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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Breaks From a 5-Month Range with Increasing Trade Volumes

Dalmas Ngetich
Dalmas Ngetich
6 years ago
2 mins read
Ripple XRP

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  • XRP adds 13.2 percent week-to-date
  • Prices break above a 5-month trade range

For what Ripple seeks to achieve, the IMF has praised the San Francisco startup. Nonetheless, George Harrap of Bitspark believes that Bitcoin is more practical, liquid, and useful than XRP.

Ripple Price Analysis

Fundamentals

Different blockchain projects have different objectives. Ripple intends to build a global platform from where banks and financial institutions can run from. Less than a decade later, and they are recording success. Although onboarding is not as fast, at least, supporters can argue that progress is visible.

Ripple, as an independent company, has a fruitful relationship with several central banks, including that of Saudi Arabia, the Saudi Arabia Monetary Authority (SAMA). Besides, it has an open communication link to the White House. At least that is what Cory Johnson, the former Chief Marketing Strategist said.

Furthermore, the IMF and the World Bank lauds Ripple’s effort of improving livelihood. All the same, the objective is to build liquidity. The ease of fund transfer in the more extensive web of web 3.0 on the Internet of Value will be possible if people and firms can move funds instantaneously.

Through xRapid, Ripple supporters are positive that XRP as an on-demand liquidity tool, a facilitator can make that possible. However, George Harrap of Bitspark argues that Bitcoin is far more practical and usable than Ripple. The reason behind this argument is the penetration level, the number of companies accepting BTC, and the general level of liquidity across different fiat pairs.

Candlestick Arrangement

Ripple

Trailing EOS, BSV and Litecoin, Ripple (XRP), is up 13.2 percent in the last week. A standout in all this resurgence is the breach and close above 40 cents as participation levels swell.

Even though there is a ceiling at around 43-45 cents zone, bulls are solid in their march. As a result, the expansion in price sync with previous XRP/USD trade plans. Note that after five months of XRP trading within a 10 cents range with limits at 30 and 40 cents, the rejection of lower lows is a mark of bulls.

Therefore, while conservative traders can wait for clear cut breakouts above May 16th high, there is a window for aggressive traders to ramp up in smaller time frames. Feasible targets will be at 60 cents and later 80 cents.

Technical Indicators

Even though trading volumes are low and pale in comparison with May 14th’s where participation topped 187 million, there is a steady increase in volumes. In six days, volumes surged three folds from 19 million of May 23rd to 59 million of May 28th. Because the trend is bullish, any breach clearing May highs could see volumes surge towards or even above 187 million confirming buyers.

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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