Like most of the virtual coins and altcoins, Ripple has been recording slight price losses throughout the last seven days. Although putting a spirited run, Ripple’s prices failed to break the resistance level of 0.47 US dollars throughout the week, leading to its prices falling and revolving around 0.46 and 0.45 US dollars. Currently, XRP/USD is testing the 23 percent Fib level support taken between the highs and lows of 0.52 and 0.42 US dollar support levels respectively.
During the price depreciation, the price value broke below a connecting price surge line with support at 0.46 US dollars on the hourly chart of the Ripple US dollar pair. The XRP/USD pair settled below about the $0.46 support mark and the 100 hourly simple moving average.
Regarding the Fib retracement level, the pair settled at 61.8 percent from the 0.4375 US dollar low to the high of 0.47 US dollars. However, the 0.45 US dollar support level acted as a barricade for traders especially sellers. At present, Ripple’s value is exchanging in a small range near the 0.45 price level, an increment from the previous support level of about 0.452 US dollars.
Over the years, Ripple has partnered and signed deals with influential financial players in the market gaining global recognition and appreciation for its growth. At present, Ripple has over 100 financial institutions and settlement providers on its portfolio of partners. Many other institutions and firms continue to show interest in adopting Ripple’s (XRP) unique blockchain technology and solutions, thus positioning the digital coin on the advantageous ground.
However, according to research and market analysis, the price value of Ripple (XRP) does not reflect the growth in adoption that the virtual currency currently enjoys. The challenge has always been Bitcoin’s (BTC) influence in the cryptocurrency markets that Ripple is a member.
For instance, Ripple’s (XRP) major exchanges are usually carried out by Bitcoin which unfortunately depreciates the value of XRP, in spite of having great and promising broadcasts ever since it started partnering with other major financial players in the financial industry. According to the words of Ripple (XRP) founder and CEO, Brad Garlinghouse, while speaking to CNBC:
“There is a very high correlation between the price value of Ripple (XRP) and Bitcoin even though these two virtual currencies are independent and open-sourced blockchain technologies.”
However, this connection between Ripple and Bitcoin is going to cease. Bitcoin pairing is gradually falling with exchange listings gradually changing their ways of crypto trading leaning more towards altcoin-fiat pairing. As this emerging trend continues to gain momentum, more and more exchanges are following these footsteps creating a major blow to Bitcoin’s dominance as the cryptocurrency of choice for crypto-to-crypto pairing.
On the other hand, the future looks uncertain for Bitcoin following one of the leading digital currency exchanges, Bittrex, revealing that it is focused on the introduction of fiat-crypto pairing issuing a problematic situation for the number one cryptocurrency in the world.
Bittrex is a major player and link in the cryptocurrency sphere as it has a wide customer base of over 3 million globally with a big percentage coming from the US, who are the largest beneficiaries of this progress at the moment.
The news of Ripple (XRP) disconnecting itself from Bitcoin is not the new one. This has been in the pipeline for a while, but present SBI holding activities have propelled this divorce. SBI Holdings intends to launch its very own Virtual Currency trading network that is going to incorporate Ripple as the only virtual currency on the platform’s website.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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