Ripple Price Analysis: XRP Bulls Slip, Drop 2% But Still Bullish Above 30 Cents
Today’s Ripple (XRP) News
The internet of value is vaunted and for good reasons. Built on top of the blockchain, web 3.0, the world can exchange value just like they do with information without a trusted third party. Blockchain will make this possible and of the many startups that are actively working towards its realization is Ripple Inc.
InterLedger, founded by the former Ripple CTO Stefan Thomas, now of Coil and Evan Schwartz, an engineer with Ripple, if successful will be a major breakthrough for XRP. InterLedger has the same architecture as that of Bitcoin’s Lightning Network incorporating Connectors.
These connectors earn from fees or barred in case they act badly. However, their main role of a connector is to act as an intermediary. At the moment, Ripple through its investment wing, Xpring, is bankrolling several projects building on making XRP part of their operations.
Equilibrium Connect, a spinoff from Equilibrium Labs, is the latest to benefit from Xpring, joining a long list of companies including Coil, Wietse Wind’s XRPL Labs and more. Teemu Paivinen, founder of Equilibrium Connect said:
“Right now, InterLedger has been designed and the foundations are there, but there aren’t really enough people participating in it and there’s not enough liquidity, so it’s not useful to anyone until those things get into place.”
Because of this funding, Equilibrium Connect will continue building open source tools that can be integrated with InterLedger Protocol, a payment network, making it easy for businesses and individuals to use it. In a statement, Ethan Beard, SVP of Xpring said:
“Equilibrium Connect will bring new infrastructure to the InterLedger network, both through open source contributions and operating node and web services for developers to easily access the network.”
XRP/USD Price Analysis
1 XRP/USD =$0.2464 change ~ 2.46%
XRP is back to red, capped inside a descending triangle with resistance at 34 cents and main support at 30 cents. While buyers may be in control in the sense that prices, despite the battering, is still oscillating inside Sep 2018 trade range.
Therefore, while every low is technically a buying opportunity as long as prices are trending above 30 cents, any firm close below the main support trend line could see XRP tumble to H1 2019 lows as bears of June and July flow back confirming sellers of July 10.
However, for the optimist expecting prices to recover, any close above 34 cents must be with high trading volumes exceeding 50 million of July 10 signaling bulls of mid-May. In that case, XRP may end up floating to 40 cents as mentioned in the last XRP/USD trade plan.
Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk. Do your due diligence.