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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Rising, XRP Up 4% After Bank of America Mention and Bitso News

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Altcoins Technical Analysis

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Created by industry experts and meticulously reviewed
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  • Ripple (XRP) adds 4.3 percent
  • The Mexican exchange, Bitso, has a license from Gibraltar Financial Services Commission (GFSC)

Bitso is the first exchange from Latin America to comply with the Gibraltar Financial Services Commission (GFSC) regulations. While at it, the citation of Ripple in a patent by Bank of America is bullish for XRP. At the time of writing, it is up 4.3 percent from last week’s close.

Ripple Price Analysis

Fundamentals

The debate on whether or not Bitcoin is a tool for money laundering and funding terrorism is dominating headlines. Ripple is aiming to distance itself from such discourse. The financial technology company is offering a suite of products that intends to appeal directly to big-name financial institutions.

So, banks make use of some of Ripple’s financial solutions. However, it is becoming increasingly apparent that it might take years for Ripple CEO Brad Garlinghouse’s vision to be actualized. Ripple’s drive in the Middle East is bearing fruit.

With the Bank of America (BoA) citing XRP in a recent patent, the Wall Street household name could end up using xRapid in the near future. Nothing is substantiated at the time of writing this. Nonetheless, the mere mention of XRP — and xRapid by extension — should be huge for Ripple fans.

Meanwhile, Bitso, a Ripple partner opening up the US-Mexico corridor via xRapid, now has a distributed ledger license from the Gibraltar Financial Services Commission (GFSC):

“This license gives Bitso a leading position as one of the most innovative financial services providers in LatAm and the world, by becoming the first exchange platform in LatAm, licensed and regulated by the GFSC.”

Candlestick Arrangements

Ripple XRP

At the time of writing, XRP is one of the leading performers in the top 10. By adding 4.3 percent week-to-date, there is relieve for XRP bulls. Not only are prices edging higher following the rebound from Q1 2019 support at 30 cents, but accompanying the revival is a definite increase in trading volumes.

Bullish as it is, traders must resist the urge to jump in on the first signal. Instead, the best option, and this is for aggressive traders, is to wait for pullbacks.

Accompanying this should be a safety net, a stop limit, just below 30 cents with the first target at 40 cents.

On the other hand, conservative traders should wait for a breakout above 40 cents or liquidation below 30 cents before trading as per the direction of the breakout.

Technical Indicators

Signaling trend continuation or bear resumption will be an extensive candlestick. Any breakout above 40 cents or below 30 cents with high trading volumes exceeding 50 million of July 10 will be hinting.

Any rally past 40 cents could see May 2019 bulls flow back. In that likelihood, XRP prices may end up floating to 60 cents and 80 cents respectively. Conversely, losses below 30 cents would be a trigger for 25 cents or lower in days ahead.

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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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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