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.
For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!
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.
Image courtesy of Pixabay
The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry
Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation.
There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated.
A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified.
Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders.
Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:
The arrival of blockchain is causing a stir at Deloitte. The professional services giant has contributed tens of thousands of words on blockchain within its ‘insights’ network, and there are…
Can Libra help the crypto industry to reach new heights?
The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.
From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.
What is Libra?
Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.
Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.
The development of…
Why Blockchain Projects Keep Failing
If you’ve been keeping up with news coming out of the blockchain community over the past year, you’ve probably heard countless projects hyped as the next best thing—only for them to fall off completely off the map a few months later. While some of these projects offered no practical solutions and seemed destined to fail, others creatively used blockchain technology to enhance the way we perform day-to-day tasks.
So, What’s the Problem?
For starters, many of these founders have no real experience running a business or managing finances. Instead, teams are usually comprised of programmers and tech geeks with the ability to develop blockchain-driven apps, but have no clue about project management, allocating resources, effective team building or marketing.
What’s more, when you look at the average blockchain start-up’s website, you’ll probably find a list of team members with accolades a mile long. And many of these “achievements” are in similar blockchain projects that have yet to take off. This makes it hard to distinguish between what is hype and what is credible information, which scares off all but the high-risk investor.
Project Success Starts at the Team Level
The sudden interest in cryptocurrency and blockchain technology can be compared to the California Gold Rush. Everyone wants to get in on the ground floor so that they can make as much money as possible.
Unfortunately, this mentality isn’t just…
Warren Buffett and TRON’s Justin Sun Finally Meet for Charity Lunch
Should You Invest in TRON in 2020?
CoinField Launches Sologenic Initial Exchange Offering
featured2 weeks ago
Altcoin Magazine has Rebranded as The Capital and 100x’ed its ambitions
Bitcoin2 weeks ago
5 Best Places to Bet with Bitcoin
Don't Miss1 week ago
Best Study Resources to Pass CompTIA SY0-501 Exam and How Should You Use Exam Dumps to Prepare?
Don't Miss1 week ago
Many of the Top Sports Betting Websites for 2020 Can Be Found On Boomtown’s Best Betting Page
Don't Miss1 week ago
Learn 2 Trade Launches Real-Time Crypto Signals Service
Don't Miss1 week ago
What Prevents Crypto from Becoming the Top Payment Method
Featured news4 days ago
5 reasons why you should use a brokerage exchange service to buy and convert cryptocurrencies
Bitcoin5 days ago
Trusted Crypto Tumbler To Protect Your Wealth