- Ripple (XRP) technically bullish
- PPTEP partnership bullish
By collaborating with PPTEP of Thailand with Siam bank as a facilitator, investors can see firsthand why the platform can help industries across the board. Even so, Ripple (XRP) is ranging with strong support at 30 cents.
Ripple Price Analysis
Good news, for the general investor, is the rate at which Ripple Inc is securing partnerships. By the close of 2018, 200 banks were using RippleNet. Of those 200 financial institutions, xRapid had 13 clients. That’s a massive milestone for a service that by close of last year was two months old. Even so, the advantage of xRapid is speed and since it uses the rails set by xCurrent, adopting banks can simultaneously benefit from end to end tracking in place by a time-tested global payment platform.
On the other hand, xRapid offers speed and near instant settlement at 4 seconds and which would further drop to 1 second after Cobalt. Away from partnerships, Wietse Wind and his team are working overtime, creating XRP use cases as they also benefit from Ripple Inc backing—via Xpring. Realizing that blockchain interoperability and micro-payment is the future, XRPL Labs are working with ILP as well as Coil, whose founder Stefan Thomas, was the CTO at Ripple Inc before handing over reigns to David Schwartz who is selling XRP—he’s entitled to—in a de-risking strategy.
The latest news is Ripple’s strategic collaboration with PTT Exploration and Production (PTTEP). PTTEP is a petroleum exploration firm in Thailand and with advantages on offer, the oil company will use Ripple Inc network for remittance with Siam bank as a facilitator.
At the time of press, Ripple (XRP) is up 1.1 percent in the last day. However, it is down 10.3 percent in the previous week as bears retest Q1 2019. Even so, we shall maintain an upbeat overview, but we shall quickly change tact if prices drop below Jan 30 lows complete with above average volumes. Note that there is a double bar bull reversal pattern off the 30 cents mark affirming bulls after Apr-25 liquidation.
Nonetheless, history has it that 30 cents is a strong support level. Then again, from an effort versus result point of view, XRP is ranging and inside Sep 2018 high-low. That means buyers are in charge. Therefore, in line with our XRP/USD trade plan, we shall maintain a bullish upbeat. As a result, traders shall initiate buys only when prices edge past 34 cents at the back of high transaction volumes.
From above, Apr-25 wide-ranging bear bar is our reference bar. With high volumes—48 million, trend continuation will be valid if there is a similar bar with high volumes above 48 million or better still 79 million of Apr-2.
Chart courtesy of Trading View
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* First published on newsbtc.com