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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ripple (XRP) Boss: Bank-Issued Digital Assets A Deeply Misguided Idea

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

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  • Ripple price edge lower
  • Brad Garlinghouse says bank issued currencies doomed to fail
  • Transactional volumes low

JPM Coin is a bank-issued coin, but it will fail if we factor in Brad Garlinghouse analysis. A synergy is mandatory, and Ripple’s InterLedger Protocol can solve their need. Meanwhile, XRP prices are down and trending inside Feb 8 high–low.

Ripple Price Analysis

Fundamentals

Back in 2017, David Schwartz, Ripple’s Chief Cryptography officer conceded that it would be years before banks adopt distributed ledger technologies. Backing his reasons were scalability and privacy issues. That was then, and right now, we have a new contestant in the sphere—JP Morgan and Chase backed JPM Coin, a stable coin that will serve three functions: eliminate locking of capital in foreign accounts, facilitate inter-bank settlement and be used by the bank for securities transactions. Because these coins are bank-issued, Brad Garlinghouse says they will fail. In a LinkedIn post he says:

“A bank-issued digital asset can only really efficiently settle between the banks who issued it. Then, two scenarios can play out. Scenario one: all banks around the world put aside competitive and geopolitical differences, adopt the same digital asset, agree on its rules, and harmoniously govern its usage. Fat chance. Scenario two (the more likely scenario): banks not in the issuing group issue their digital assets with their own sets of rules and governance.”

Candlestick Arrangement

Ripple

At the time of press, each XRP was changing hands at 30 cents, and this is the seventh straight day of low-range, low volatility price action. Aside from upswings of Feb 8, Jan 30 and those of mid-Dec, the simple fact is that Ripple (XRP) prices are still moving inside Feb 8, high-volume bull bar. That is very bullish.

From a top-down approach, prices are oscillating inside Sep 2018 bull bar, placing bulls at a vantage point. All in all, our last Ripple (XRP) price analysis is valid, and with clear buy triggers at 34 cents, trend continuation is dependent to the levels of market participation and resultant range that will propel prices from current lows.

Technical Indicator

Volumes are low—averaging 15 million. That pales in comparison to those of Feb 8—at 35 million or Jan 30—at 49 million. Ripple (XRP) will only be bullish once a bull bar with volumes exceeding 49 million prints above 34 cents.

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