That Ripple Inc is tabling efficient solutions not only “positively” impacting the livelihood of the ordinary but also saving adopting companies million of Dollars in fees, is true. At the back of their success are three primary solutions—xCurrent, xVia and xRapid.
Together, these solutions form the RippleNet and well, most banks do make use of xCurrent, the first of the three products to find widespread use. Even so, xRapid despite launching roughly seven months ago during the SWELL conference where the Former US president, Bill Clinton delivered a keynote is picking up.
Although the pace is not as quick as anticipated, at least 10 payment processors including leading remittance firms as Western Union have experimented on the new payment rail, lauding the service.
According to David Schwartz, the CTO of Ripple Inc and the prominent figure in the blockchain space, the release of xCurrent 4.0 is a huge leap towards mainstream adoption of xRapid. All that is needed is the more than 200 banks to upgrade to version 4.
However, that is where the problem is. There is no bank or payment processor that has upgraded for two reasons. From Ramessa Online’s view, regulatory tiff is a big impediment and until after there is clarity from the US SEC, many will flow as the use of XRP in xRapid picks up as a preferred settlement, on-demand liquidity tool. Secondly, there are technical reasons as the incorporation of xCurrent 4.0 requires reconfiguration of the bank’s middle ware, of which many are unwilling to adjust.
XRP/USD Price Analysis
Despite the numerous advantages that Ripple (XRP) represents, the asset is under pressure but stable in the last day and week.
Regardless, the fact that prices are ranging within a 10 cents trade range is bullish for the asset. However, before XRP prices expand, the main support line at 30 cents must hold. At the moment, XRP is oscillating, ranging and consolidating for the sixth month with Q1 2019 support holding firm reflecting buyers of late Sep 2018.
Since 30 cents is firm and bears are yet to breach this main floor, it is likely that bulls of Jan 30 will flow back as demand drive prices above 34 cents activating buyers aiming at 40 cents in line with our XRP/USD trade plans while simultaneously confirming the double bar bull reversal pattern of Apr-25-26. Once that happens, then risk-off, aggressive traders can buy on dips with targets at 40 cents and even 60 cents—highs of Dec 2018.
Chart courtesy of Trading View—BitFinex
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.