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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

XRP Bulls Await Ripple Labs’ Bank Partnerships And Collaborative Efforts

Dalmas Ngetich
Dalmas Ngetich
6 years ago
2 mins read
Altcoins Technical Analysis

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  • Ripple (XRP) sinks 4.1 percent
  • Collaboration with traditional banks will cement Ripple Inc’s position as a provider of SWIFT alternative

The casual handling of Coin Metrics report could end up biting Ripple, that’s according to a crypto advocate Fernando Nieto. At spot rates, Ripple (XRP) is back to consolidation as bears flirt with our immediate support at 34 cents.

Ripple Price Analysis

Fundamentals

That Ripple’s goal is to see speed, efficiency, and a system that benefits the unbanked is true. To that end, they are developing a solution that is irresistible for bankers. Incorporating speed, efficiency, and cost savings, Ripple now has a foothold in Southeast Asia and the Middle East through their fruitful collaboration with SAMA of the Kingdom of Saudi Arabia.

Even so, the consensus is that the network cannot shift gears, operate full throttle without addressing regulatory and centralization concerns. Of note, the handling of XRP escrow as per Coin Metrics report.

With David Schwartz handling it casually, an analyst now says the discrepancies of Ripple Labs reporting and the deviation away from the laid-out procedure, which was set out back in 2017, could negatively impact prices. Fernando Nieto, a developer and cryptocurrency advocate said on the matter:

“Coin issuance schedule has an impact on market price. The greater the amount of new coins put in circulation; the more capital is required to flow into the currency every day to keep the price. Monetary inflation consumes liquidity, so currencies with high inflation will tend to be less valuable and more volatile.”

Candlestick Arrangement

Ripple XRP

Down 4.1 percent and 17.6 percent in 24 hours and from last week’s close, respectively, Ripple (XRP), albeit the selling pressure, is stable. As seen in the chart, the digital asset is ranging in between its local peaks of 40 to 43 cents and the range low of 30 cents.

As a result, it is clear that prices are in range mode, allowing aggressive traders to load up in smaller time frames as long as prices are above the Feb to Mar 2019 highs. Because of this, our XRP/USD trade plan remains valid, but conservative traders should maybe stay out of the game right now.

However, once there is a satisfactory break and close above our immediate resistance, caused as a result of at the back of high trading volumes, conservative traders should be free to buy on dips, and should target 60 cents and beyond.

Technical Indicators

Our anchor bar is May 19th bar with 56 million versus 68 million of volumes. For trend continuation, breaks above 43 cents ought to exceed 56 million on the lower limit or 187 million of May 14th.

On the other hand, liquidation below 34 cents with participation exceeding 56 million will invalidate our short-term trend. Furthermore, sell-offs below 30 cents with higher volumes above 187 million will usher in sellers aiming at 25 cents.

Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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