Even With Money Tap, Ripple (XRP) Is Struggling, Slides 6.4%

Dalmas Ngetich

6 years ago

2 mins read

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Ripple (XRP) prices down 6.4 percent
Money Tap welcome more banks as Bitrue lose $4.2 million

Noticeably, the altcoin season is far from impressive. XRP is under pressure and liquidating encouragingly above support levels. Good news is that fundamentals are solid. Bullishly, Money Tap, which use xCurrent, replaced Resona Group with seven more Japanese banks meaning there is demand for Ripple’s solutions in South East Asia.

Ripple Price Analysis

Fundamentals

The buzz around the so-called “altcoin season” is dying off. Bitcoin prices are rocketing. Meanwhile, XRP and altcoins in general are struggling to register inspiring gains. In the top-5, XRP is bogged down with whipsaws quickly erasing gains. Worse still, fundamentals are mixed.

While Money Tap attracted six more Japanese banks pouring cold water of skepticism that the alliance will disintegrate with time, Bitrue lost coins in a hack.

The seven new banks include Chikubo, Ashiga, Towa, Shimane, Toho, and Fukushima Banks. According to XRP Research Center:

“SBI Group announces that SEVEN additional Japanese banks (20 in the aggregate as of today) have agreed to invest in Money Tap, Co. Ltd, a brand-new company operating a domestic settlement system for digital payments that Run on Ripple.”

Bullish as it is, XRP would have the extra energy to soldier on if Money Tap used xRapid as a medium of exchange.

On the other hand, Bitrue suffered a security breach when attackers had access to the exchange’s hot wallet, making away with 9.3 million XRP coins and 2.5 million ADA coins respectively. Taking to Twitter, the exchange said:

“The hacker used what they learned from this breach to then access the Bitrue hot wallet and move 9.3 million XRP and 2.5 million ADA to different exchanges.”

Candlestick Arrangements

Thus far, there is the decimation of XRP bulls. Lacking the momentum to maintain further upside, XRP is consolidation above 34 cents. Overly, and in line with previous XRP/USD trade plans, that is bullish by all accounts. Optimists may consider this a retest of support following the free fall of June 27.

However, for doubters, XRP prices may fall. All the same, bulls have a chance. While aggressive traders can buy the dips above 34 cents, it is vital for bulls to break and close above June 2019 highs at 50 cents. Accompanying this revival must be a spike in participation comprehensively reversing losses of June 27.

Technical Indicators

As aforementioned, price spikes above 50 cents ought to be with high trading volumes exceeding 113 million of June 22. Still, it would be better if that candlestick, signaling bull trend reversal, is extensive with strong support surpassing volumes of May 14 at 187 million. Only then will conservative traders initiate longs as they aim at 80 cents and later $1.40.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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.