United States – Ripple XRP with Kraken and Binance kicked off October 2020 with a bang. Since the first day of the month, the prices continuously rise, and the cross-border remittances saw it skyrocket by more than 30% since August. Now, XRP holders will have two new exchanges to receive Spark tokens from Flare networks.
According to Flare’s official Twitter account, they work closely with Kraken, Binance, and Binance US. However, the company did not confirm anything. If so, Flare will be the most prominent platform that supports the Spark token airdrop. Since Flare is the first XRP fork, the public expects that the company is distributing Spark.
According to a report, Ripple’s partner, eToro, Nexo, Citibank, and SBI, confirmed that Ripple is thinking about supporting the airdrop. Nexo stated that they are currently inactive in communication with Flare Network’s CEO. They also posted the XRP ledger’s snapshot for the Spark distribution that will occur on December 12, 2020. Therefore, both companies still have plenty of time to prepare for the official announcement. Regarding the exchange, the platform will distribute the token in a 1:1 ration using the digital asset XRP.
At the time of publication, 18 institutions and wallets support Spark’s airdrop, and the most dominant are Poloniex, Uphold, GateHub, and CoinSpot. Among the wallets are Exodus, Ledger, and Xumm.
If XRP demand continues to rise, Flare will have more strength in breaking through barriers and fastening both parties’ decisions. Under such circumstances, prices might shoot up higher, and the company can turn many resistance hurdles into support.
Kraken and Binance’s possible collaboration was met with excitement within the XRP community. Investors became more interested in buying more tokens.
Even though some days seem to display XRP’s downtrend, many investors still pay close attention to its 50 and 100-day moving average. Since this digital asset is one of the major cryptocurrencies in today’s market, it is clear that the company will build stronger partnerships and collaborations with giant corporations like Spark Airdrop.
The XRP Ledger Foundation continuously improves blockchain technology areas, and they can support and provide resources better than the past years. Both Kraken and Binance have worked very hard over the past years to increase decentralization and performance dramatically. These two companies also remain committed to their future innovation to give faster and safer cross-border transactions in different parts of the world.
SAN FRANCISCO, The United States – Ripple’s XRP is exchanging at a price level of $0.278 after a lively bounce from the 200 EMA or Exponential Moving Average. The blockchain company obtained 17.7 million XRP, and it came from Binance.
After a successful rally, Ripple’s XRP is at the price level of $0.278, and it’s from the EMA of 200. The price stays suggestively under the two-resistance levels, where the price is at $0.283 and $0.296. Even though it’s crucial, it prevails over the 200 moving average every day. It was the sore point of resistance in the previous 12 months.
XRP appears to go back to the primary testing price level, which is $0.283, and it’s on a lower time frame. On the other hand, a macro viewpoint, it seems that it established a local move at a price level of $0.327.
On the other hand, if XRP encounters another increase in the volume, and starts to ask out the upside-levels, it might disprove bearish concepts until further decline. With XRP failing to establish a lower high price over the price level of $0.3475, it signals that there’s no enough request to start a strong impetus in the crypto market, despite the price’s optimism.
It might put it as a shock for spectators who followed the Ripple Foundation because the improvement this 2020 comes with payment corridors opening up on the significant funding partnerships.
However, the uncertain XRP block is debatably the XRP sales there, where Ripple’s stakeholders led the over-the-counter phase.
Brad Garlinghouse, the CEO of this blockchain company, stated that XRP is significant to the company’s existence. He debated with the disapproval that he recommends that the company has limitations on the XRP value’s development.
Ripple’s ODL corridors, Binance, and Bitstamp moved 37 million XRP while the company received significant XRP amounts. As per the information shared by XRPL Monitor, it’s stating that in the previous 24 hours, Binance sent above 17 million XRP, and Ripple received it. Aside from that, Ripple sent to one of its digital wallets. It’s along with the European ODL, which is Luxembourg.
XRPL Monitor displayed analytics stating that the Binance exchanging tycoon sent 17.7 million worth of XRP to Ripple’s address. The total amount is $4,938, 314.
Bithomp, an analytics company, displays that the wallet of Binance had to do something in the transaction that it has, which is about 3 million XRP. The funds previously went to Bitstamp, Kraken, OKEx.
Ripple received some considerable transactions on its address “rLckToYxU7BpqAmFfoGgtoHZhF9NjvsK2D.” It has 19 million, 10 million, 30 million, and 27 million XRP.
Ripple transferred 10 million XRP, and it’s supposedly the substitute escrow of the company, and the address is RL18-VN.
After the transfer, Bitstamp received the 10 million XRP. It’s in Luxembourg. It’s the ODL platform of Ripple in Europe.
The transfer from Binance to the blockchain company is not the first time it happened, and it’s as per XRPL Monitor.
BitGo sends 46 million XRP in total. It transferred 25 million XRP, and Bitstamp received it. Aside from that, it sent another 21 million XRP to its another digital wallet.
United States – The price of Ripple begat a bullish increase over the resistance levels of $0.1640 and $0.1650 over the United States or the US dollar. The bulls even drive the price over $0.1750, forming a price that’s close to $0.1808.
As for XRP/USD’s hourly chart, there’s a contracting triangle establishing a $0.1780-resistance level.
The Senior Vice President or SVP of Ripple elaborated that the “Deletable” account feature might be advantageous to holders. It’s for those who want to regain XRP from unutilized accounts.
Ripple’s CEO, Brand Garlinghouse, faces accusations about discreetly liquidating the assets, wherein he settled 67 million worth of XRP.
As Ripple’s XRP surged over 10%, this cryptocurrency increased over the price of $0.17. Trading sessions anticipate a price range of $0.15 to $0.16.
XRP Breaks Resistance Level at $0.1650 and Pushes Price to $0.2000
Ripple increases by 10%, breaking the resistance zone of $0.1650 over the United States or the US dollar. The price stays uptrend, and it might endure increasing to $0.2000.
Ripple’s bullish rally yesterday was over the resistance zones of $0.1640 and $0.1650. The price of XRP hit the resistance level of $0.1650 to begin a firm rising action.
The price hit the resistance level of $0.1720, and it stayed over the hourly simple moving average of 100. The rising action earned pace over the level of $0.1750, and the price exchanged to a new high, which is at $0.1808.
Presently, the XRP is modifying lower, wherein it’s exchanging under the price of $0.1780. There’s a break under the Fib retracement level of 23.6%, which is a rising action from the low price of $0.1605 to a high amount of $0.1808.
There’s a constricting triangle starting with a resistance level that’s close to $0.1780, which is on XRP/USD’s hourly chart. The price of XRP is probable to endure higher to the resistance level of $0.1800 if there’s a rising chance.
The price is possible to surge under the high cost of $0.1808 and $0.1820. The following primary resistance level is close to the $0.1880, wherein the bulls are likely to target a $0.200-barrier in the close-term.
The downside alteration might begin if Ripple didn’t succeed in enduring over the resistance levels of $0.1780 and $0.1800. The support is close to the area of $0.1705, with a Fib retracement level of 50% from the low price of $0.1605 to $0.1808.
XRP is not “Integrated” as Ripple SVP Talks About Criticism
Ripple sits in second place as the most prominent fintech company in the US, having a value of $35 billion. The Senior Vice President of Ripple for Customer Success, Marcus Treacher, stated that the development of Ripple has nothing to do with the concentration of the company is going to the crypto market for global transaction structure. As per Treacher, a considerable part of the company’s success is not losing concentration on cracking the problem around cross-border settlements.
Treacher stated that Ripple is the sole blockchain corporation with clients utilizing the products for cross-border outgoings.
The focus of the company on the specific area let the company lead the technical improvements, which utilizes the blockchain power and cryptocurrency technologies. It proves that it’s useful in lecturing the inadequacies of the international transmittal market, wherein the customers are witnessing significant advantages.
On the other hand, people criticized Ripple in the crypto community because it’s not centralized. The critics assumed that the company has significant XRP shares. It pointed out that the co-founder of the company, Jed McCaleb, sold a billion worth of XRP, yet he’s still controlling 5% of the supply of the cryptocurrency.
As per Treacher, XRP is decentralized, and it’s an open-source cryptocurrency. As for the XRP Ledger, he stated that it’s a democratic, distributed, and compromised mechanism. It means that nobody can regulate it, not even the company itself.
Ripple’s CEO Faces a Case for Discreetly Liquidating Assets
Ripple faces a lawsuit filed in May 2019, which is about the violation that this company did. It debased the Securities Act via XRP’s 2013 ICO or Initial Coin Offering.
A new complaint on March 25 hits Ripple as well. The case indicates that the CEO of the company, Brad Garlinghouse, faces the allegations for touting the cryptocurrency to potential depositors discreetly. He liquidated his assets mutely.
The altered case highlights that Garlinghouse signified himself, being on the HODL zone last 2017. Hence, it suggested that the CEO kept his assets for a very long time already.
Regardless of Garlinghouse’s online posts, the accusers claim that the CEO traded 67 million worth of XRP in the year 2017. Moreover, he liquidated all tokens, which he had from the company, as well.
The case declares that Ripple creates all 100 billion worth of XRP in 2013, which is before the distribution.
The accusers emphasized that there are also allegations that Ripple and the CEO misrepresented the cryptocurrency. The emphasis is about having the usefulness of including a bridge currency, so XRP is as a security.
The judge, Phyllis Hamilton from the US District Judge, dismissed the previous case in September. As for the other instance, he let it move in February. Nonetheless, he demanded that the accusers should elaborate the basis for the accusations. The filing from March 25 signifies a revision of claims.
XRP Targets to Keep the Impetus Until It hits $0.20
XRP cleared a significant resistance in the previous 24 hours after surging over 10%. The cryptocurrency increased over the price of $0.17, which was after the trading sessions from the price range of $0.15 to $0.16. The bulls target to bounce back to the previous price range of $0.20 to $0.25 before preparing for higher goals in the forthcoming weeks.
Despite the bullish status of XRP, the cryptocurrency market is still drooping. The surge of XRP didn’t succeed in starting a broader crypto market rally. Furthermore, Binance increased by 7%.
Ethereum and Bitcoin, the two cryptocurrencies with higher market capitalization compared to XRP, are exchanging askew.
Ripple didn’t have new progress, which is why the previous action was a technical one. After the drop of XRP under $0.15, the token didn’t have enough impetus to jump back from the decrease and get back to the game. Furthermore, the coin had the chance to break over. XRP has ample strong support to check the resistance level of $0.20 in the succeeding strong wave.
Bitcoin leads the market, and it appears that the crypto market has delays. There’s no significant progress. It might leave the depositors anxious as the movement shows the exhaustion of the bulls.