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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple (XRP) Align Well with Islamic Principles, Rain to offer Support

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis altcoins

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  • Ripple prices drop but bullish
  • Bahrain based Rain will offer six XRP trading pairs to their clients
  • Transaction volumes low averaging 15 million

Rain is the first crypto exchange to graduate from SRB’s sandbox and is Sharia compliant. With Ripple presence in Middle East pronounced, XRP prices may respond driving them above 34 cents and later 40 cents in a wave that will cement bulls of late Sep 2018 and those of Jan 30.

Ripple Price Analysis

Fundamentals

At the back of any successful cryptocurrency project is liquidity and Ripple is doing a fantastic job as far as availing the currency to investors. Three months after the vicious XRP Army—said to be a network Twitter robots keen on twisting public opinion on XRP—succeeded in convincing Changpeng Zhao of Binance to make the coin base, Ripple (XRP) is finding a foothold in the Middle East.

At the back of positive comments from Dilip Rao, the Global Head for Infrastructure Innovation at Ripple, while issuing a keynote at the Global Islamic Economic Summit in Oct 2018 said XRP “aligns well with Islamic finance principles.” He adds that Middle’s East plans of transitioning to blockchain“is a fantastic way to encourage innovation.”

Now, Rain, a Bahrain based cryptocurrency exchange, is the latest platform that will offer XRP trading pairs–XRP/BHD, XRP/SAR, XRP/AED, XRP/KWD, XRP/OMR, and XRP/USD, in a regulatory compliant manner. Abdullah Almoaiqel, one of the exchange’s co-founder, said their graduation from SRB’s sandbox is a “major milestone in the cryptocurrency and Islamic markets” and “this is the implementation of Rain’s mission to provide the Middle East with a cryptocurrency exchange that meets the highest standards in terms of regulation, accessibility, security, and trust.”

Candlestick Arrangement

Down 1.2 percent in the last day and pretty stable in the previous week, Ripple (XRP) prices are like before, ranging. However, from the candlestick arrangement, it is likely that volatility will increase in the next couple of days.

From the chart, our support is at 30 cents and resistance at Feb 24 highs at 34 cents. Even so, before we suggest longs, traders should take a neutral stand and notice that the majority of the last two month’s price action is oscillating inside Jan 30 high low.

The bar is bullish meaning buyers have a chance in days ahead. Unless otherwise our plan is invalidated by a break below 30 cents, we are net-bullish expecting a rally above 34 cents.

Technical Indicators

Although Jan 30 bar is a standout, participation levels are low averaging 15 million even after yesterday’s draw-down. That is normal, and as mentioned before, any break above 34 cents or 30 cents must have high volumes above 65 million of Feb 24.

Chart courtesy of Trading View

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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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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

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