UNITED STATES – The price of the Ripple (XRP) remains stuck at $0.19. Despite the lack of momentum, this company continuously pair with institutions outside the United States for further growth.
XRP Price Stays Stuck at $0.19 – Lacks Drive to Breakout
The price of Ripple (XRP) was exchanging at $0.190 as of today. The price of this cryptocurrency stayed in this exchange range for quite some time already. The mentioned price is performing as both support and resistance, while the digital asset currently moves aimlessly.
An additional move will properly assist in validating the resistance and support. If the crypto market looks at volatility, XRP is anticipated to drop to the lowest price at $0.17 in its 52nd week. This price hits significant supports.
On the other hand, in case there’s an advanced move, analysts are looking forward to exchanging insistently beyond $0.20. Furthermore, this cryptocurrency has been creating a slender trend after the digital coin touched the 52-week high price at about $0.55 until now. This trend resulted in plodding declines.
Examining the everyday XRP movement counter to USD on Poloniex, the analyst sees that Ripple provided a decreasing price trend in the last part of the previous year. Currently, the movement is discreetly beyond the struck 52-week low.
The 20-day Bollinger Band allotted appears to be performing for narrow bandwidth. IT means that analysts can anticipate a constant movement of about $0.19 for a little more time. The present price inclination is breaking out via the lower Bollinger Band. Moreover, the trend lacks assistance from the Bollinger Band Basis and moving averages.
Only short-term, such as the 10-day moving average, is moving in the 20-day Bollinger Band. As for the 50-day and 200-day, these moving averages are away from the mentioned range.
The strict indicators laid on the regular chart also approve the present regularly, yet a little volatile movement, wherein the Ripple’s MACD is moving under zero. Furthermore, it had a temporary small bullish crossover.
The Relative Strength Index of the XRP is at 38.66, and it holds a bullish chance of a downside breakout. It’s possible if the digital coin lacks the impetus to ascend via the mentioned resistance.
Ripple’s On-Demand Liquidity Achieves Record High on Mexico
In South America, Ripple’s XRP volume is hitting an all-time high over the Mexican peso on the cryptocurrency exchange Bitso.
Bitso is one of the digital assets that’s fueling the On-Demand Liquidity (ODL). As per the money transfer tycoon MoneyGram, it states that this cryptocurrency is moving 10% of its regular transactions between the United States or US and Mexico by utilizing the XRP-based payment product.
In the previous episode of the podcast “FintechBeat,” Brad Garlinghouse, the CEO of Ripple, validated that the growing volume is connected to MoneyGram.
As per Garlinghouse, it’s acting as a public ledger, wherein the user can see where the volumes are increasing and contracting. Furthermore, he added that this product is effective without the need to pre-fund.
Garlinghouse also explained that the volume of transactions between the Mexican peso and XRP dropped by an estimate of 50%. The volume grew again by over 50%. He also said that the company would continue to increase the amount of traffic. Furthermore, he compared the percentage of this cryptocurrency to the Mexican peso, wherein the volume grows, the larger the utility becomes.
The Liquidity Index Bot reports that the exchanging pair accomplished a liquidity index record on Monday, December 30. As per the Tweet, the 28-day moving trend is at 10,071,247, compared to the all-time value of 10,031,221. On the following day, the liquidity index is at 9,893,987, which is lower than the all-time high worth 10,189,161.
Ripple Aims to Be Partners with More Banks in Brazil
The Ripple blockchain aims to develop its partnership range with banks in Brazil by the year 2020. This plan excites a lot of users in the country. Moreover, this company is monitoring global remittances between users.
As per Reuters, Ripple should declare the partnership with numerous financial establishments in the coming months, and part of these institutions are virtual banks. Moreover, this company already moved into agreements with Rendimento, Bradesco, Santander, and others in Brazil.
According to Luis Antonio Sacco, the CEO of Ripple in Brazil, XRP will develop excellently in the coming year. With the uninterrupted advances in Brazilian banking policies to operate funding transactions, opportunities will grow more, as per Reuters.
Brazil is responsible for no less than 30% of money transfer procedures from Ripple. The number of transactions is significant that it led to opening an office in Sao Paulo in June, along with the constant visit of the senior vice president of international operations named Eric Van Miltenburg. Moreover, aside from Brazil, only the United Kingdom or the UK, the United States, or the US, Singapore, India, and Australia have offices of Ripple.
The Brazilian market information supports the actions and optimism of Ripple. As per the Central Bank, remittances from January to November by users between Brazil and other countries have a total of $4.6 billion. Furthermore, the figure displays the development of 10% over the same era of 2018.
Most of the transactions are done via Swift, a scheme that incorporates banks from different countries. On the other hand, the process is pricey, and it can take up to one week. It’s a dilemma that new venture arrangements promise to crack, especially companies that implement blockchain.
Sacco Neto said to Reuters that transfer services through the Ripple blockchain price up to 10% of the dues charged by banks as per partner reports. Santander was the first bank to utilize the technology of Ripple in Brazil from global remittances in October 2018. After two months, the British fintech Transferwise arrived in the country. Also, the international remittance market is about $600 billion as per Forbes magazine.
Ripple believes that it can fight international transfer institutions since it’s focused on its inception on global transfers. The company has reliable procedures in other countries to accomplish the end. It also led to a funding round of Bitso in October.
Bitso plans to operate in Argentina and Brazil, and it has 750,000 cryptocurrency users.
Aside from the partnership with Brazilian banks, Ripple also became partners with MoneyGram, the world’s second-biggest payment company.