5-Months of Ripple (XRP) 10 Cents Consolidation, Breakout Delayed

  • Ripple (XRP) prices flat
  • Ria Money Transfer integrates with Ripple

Days after SABB, Ria Money Transfer is the latest to join the RippleNet family. The service transfer approximately $40 billion per year. Meanwhile, Ripple (XRP) is under pressure and trending above 30 cents, down 1.9 percent in the last day.

Ripple Price Analysis

Fundamentals

No doubt, Ripple—and it doesn’t matter the rate at which they are on-boarding clients, will be a crucial player in global remittance in the next ten years. What took SWIFT more than four decades to build, a network which is now the experimenting table for remittance companies will help fast-track migration as the start-up’s leaders explain to would-be customers all the benefits they will reap from any of their three solutions.

Even so, the only hindrance that makes banks as well as payment processors to take a cautious stand is regulatory uncertainty. The US SEC is yet to comment, and unless they do, classifying the asset as a utility, then we may see processors like Ramessa Online shifting camps, upgrading to xCurrent 4.0 and leveraging on xRapid for cross border transfer.

That way, Ripple would move closer towards creating an internet of value, a blow to SWIFT. After partnering with SABB, Ripple now has a deal with Ria Money Transfer, a service that moves $40 billion annually, and they will join the RippleNet utilizing xCurrent.

Juan Bianchi, CEO of Euronet’s Money Transfer Segment said:

“Ria’s integration with Ripple serves to build rails for an innovative payment infrastructure that seeks to provide easier access to potential partners while delivering faster and cleaner payments to its users. Time is a vital currency for our customers and partners, so we always keep it at the center of our innovation efforts.”

Candlestick Arrangement

At the time of press, Ripple (XRP) is down 16 percent year-to-date, losing 1.9 percent in the last day as asset prices cool off. Technically, and as per our iterations, Ripple (XRP) is in an uptrend with strong supports at 30 cents.

From an effort versus results point of view, the consolidation and the 90 percent drop from 80 cents to spot rates, is supportive of buyers. Note that bears, despite the strong liquidation wave of the last few weeks, are yet to close below 30 cents wiping gains of Sep 2018.

Therefore, unless that happens and XRP drop below Q1 2019 lows towards 25 cents, there are odds that prices will rally above 34 cents activating buyers aiming for 40 cents and 60 cents.

Technical Indicator

Apr-30 bull bar, wide-ranging with high volumes–20 million is our anchor candlestick. As a result, any bar that will either lead to liquidation or expansion must be with high volumes exceeding 20 million and more importantly, 30 million of Apr-26. An upswing will confirm the double bar bull reversal pattern of Apr-25-26 while a sell-off nullifies our trade plan as bears of Apr-11 flow back.

Chart courtesy of Trading View

 

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