Ripple (XRP) has been faring quite well in the market lately and has been continuously trending due to its partnerships and notable strides. Recently, the company released its Q3 report and so far; it has sold $163 million worth of XRP programmatically, even though there has been a decline in the total market capitalization of digital assets by 12%.
Now, as November is here, many experts say that bullish momentum is upcoming for XRP. But you never know how deep is the sea unless you dive into it, right? Let’s take a look at some technical and non-technical reasons why they believe so.
XRP’s Market Activity
It is important to know that XRP’s chart so far showed a slight dip on it’s from $0.24 to $0.79 in August. Although at the moment, it hasn’t gone beyond the $0.50 mark. XRP is standing at $0.45 at the time of writing with a market cap of $18.2 million.
Ripple, the blockchain firm behind XRP who happens to be its native token, has been in the news as a result of its quest to boost cross-border payments around the world today. One of the exciting Ripple news from the recent time is, RippleLabs have hired Amir Sargangi, the CEO of Jibe Mobile, who was also the Google employee (worked as the leader of the messaging tech for the search engine giant).
Sargangi was also involved in the creation of Rich Communication Services (RCS), as an improved messaging standard that would change the mobile messaging. It is excellent news for the company that Sargangi will now work with Ripple as the VP of products of RippleNet.
However, with Sargangi being hired to be an executive with Ripple, it’s not yet sure if RCS’ technology will be added to RippleNet. Although, other rivals to Ripple have made use of RCS’ technology to send money from one place to another. Nevertheless, Ripple states that the experience of Sargangi will be very vital.
Subsequently, it appears that Ripple is still in the process of mass acquisition and we might see a lot of this in November. Even if there will be lots of acquisitions in November, they are still some certainties that a bearish trend might occur due to the activities of Bitcoin and Ethereum.
Technically speaking, the 1-Day chart of XRP may perform better at the mid of November, despite the bearish momentum occurring in the crypto-market lately. The RSI Stochastic still points bearish and there are certain probabilities that the 0.236 Fibonacci may come up again, thus, testing $0.38 again before moving up.
Another certainty is that a bullish occurrence may spin XRP to increase, making its SMAs test $0.78.
Research by Nouvive (the platform that boasts to be the home for crypto traders and investors) shows that XRP is bullish on a short-term and long-term in November. The research also realizes that XRP might turn ultra-bullish as a result of more positive news around it (if any hits the market).
All in all, due to the market trends so far concerning XRP, there is a high chance of XRP staying bullish this month.
Ripple, on the other hand, took part in the Money 20/20 conference in the mid of last month, and the firm has stated through its CTO, David Schwartz, that blockchain is the solution to revolutionize cross-border payments. Many FinTech companies are beginning to embrace blockchain technology with Ripple being forefront.
Consequently, as things stand, Ripple (XRP) is expected to be on a steady growth line this month (given that all goes well). But, we should never fall for the hype. The cryptocurrency won’t explode or go to the moon this month. The XRP value will increase over time as the adoption keeps improving, and that happens to be slow, literally always.
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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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Bitcoin, XRP, ETH, Litecoin, XLM – the whole market crashes, why?
In the past 24 hours, the crypto market has found itself caught in a big bloodbath resulting in the loss of more than $26 billion, making it one of the most extreme losses and daily sell-offs this year.
At Nov 14, 2018, 22:41 UTC, the price of Bitcoin was at $5,525.92 – which is noted to be one more than a 12% loss – it shows the volatility of the crypto-market but in connection to the downside. Continuing with its decline, at the time of writing, BTC has dropped even a bit further to $5,501.
It is important to know that this is the first time in more than a year the total market cap of Bitcoin moved underneath the $100 Billion mark. However, in the last twelve hours, the total market capitalization of cryptocurrencies fell from $210 Billion and it is now at $184 Billion.
Due to the drastic fall of Bitcoin, other cryptocurrencies such as Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Stellar (XLM), etc., followed suit recording falls of about 10% or more.
In the course of the current cryptocurrency carnage in the market, XRP has overtaken Ethereum by market capitalization as the second largest digital asset in the space by market capitalization, according to coinmarketcap.
Only the stable-coins like Tether are still trading in the green. Tether and other stable-coins have been projected to trade steadily against USD. At the time of writing, USDT is…
Ripple partners leading Malaysian bank CIMB while XRP value plummets
Ripple (XRP) is one of the fastest growing and most reliable blockchain firms and digital assets in the world today. The digital asset, XRP, was not just created for retail purposes alone, but to help global remittances and cross-border payments.
In a bid to change global remittance and cross-border payments, Ripple CEO, Brad Garlinghouse, was recently caught with the head of a leading bank in Malaysia, known as CIMB. Interestingly, the partnership was revealed through an Instagram post from CIMB’s CEO, Zafrul Aziz. The Instagram photo featuring both Garlinghouse and Aziz captions:
“ZafrulAziz caught up with @bradxrp from Ripple this afternoon at the #SGFinTechFest. Strategically leveraging on Ripple’s blockchain technology has enabled #CIMB to deliver instant cross-border remittances for our customers. Now, our SpeedSend truly lives up to its name! Being the first regional bank in ASEAN to partner with Ripple adds another great milestone in our digital journey! #futureofbanking #valueproposition #forward #CIMB #teamcimb.”
“@CIMBMalaysia being the first regional bank in ASEAN to partner with @Ripple to deliver instant cross-border remittances via SpeedSend. Thank you, Alan, for the info.”
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Coinbase market influence: Stellar and Cardano pumping on listings hope
Last weekend was a pretty dull weekend of exchange for the cryptocurrency market with a majority of coins recording depreciating prices across the crypto-board. Following the dismal performances that were experienced throughout the weekend by digital assets, the entire crypto market has depreciated by around 1.8 percent to stand at about $211 billion according to CoinMarketCap currently.
The Dismal Performance of Crypto Market
For the past few days, the crypto market has been experiencing a shortage of crypto news that is generally used to guide prices forcing investors and merchants to rely more on technical analysis.
And with many digital assets trading close to their resistance levels, the prices of these assets have been coming under pressure as the number of people selling them is exceeding those who are willing to buy them.
While that was the scenario for the two leading cryptocurrencies, Bitcoin and Ethereum, Stellar Lumens and Cardano (ADA) have been showing dissimilar trends. The two altcoins have been bullish defying the recent market declines that have been bedeviling the crypto market by surging upwards over the last few weeks.
— Umesh Khade (@UmeshKhade11) November 13, 2018
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