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Ripple Price Analysis: XRP/USD Stable as Ripple Net set to power the $637 billion Chinese e-Commerce

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Fact is, member banks wish not to pay more to access SWIFT new GPI. On their part, Ripple through Brad Garlinghouse, aren’t seeking for a SWIFT-Ripple partnership despite Ripple officials attending SWIFT’s Sibos conference. In a recent interview with Bloomberg, Brad Garlinghouse made it clear that their daily efforts were geared towards replacing SWIFT.

During the 2016 Yahoo Finance All Markets Summit, Cory Johnson the Chief Marketing Strategist at Ripple said:

“Our competition is this banking consortium that came together in 1973… It’s called SWIFT… You know what it isn’t? It is not ‘swift’! It takes 3-5 days to move money… It’s one-dimensional messaging… It has about a 4% error rate… You send a message to move money, and then you wait, and maybe you get something back… It’s more akin to a homing pigeon than a text message or email.”

RelatedSWIFT Kicks Out Iran – Country Responds with State-issued Cryptocurrency

SWIFT has been around for sometimes now. With headquarters in Brussels, the 40-year-old global payment system is owned by banks. However, their messaging platform and products connects more than 11,000 banks, securities organizations, key market infrastructures and corporate customers spread across 200 countries. Though they are lagging, they are taking steps to counter Ripple’s solutions by updating their GPI. This way member banks get access to payment rich information, end to end tracking, speed and better efficiency.

Also Read: New Hedge Fund Circuit Capital Doubles Down on Cryptocurrency Investing

But still, considering the low rate of adoption—from their 11,000 banking members, it is estimated that 200 did upgrade and are actively using GPI, Ripple is ramping up partnerships and clipping market share from the dominant player. In six short years, the number of banks using xCurrent and other Ripple solutions keep increasing by the day. As the company focus on improving cross border fund transfer efficiency in emerging economies, it’s no doubt that their superiority will contribute towards confirming Brad Garlinghouse view. After all, in a year Ripple Net will power the $637 billion Chinese e-commerce sector.

XRP/USD Price Analysis

XRP/USD Price Analysis

Trading at 50 cents, XRP/USD losses are low. It is down 8.7 percent in the last week and down three percent in the last day. But, here’s the thing: XRP/USD is actually stable. Recent dips appear humongous because prices have been ranging in the last couple of days. Everything else constant and unless there are losses below important support levels, every low should be another opportunity to enter at a discount.

XRP/USD Price Analysis

Trend: Bullish

A simple trend line connecting recent lower lows indicate that XRP/USD is indeed bullish. Despite rejection of higher highs above 60 cents, Sep 2018 price action did propel prices above multi-level resistances at 30 cents, 40 cents and 55 cents. Because of this, we shall maintain an upbeat outlook knowing very well that XRP/USD is bullish. That’s as long as prices trend above our support zone at 35 cents-40 cents zone.

Volumes: Bullish

A standout in the daily chart is increasing volumes by week ending Sep 23. Then, volumes jumped from around 150 million on Sep 18 to 750 million on Sep 21. Since then volumes have decreased averaging 50 million in the last few days. Therefore, unless there are huge volume spikes surpassing week ending Sep 23 averages which causes the price to drop below 40 cents, our bullish outlook is still valid.

Candlestick Formation: Bullish Breakout, Bull Flag

It’s a bullish breakout because of price spikes of late September. Subsequent accumulation within tight price ranges completes a bull flag with supports at 40 cents and bull triggers/ resistance at 55 cents. Unless otherwise, and as aforementioned above, every low around the 40 cents-50 cent range is perfect for traders looking to add to their longs. Depending on where you buy, fitting stops should be at 40 cents or 50 cents.

Conclusion

Fundamentals are strong but even though technicals appear shaky, XRP/USD bulls are in charge. The four percent loss in the last day means nothing since prices are ranging inside Nov 4 high low. Better still sellers are yet to convincingly breach the 50 cents and 40 cents support levels. Because XRP/USD is trading within a bullish break out pattern, we recommend buying at spot with stops at 45 cents. And like our previous XRP/USD trade plan, first target is 80 cents and later $1.

 

Source: EthereumWorldNews

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