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Ripple

Ripple Performs Better than Broader Crypto Markets on Technical Support

One of the most interesting cryptocurrencies to have emerged over the past few years has been Ripple (XRP), and it has managed to hold onto its position as the third biggest cryptocurrency by market capitalization. However, it has not had the best year so far, despite threatening to break out more than once. In a new development that will be welcomed by those who hold XRP, the cryptocurrency has managed to outperform the market amidst all the chaos.

XRP Finds Support

While most of the market has been in a downward spiral due to the issues related to Facebook’s Libra, Ripple has managed to find strength amid a buying spree from investors today. The buying spree started at the $0.22 level, and since then it went even higher as it continued to outperform the market significantly.

However, many crypto analysts who are familiar with Ripple and XRP are trying to figure out whether this particular level is XRP’s lower circuit from now on or not. At the end of the day, the level either proves to be the one from which the token can spring to higher levels, or it might not work out that way if the price plunges lower than that at a future date. Despite the current optimism surrounding XRP, it needs to be pointed out that over the past few weeks, the token had been in a downward spiral with a strong bearish pattern taking its price down.

>> Bitcoin Could Rebound if Facebook’s Libra Hearing Goes Well

It is even more indicative of the bearish strength that even though Bitcoin and many other altcoins continued to surge over the past weeks, XRP continued struggling to break out significantly. Some analysts have also stated that the price action that Ripple has experienced over recent days seemed to replicate what continued to happen with Bitcoin and despite outperforming the market today, which remains an issue. In fact, one of the leading crypto analysts on Twitter stated that if there is an intermediate correction in Bitcoin, then XRP could drop to $0.16.

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Ripple

Ripple (XRP) Slips Below $0.34 Mark as Selling Intensifies

Ripple (XRP) has been very volatile since the beginning of this week. After showing positive price movement on Monday, Ripple has been correcting since Tuesday and has slumped 20% since then. At the time of writing, XRP is trading lower by 5% at $0.3310.

Key Supports & Resistances

If the digital asset maintains the declining momentum and panic continues to make people sell, then XRP prices will dip massively and close below $0.34, which will invalidate prior XRP/USD trade plans. Currently, prices have gotten back to consolidation in the $0.15 range with caps at $0.50. On the technical chart, a breach of the $0.31 level will most likely nullify the bullish outlook of the trade plans as bears are expected to drive prices to $0.285 thus retesting the main support level of Q1 2019.

Ripple has slumped 50% from its 52-week high of $0.783 and is down 27% over the past year.

About Ripple

Ripple (XRP) is strongly protected by the so-called XRP Army. The Army supports Ripple, which is the third most liquid asset in its strength, and will shut down any critics of XRP regardless of the validity of their inquiries or objective. As a result, their efforts have paid off and have seen XRP being embraced by Binance as its base currency.

>> Stellar (XLM) Outperforms After the Fall Earlier This Week

Equally the efforts of the army have seen a response from Skype, although that request is still being contemplated. Ripple is focused on expanding globally as a payment settlement platform. However, Marjan Delantine, the Head of Global Banking, indicates that the objective is not to outcompete SWIFT, which is already established, and other platforms but rather to complement them.

The appointment of IMF Managing Director Christine Lagarde as the head of ECB is good news for the crypto industry because she is open to cryptocurrencies and more so to Ripple (XRP). The ECB does still hold a firm stand against Bitcoin, which they say is an asset rather than a currency, but her being at the helm could bring about changes to the ECB’s crypto attitudes.

Featured image: DepositPhotos © akulamatiau

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Ripple

Ripple Receives Boost with ECB Change in Leadership

There is good news for the blockchain industry, especially Ripple (XRP), following the leadership change at ECB. Mario Draghi is leaving as the head of ECB, and he is being replaced by IMF Managing Director Christine Lagarde.

Change in ECB Leadership Good News for Ripple

Christine Lagarde taking over spells good times for blockchain as a growing and disrupting technology because her tenure is expected to be supportive of the industry.  Besides being among those top leaders who have openly endorsed blockchain and cryptocurrency, Lagarde is specifically focused on Ripple and its associated products.

She believes that proper regulation of the industry will enhance trust, and her enthusiasm and acknowledgment of Ripple has been bullish for XRP. Ripple is benefitting with its relationship with the White House as its top management team has friends in the Trump Administration who can help further their agenda. Corry Johnson, the ex-Chief Marketing Strategist, indicated that Ripple has consistently been communicating with White House officials.

Ripple’s objective is not to compete with SWIFT, which is currently leading the market with over 11,000 banks across the globe using its network. Ripple’s Global Banking Head, Marjan Delantine, indicates that the platform is aiming to complement the existing rival networks.

>> Monero (XMR) Jumps 6% On New Exchange Listing Hopes

Growing Momentum to Take XRP Past 50 Cents

Currently, XRP is reacting from $0.40, which is seen as a significant support level bringing XRP closer to the breakout pattern versus the USD. Buyers are currently in control of XRP as the near-term trend depends on the buyer. In the event it builds enough momentum, XRP could go past $0.50 after trading high volumes, and XRP price is expected to leap to $0.80.

However, losses below $0.34 are not good for holders as it will scare traders, and such a shock will initiate panic sells reminiscent of those witnessed in the first quarter 2019 when support was $0.30. Deep losses, although unexpected, will most likely cancel the upward trend.

Featured image: DepositPhotos © Violka08

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Ripple

Ripple Announces Notable Investment in XRP Projects

Ripple’s XRP is the world’s third-biggest cryptocurrency in terms of market capitalization, and over the past few years, the company has been engaged in extensive deal-making in order to make the cryptocurrency go mainstream in a big way.

The company has also built up a wide range of products in its ecosystem that seeks to make the usage of XRP more prevalent in the global economy, and one of those products is Xpring. The Xpring initiative is aimed at building what is called the ‘internet of value’ and making the participants in the ecosystem use XRP more. Xpring has bagged a whole range of projects over the past months, and in a new development, it has emerged that it has contributed as much as $500 million across a range of 20 companies.

Significant for Ripple

The amount invested in any particular company varies wildly and is a reflection of what Xpring feels about that company’s promise. For instance, it has invested as much as $100 million in Forte, which is a gaming platform. Other notable recipients of Xpring’s investments were Robot Ventures, which is regarded as a ‘crypto scout’ fund, and security company Securitize, among others. These are highly strategic moves from Ripple to display with a range of companies how the usage of XRP can help all kinds of businesses, and it goes without saying that it is a strategy that could work.

>> Bitcoin (BTC) to Gain More Strength Above $12k Mark

Ripple believes that, in the years to come, its Xpring strategy can eventually lead to the wider usage of the XRP Ledger and Interledger projects in a wide variety of businesses. Xpring hopes to bring the comforts of decentralized finance to businesses. If a majority of these companies do end up finding the usage of XRP to be beneficial, then it would certainly be a great development for the XRP ecosystem as a whole.

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Ripple to Enhance Transparency in XRP Volume Reporting

According to a Bitwise report, there is foul play in the crypto industry because it is unregulated, which makes exchanges culpable to manipulation as some even inflate their trading volumes. The Bitwise researchers have discovered that up to 95% of trading volumes are fraudulent. This is where Ripple steps in.

Ripple Working to Enhance Accuracy

The crypto firm is working with reliable partners in the industry to understand the scale and scope of the problem and evaluate its XRP volume reporting. Going into Q2 2019, the company is likely to take a cautious approach in reporting XRP sales. The aim is to enhance transparency, and based on these proposals, the target XRP sales for the quarter are likely to decline to below ten basis points

In a blog post on June 3, Ripple discussed how the industry can do better in terms of accurate reporting. The blog cites various industry reports, including the recent Bitwise report to the SEC, the report by Data Accountability & Transparency Alliance, and one by Blockchain Institute. All these reports cite inaccuracy in reporting as the main problem the cryptocurrency industry is facing as some companies exaggerate their volumes.

Inaccurate Reporting May Hurt the Industry

Ripple further explains in the blog post why it is choosing to act now. The cryptocurrency firm states that it believes in trust and transparency, without which there cannot be mainstream adoption of cryptocurrencies or blockchain technology. Ripple further asserts that for an emerging market that is seeking mainstream adoption, transparency and trust are essential components.

>> Facebook Coin: Platform will Announce Cryptocurrency in June

There is already skepticism regarding cryptocurrencies because of their unregulated nature and the allegations of inaccurate reporting will deepen the problem; therefore working on improving accuracy in reporting will be beneficial to the whole industry. Ripple is currently looking at the bigger picture, and by instituting changes, it is trying to ensure there is longevity in the crypto market.

XRP is down 4.9% in the last 24 hours, and more losses should be expected. With these developments, bears will have a field day, and the resulting sell-off might see XRP lose $0.34.

Featured image: DepositPhotos © adriantoday

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