Is Ripple (XRP) Fading Due To Competitors As Hyperledger Fabric and IBM?

Dalmas Ngetich

1 year ago

2 mins read

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Ripple (XRP) range bound, 34 cents immediate resistance
IBM Hyperledger Fabric and World Wire offer stiff competition

All in all, Ripple Inc haven been prosperous in their promotions. Banks in the Middle East, SE Asia, and India are using their solutions. Despite that, Ripple (XRP) prices are stagnant and stuck within a 4 cents range.

Ripple Price Analysis

Fundamentals

It may be seven years down the line and with more than 200 banks leveraging Ripple Inc’s solutions, the blockchain start-up is successful. With Banco Santander, SBI Group, Federal Bank, Western Union and a foothold in the Middle East and Asia, investors are eager for more.

If anything, a measure of success would be on how financial institutions and processors respond to xRapid and XRP. The latter is the enabler that facilitates near instant payment settlement which Inter Ledger and a couple of other payment apps seek to achieve. Of the three solutions, xCurrent—an option that allows end-to-end tracking of transactions is popular.

However, if there is a regulatory clarification on XRP and the US SEC comes forth, declaring the asset as a utility with no central point of control, then we expect processors and even banks to jump in the fray, enjoy security, transparency, and cost-cutting that XRP and xRapid tags along.

Nevertheless, the sphere is heating up, and IBM’s World Wire, JP Morgan’s JPM Coin designed for institutions as well as its Hyperledger Fabric—in use by firms featured in Forbes Blockchain 50 List promise to slow down progress as clients do have options.

Candlestick Arrangement

Price wise and Ripple (XRP) is bouncing off the 30 cents support. Even so, prices are ranging within a 4 cents zone and yet to break off above the 34 cents buy trigger line.

In line with our previous XRP/USD trade plan, the coin’s performance is mostly dependent on how prices react at this level—flashing with the 61.8 percent Fibonacci retracement level of Dec 2018 high low.

If buyers build up enough momentum and break off from this zone at the back of high transaction volumes, then from an effort versus result point of view, we expect the momentum of Jan 30 to continue as XRP surge past 34 cents towards 40 cents.

Technical Indicators

As aforementioned, buyers are in control despite the headwinds of Apr-11. Nonetheless, it is imperative that XRP prices edge past 34 cents and feeding this momentum should be an influx of buyers reversing Apr-11 losses with high volumes exceeding 32 million and recent averages of 15 million.

Chart courtesy of Trading View

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.

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.