XRP Price Is Range-Bound But xRapid Adoption Remains Top Priority

Ripple joins Blockchain Capital VC Fund with XRP investment worth $25 million price


Blockchain technology is at the apex of the fourth industrial revolution. No doubt, there are many use cases of the technology. One of the most efficient use of blockchain technology can be found in the financial space and particularly in cross-border payment industry. In terms of cross-border payment, blockchains like Ripple and Stellar are taking the lead. Ripple uses XRP as a liquidity tool on demand. It will provide one of the major solutions for cross-border payments. This is why regulatory compliance is key.


Ripple’s xRapid Dream


Bill Clinton gave a keynote address during the Ripple SWELL conference. During the address, he said that xRapid hasn’t made as much progress as expected. Even if many banks have decided to use Ripple’s xRapid and xCurrent, there are others that haven’t opted in yet. It’s true that xCurrent 1.4 was created to help financial institutions implement xRapid. However, things have been a bit slow.


Notwithstanding, Ripple’s vision is still untrack. Three exchanges, Coins, Bittrex and Bitso, are already using Ripple technology. Some payment processors including Mercury FX, Cuallix and Catalyst corporation are making plans to leverage Ripple’s technology for expediency. This is a good thing and it is in line with the company’s ambitions. The executive chairman of Ripple, Chris Larsen, in 2018, said that Ripple is always going to advocate for XRP as a global payment tool. In his words:


“When it comes to making payments, we believe some additional things are required. Things like settlement predictability, low costs, high throughput, etc. xRapid as a component of RippleNet allows payment providers to reduce costs and offer liquidity on a global scale.”


Ripple (XRP) Price Analysis


The entire cryptocurrency market is suffering. This is a known fact. During the beginning of the current bear market, XRP was doing relatively well against the USD. Afterward, it joined the entire market and started trading in red. On the first of January, XRP lost its second position to ETH. The rates are currently in range but things aren’t going to get too bad as long as prices remain above $0.25.


To avoid falling into November lows, the bulls need to gather enough momentum move above $0.40. Even if the short and medium term outlooks are bullish, there is strong resistance at $0.40 and $0.42. These resistances coincide with the 61.8% fib retracement level of the September 2018 low. Traders can track this pair while they wait for a close or break.


XRP (XRP) Price Today – XRP / USD
#NamePrice24H %
3
ripple
XRP(XRP)
$0.264
0.998%


On the 24th of December, some ecstatic buyers pushed the price above $0.40. However, the trading volume has been significantly low. The only way we can confirm that the bulls are in control is if the prices move above the December 17-24 level and the trading volume rises significantly.


Right now, XRP is trading at $0.360218. This means that it is down by 1.19% against the USD and up by 0.07% against Bitcoin. The trading volume over a 24 hour period is $436,938,648 and the market capitalization is $14,694,779,996. There is a significant support at $0.30. Breaking this support will lead to a fall below $0.25.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.