Ripple (XRP) is among the top cryptocurrencies in the world. Its primary focus is to aid in global remittance payments and become the leading solution. As we do know, it still faces stiff competition with SWIFT. However, the cryptocurrency has attracted lots of attention ever since its inception, but still faces the debate of being a security or not, consistently. Additionally, most investors do not like Ripple or its products.
Technically, Ripple trades between the $0.27 and $0.3 levels. Also, its short-term price structure is still at lower highs and lower lows, but its chart shows us that it started to slow down after the drop from $0.35.
First possible support is the August low or 2018 low and the round number area $0.25. If it finds support from this area, then we will also have a bullish chart pattern called “Double bottom.”
Subsequently, a market analysis by a known Trader easyMarkets states that:
“XRPUSD is approaching our support at 0.3349 (horizontal overlap support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement, short-term ascending support line) and a strong bounce might occur above this level, pushing price up to our major resistance at 0.3499 (horizontal swing high resistance, 61.8% Fibonacci extension, 61.8% Fibonacci retracement). Stochastics (89, 5, 3) is approaching support where a bounce above this level might see a corresponding rise in price.”
That said, Ripple got a step ahead as the cryptocurrency won a lawsuit to be not declared a security. The lawsuit has been “dismissed without prejudice” by the state court in California recently.
Ripple has also given an excellent insight into the one of its product, xCurrent, through a video. The video revealed how xCurrent aims to solve the problems that SMEs have been facing for an extended period including lack of transparency, traceability, and attached information. Ripple’s xCurrent focuses on solving these problems and become an everlasting solution to the cost of transactions that are associated with SMEs. Even though this was done, the blockchain firm couldn’t convince its community.
Ripple is planning to merge xVia, xRapid, and xCurrent together into one solution, known as Convergence; this was according to Jim Chauncey-Kelly, the Director of Talents Acquisition at Ripple.
As per the firm, the Convergence is software that synchronizes all of the Ripple’s product. It was also added that with Convergence, industries could move their capital from one country to another and still enjoy fast speed and flexibility, with low transaction cost.
Ripple has also answered the critics concerning the “centralization” of its protocol. David Schwartz, the CTO of Ripple stated that XRP is a decentralized coin just like Bitcoin. But there are still concerns and questions concerning the centralization of the blockchain project.
Nonetheless, Ripple seems to be leading as far as the mass adoption is concerned as even the companies such as Mitsubishi UFJ Financial Group acknowledged the use of Ripple solution in different parts of the world. The company is seeking ways to stamp its position as the leading solution for global remittances. Its xRapid will go live very soon and this may attract more FinTech companies to adopt it.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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