- Ripple prices flat above 30 cents
- Ripple’s xRapid is fast, and cut-costs says World Bank
Barely five months after launching, XRapid benefits are filtering and commercially available for interested companies. Even with the positive media attention like mention in a World Bank report, Ripple (XRP) prices are stable above 30 cents but could print higher in days ahead.
Ripple Price Analysis
Fundamentals
That blockchain enables cheap, secure and near-instantaneous transfer of value is a feat.As a result, Ripple Inc—which is promoting three innovative solutions for global remittance purposes—has the attention of the World Bank.
In their latest blog, the global financier said that DLT technologies employed by disruptive start-ups as Ripple Inc “offer a promising pathway to dramatic improvements in the lives of millions of people in emerging economies.” Additionally, “DLT could improve the traceability of remittances and reduce compliance costs for MTOs and supply chain payments, stimulating economic activity in destination countries.”
However, a standout is their mention of xRapid. The latter is a solution that leverage XRP as a medium of exchange. As a result, transactions are cheap, settling near instantaneously via approved exchanges as Bitso, Bitstamp and Coins.ph. Apart from speed, it is cost saving benefiting the end user. Here’s what the World Bank report mentions:
“Ripple, a FinTech company, piloted xRapid, a DLT-based cross-border payments solution, along with the very competitive U.S.-Mexico corridor. Financial institutions involved in the pilot saved 40 percent-70 percent in foreign exchange costs, and the average payment times was just over two minutes. The transfer of funds on xRapid took two to three seconds, with most of the processing time explained by domestic payment rails and intermediary digital asset exchanges.”
Candlestick Arrangement
Despite support, Ripple (XRP) prices are stable, oscillating along our main support at 30 cents. However, it is lagging, up 1.4 percent and underperforming competing assets as XLM.
Nonetheless, we are optimistic believing that the positive correlation between Bitcoin and most assets including XRP will aid in lifting the coin from the 4 cents, energy-sapping range towards 40 cents validating all our XRP/USD trade plans.
Besides, the Bitcoin effect, the close below lower BB on Mar 26 could spur activity as bulls take advantage of discount prices driving the asset towards 34 cents or the 61.8 percent Fibonacci retracement level of Dec 2018 high-low ushering in risk-off, aggressive traders aiming at 40 cents and 60 cents.
Technical Indicators
With a three-bar bull reversal pattern of Mar25-27, Ripple (XRP) prices are up. Accompanying this upswing are high trade volumes up from around 10 million on Mar 26 to 12 million on Mar 30 hinting underlying demand. Even so, any up-thrust above 34 cents must be with high volumes exceeding those of Mar 21 at 17 million.
Chart courtesy of Trading View