After the significant increase in price for the majority of the cryptocurrency market especially those at the top of the list, a massive dip has followed. That wave of descending did take Ripple [XRP] down too.
For more than a week now, Yesterday was the first time XRP/USD went lower than the $0.20 mark which happened on Aug 28 – precisely now at $0.1919 02:00 UCT.
But the correction is followed now by a momentum of gain while Ripple is pairing with US Dollar at around $0.22 with 8.61 percent upward climb in the last 24 hours and a market cap close to $8.4 billion – data from Coinmarketcap.
On the hourly chart of XRP/USD a bearish resistance trend line was formed which was cleared and broken out at approx the $0.21 mark after fluctuating and attempting for increase at the $0.20 level. That movement has opened doors for a continuation of gains on the near term while keeping in mind we cleared the minor last time highest mark but the major resistances come at $0.23 and $0.25 which are not tested for couple of days now.
The original price rocketing was initiated originally by Asian exchanges like Bithumb leading in most of the virtual currencies daily trading. Ripple did experience a daily trading of over $1 billion in three days in a row late August with the hoisting up of Asian exchanges.
That’s is all for the really near future trading plans to take notes but when it comes to longer term, Ripple is supported by the negotiation and deals struck around the world by the enterprise developing it.
As its market development strategy cannot be imitated by other coins just because not many are structured as a company having control where the tokens are lead which makes negotiating deals with world financial institutions possible.
With the welcoming meeting hosted by Ripple awaiting the People’s Bank of China (PBoC) latest virtual currencies issues and trends have been discussed. As stated and predicted by Brad Garlinghouse – Ripple CEO – the service could enter consumers and users market within 5 years.
News are being announced around UAE that the UAE Exchange was in negotiation with Ripple enterprise for a partnership using its distributed ledger and Block-tech to get payments complete even outside of the border. Its “functionality” is experiencing an expansion throughout this particular region as the National Bank of Abu Dhabi – one of the major lenders in the emirates – earlier this year had already adapted its technology.
The encouragement of cooperation between China and US for improvements of cryptocurrency via meetings that were held by Ripple and bankers, industry influencers, academics for a better virtual currency future. This as awaited was proportionally paired with a price surge while well known and respected figures of the industry took interest on the project giving it credibility. For ‘could-be’ of the same reason an official from the US State department – Anja Manuel was invited to the board of directors to increase support when it comes to China branching. Next to this, mid-October a meeting to be held by Ripple – Sir Tim Berners-Lee and Dr Ben Bernanke will be guests – one the same room!
So, overall adding up the mainstream sparkle that Ripple does experience as soon as someone reads about the technology, very optimistic and well cemented positions await Ripple in the longer term understanding.