UNITED STATES – Despite facing the struggle of having a stuck price way back, Ripple’s XRP remains positive in targeting a 175% rebound for the year 2020. Aside from working on its exchange price, Ripple is starting to build another platform for music artists and gain 100% of the income.
XRP Price Targets a 175% Optimistic Rebound as per Analyst
Ripple (XRP) faces controversy about the substantial loss it suffered, yet as per a noticeable expert, this cryptocurrency is about to halt the bearish jinx in the year 2020.
A famous cryptocurrency analyst under the user “Crypto Michael” shared about this theory on his Twitter account on Wednesday, January 1. He stated that the exchange of XRP to the dollar might suffer an immense trend problem this year. The top digital asset trader has foreseen that there will be a 175%-rebound for the pair. Moreover, this rebound is after taking signals from its bygone exchange data.
Crypto Michael pitted the present price of XRP against the same session of an exchange witnessed between the quarter-four of 2015 and the quarter-four of 2016. The digital coin had experienced a profound weakness correction, with its price dropping from $0.025 to $0.0041. The drop was in 12 months. Moreover, he said that this cryptocurrency forwarded a likewise bearish move in the year 2019, which is presently ranging in a probable setback area.
According Crypto Michael, he stated that immense downtrends are prepared to be broken down. Moreover, he said that it might provide a target price of $0.48, which is a possible rise of 175%.
Before the considerable breakout, Crypto Michael anticipated XRP to drift askew in a range stated by a support-price of $0.166 and a resistance-price of $0.254.
The flat move seemed to be significant in the price action of XRP in 2015 to 2016. It drifted alike in a strict area with a support-price of $0.004 and a resistance-price of $0.005. The askew momentum continued for less than six months before this cryptocurrency broke out to the positive aspect. Furthermore, it recognized a new high price of $0.009, with a gain of 125%.
In the present scenario, the breakout beyond the resistance-price of $0.245 might cover a price rally to $0.48, as per Crypto Michael. The bullish goal overlaps with one of the decreasing trend line resistances created throughout the constant downtrend of XRP.
When Ripple Labs battled an immense bout of FUD, that’s when the bullish forecast came. This company allowed its clients to utilize XRP as a settlement token, which is used for cross border currency transfers. Moreover, it sold $1.2 billion XRP in 2019.
The move didn’t go well with the investors of Ripple as various analysts construed that the efforts only put the XRP exchange rates down. The worse thing that happened to this cryptocurrency was its underperformance against the United States or the US dollar and Bitcoin in the year 2019.
As for Ripple Lab’s partnership, this company entered an agreement with some of the biggest banks around the world. It bought shares from MoneyGram, a remittance platform, and it was able to raise an extra $200 million in the previous funding.
According to the tweet of Peter Todd, a cryptographic expert, XRP doesn’t have to exist. He stated that it doesn’t provide users legit rights to anything. Furthermore, he shared that the purpose is to earn Ripple money by trading.
As per technical, it’s insufficient to pump the Ripple coin by 175%. It might require trust from investors, which is presently one thing that this digital asset is severely deficient.
Ripple Aims for a Bigger Breakout – Eyeing to Hit Above $0.20
In the previous days, the price of Ripple made attempts to exceed the resistance-price of $0.2000 against the United States or the US dollar. On the other hand, the price failed to earn momentum beyond $0.1980, which declined recently.
The price stays below the 100-hourly simple moving average and the pivot level, which is at $0.1940. The last swing high was at $0.1942, wherein the price is presently exchanging with a bearish angle.
The price is trading under the $23.6% Fib retracement level of the ascending move to $0.1942 high, coming from the $0.1881 low. On the shortcoming, vital backings are starting near the $0.1900 and $0.1880 levels.
The 50% Fib retracement level of the upward trend, from $0.1881 low to $0.1942 high, is near the $0.1910 level, as well, to assist. Hence, the bears need to drive the price under the $0.1900 and $0.1880 levels to begin a considerable decline.
The primary support of Ripple is close to the $0.1850 level. There’s a risk of a higher breakdown. In the stated bearish case, the price might speed up to the $0.1650 and $0.1720 support levels.
The bulls might make another effort to exceed the resistance level of $0.1980 and $0.2000. If the bulls triumph, the price will start a more significant rally beyond $0.2050.
The price might increase to the resistance levels of $0.2150 and $0.2200 in the bullish situation. If Ethereum breaks $138, and Bitcoin earns more above $7,500, then Ripple might have a robust optimistic moment.
The XRP price appears to be restricted in a below-range of $0.1980 and $0.2000 resistance levels. If there’s no closure under $0.1850, the price is probable to target a critical bullish break over the $0.2000 barrier in the forthcoming days.
XRP Price Continues to be Stable after 200 Million-Transfer
On January 1, Wednesday, the tweet of “Whale Alert” talks about the transferred XRP from the Ripple Escrow Wallet. As per the user, 200,000,000 XRP were transferred to Ripple, coming from the wallet. Moreover, the present value of the transferred amount is $38.1 million.
After the first tweet from “Whale Alert” about the 200,000,000-transfer, this analyst tweeted that Ripple Labs might be on its way to trade or allot. Also, it was stated on the tweet that 1,000,000,000 XRP, amounting to $192,008,043 dollars.
Regardless of XRP’s performance, the price stayed unfazed, which rallies 1.5% in the previous 24 hours, outperforming Bitcoin, which is at 0.5%.
In the previous month, Ripple didn’t do anything with the free coins from the escrow wallet. Whale Alert even tracked three transfers from the coffers of Ripple back to the wallet. Hence, the company terminated the sale of the token for the comment.
Even if Ripple liquidates the latest $200 million fund for its operations or not, experts say that this company can display a possibly long-term bearish case.
“Bully,” another famous cryptocurrency critic, laughed at the tweet of Whale Alert about the $200 million XRP.
The former senior analyst at eToro, and the founder of Quantum Economics, Mati Greenspan, rebounded the concerns in his Twitter account. He stated that past this week, the tokenomics of XRP have two main flaws, and one includes holding a significant portion of tokens to sell into rallies.
As per the Ripple’s quarter-three of 2019 report, this company shared that while there’s a reduction in the sale of flagship cryptocurrency. Still, the price is at $66.24 million in the previous three months. In quarter-two, the amount was nearer to $250 million.
Ripple claimed, as per the Ripple chief executive Brad Garlinghouse, that XRP tokens are not considered as an attempt to dump on retail depositors.
Ripple Executives Create a Platform for Music Artists
Aside from solely focusing on the XRP price in the cryptocurrency market, there is also other news for XRP users, especially musicians.
The director of product at Ripple, Craig DeWitt, has been working on a project as well. As per him, when mediators are cut, there’s a lower price, yet you get more art and revenue. He also told the Block that it has a built-in blockchain-based policy called xSongs.
The platform for music artists was live today, wherein they can either pay via Payburner wallet or other wallets. As per DeWitt, he stated that they built a wallet that’ll allow artists to accept payments.
DeWitt further shared that he was inspired by Bandcamp, which helps in emerging the xSongs scheme. He also shared how they care about indie artists, who wouldn’t be able to monetize without their project.
Payburner is a noncustodial cryptocurrency wallet. The Bandcamp is online music that’ll let artists share their music from their music.
DeWitt explained that Bandcamp charges 15% and a 6%-processing fee, having a total of more than 21%. As for xSongs, since it’s a direct artist prototypical, the platform and processing fees are 0%.
Regardless of the mentioned fees, fans paid artists $445 million via Bandcamp, and in the previous 30 days, they paid $8.9 million.
DeWitt was asked about monetization plans for xSongs, and he answered that he’s not interested in the moment in doing it. He said that he’s personally covering the expenses. Furthermore, he stated that when you create something that users love, monetization will take care of itself at the right time.
DeWitt mentioned that he also funded around 500 Payburner accounts, which is about $1,970 or 10,000 XRPs. When XRPL accounts are supported, the ledger safe keeps 20 XRPs.
xSongs had about 500 songs and 100 artists on the platform as per DeWitt. He yearns to have at least 1,000 music artists on the project, along with 10,000 music sales by second-half of the year 2020. Furthermore, he’s presently working with a Ripple’s software engineer named Chris Opler on the project. They have a hackathon team that’s beginning to work on the said project during their spare time.
DeWitt told The Block that once they see some scale, they’ll begin increasing the same content and artist-centric marketing that Bandcamp provides these days. He also added that music is the start. All digital stuff like art or e-books will be sold directly to users from producers.
Managers Predict Asia will Fuel Payments Modernization
Aside from the on-process platform that Ripple continuously work on, it predicted that online money remittance options might increase in Asia. This prediction came from Marcus Treacher, the senior vice president of customer access, and he stated it on a FinTech magazine interview.
Treacher has foreseen that one of the most renowned blockchain-powered payment schemes will be the group of payments revolution in the future. He pointed out that 80% of cryptocurrency trading is coming from Asia. Moreover, he also recommended that this crucial node in the international funding ecosystem has the greatest need for excellent payment infrastructure.
Blockchain played an important role when it comes to innovation. It had its ability to create micro-transactions like payments, loans, and remittances, which are more transparent and efficient, as per Treacher. Furthermore, he covered a range of other topics.
Treacher debated that “micropayments” will endure being famous, and it can also increase in potential. He said that the utilization case for micropayments has typically been restricted to messaging applications like Line and Telegram. He also explained that they could expect an increase of developers assembling to cryptocurrencies as the solution to keep-up with a real-time payment processing demand.
According to Treacher, technology costs are associated with development endue to climb. They can expect banks to go to cloud providers of banking technology to support the reduction of these costs. Since cloud-hosted funding technology providers improved new platforms with modern ways, these are placed into cheaply and easily plug into developing blockchain networks.
In the previous years, Ripple turned itself to a market leader when it comes to blockchain-powered payment services. Nowadays, this cryptocurrency has over 300 funding services in the network, wherein the number is continuously growing. Hence, as a mode, it tends to progress partnerships with the organization. Once the collaboration is agreed upon, this company will be able to support the organization with any liquidity dilemmas via blockchain-focused solutions.
On-Demand Liquidity or ODL is one of the products, yet not all Ripple associates utilize this. Another is the principal cryptocurrency, which is XRP.
Blockchain, Ripple, and other standings in the cross-border payments segment can be confusing at first. However, these don’t have to be complicated. Furthermore, it’s possible to stay ahead of the curve.