapid ecosystem fundamentals are clearly supportive of XRP prices over the long term. Adding to the interest, is the entry of SendFriend, that will open a window between New Jersey and Philippines:
“According to some estimates, 10.2 million people from the Philippines or of Filipino descent are working abroad. Filipinos have a reputation for being excellent employees and team members. Read what makes Filipinos a level above other employees here.”
All the same, a single glance of the XRP daily charts reveal price accumulation with no discernible difference in the last six months. Speculation has it that xCurrent could be the means to an end of Ripple plans of on-boarding as many plans as possible.
Recently, Money Tap announced the entry of seven more Japanese banks. The seven seemed to have calmed the waters following the exit of Resona Banks, which initially had thrown into jeopardy the SBI Group fronted option that use xCurrent.
Through an announcement, XRP Research Center said in a tweet:
“SBI Group announces that SEVEN additional Japanese banks (20 in the aggregate as of today) have agreed to invest in Money Tap, Co. Ltd, a brand-new company operating a domestic settlement system for digital payments that Run on Ripple.”
XRP/USD Price Analysis
1 XRP/USD =$0.1724 change ~ 2.21%
As aforementioned, XRP is under pressure and ranging in smaller time frames. Arrested within a 15 cents trade range with caps at 50 cents, XRP is nonetheless bullish. Notice that despite losses at the tail end of last week, bulls are resilient and resisting lower prices and moving inside the rising wedge.
That is basically a bull flag anchored by May 2019 trade range. Bullish as it is, it is important that traders reject lower prices below 34 cents.
If they manage and prices rebound from current levels-at Q1 2019 highs, completing a retest and in a resumption of the third phase of a classic breakout pattern, prices could rally to 50 cents and ideally to 80 cents.
In that case, it would be vital that trading volumes rise in tow. Therefore, any breakout above 50 cents triggering risk-averse traders to buy the dips should ideally be with high trading volumes exceeding 113 million last printed on June 22.
That shall open the doors for 80 cents and even $1.40 in a bullish move whose aftermath could see XRP flip ETH to second. On the flip side, any loss below 34 cents cancel this trade plan.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.