- Renewed optimism delivered within the recent episode of Ripple Drop, covering company technology and growing institutional investment.
- XRP/USD bull flag technical set up remains intact, subject to a breakout.
Ripple released their most recent episode of Ripple Drop, detailing some of the latest updates surrounding the company and providing some education on their products. Separately, an acknowledgement of the solid Q3 report and commentary on the growth of institutional buying was noted.
How the Ripple Products Work Together
Ripple’s SVP of product Asheesh Birla discussed three different Ripple products that are available on RippleNet and how they are working together. Asheesh gave an explanation on how xVia connects all products on the RippleNet, such as xRapid and xCurrent.
He detailed that transferring payments from the United States to Mexico would become seamless with xVia. The sender connects directly to xVia, which is then connected to xRapid. This can then be used to transmit the funds to a receiver in Mexico. This will assist in eliminating the requirement of an FTP server. Transaction time is reduced from at least 3 to 5.
Further on, the director of product Craig DeWitt spoke about the multi-hop feature of RippleNet, explaining that, “Multi-hop gives RippleNet members the ability of transacting with banks, payment providers or digital wallets that they don’t have a direct relationship to.”
Lastly of note, the chief market strategist, Cory Johnson noted that the largest change in the latest quarter, was the chunky amount of buying by Wall Street. Institutional buying directly from the company, an increase of around 400 percent quarter-on-quarter for Ripple. This was very encouraging to say the least, about investor growth prospects for the company.
New Ripple Partnership
Quidax is the latest company to partner up with Ripple. It will be using Ripple’s xRapid product, facilitating money transfers and settlements with the use of XRP. Quidax is an African cryptocurrency exchange. The digital tokens available on their platform currently are; Bitcoin Cash, Bitcoin Gold, Ripple’s XRP, Bitcoin, and Litecoin.
Technical Review XRP/USD – 4-hour Chart
The standout technical bull flag set up is still very much in play. This is true despite the cooling of late for XRP/USD over the past few sessions. The price managed to bounce on Tuesday, after downside intensity hit the market on Monday. Nevertheless, price action continues to bounce within the flag pattern, subject to an extended breakout north.
Key near-term levels to keep aware for XRP/USD ahead of its next committed direction are as follows: in terms of support, the price is currently trading within a demand area that tracks from $0.4500-0.4350. Further south, eyes will be on the lower trend line of the flag holding up, $0.4300. Therefore, any break lower, could send the price falling fast down to sub-$0.4000. Finally, to the upside, resistance is seen not far ahead, around $0.4550-0.4600, the above trend line for the mentioned pattern. Should buys gather enough momentum, eyes will be on supply seen at $0.4900, ahead of the big psychological $0.5000 mark. Given the current set up and price behavior, the odds appear to be stacked in the bulls favor.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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