- Ripple (XRP) support at 30 cents
- Standard Charter expanding to Asia
Adoption means day-to-day settlement using XRP and CoinBase is experimenting with Litecoin, BTC, and ETH after partnering with Visa. With time they may add Ripple (XRP) but at the moment Standard Charter, a partner with Ripple, is extending their services to Asia to meet increasing demand.
Ripple Price Analysis
Fundamentals
Fact is, for the space to flourish, there must be an avenue allowing not only investment but expenditure of digital assets. Ripple (XRP) may the third most liquid meaning conversion is fast, but it is yet to be mainstream in not many merchants accept the coin as a medium of exchange.
Good news is, the situation is about to change. While we know XRP is fast with a near instantaneous settlement, CoinBase has solid plans of changing this situation thanks to their collaboration with Visa. Even so, the partnership will allow LTC, BTC, and ETH coin holders to “spend crypto as effortlessly as the money in their bank.” If there is a solution and XRP is part of this arrangement, then we expect the coin to be a leader, facilitating cross-border payments between financial institutions but act as a medium of exchange, allowing micro-payments.
Already, Coil is working towards monetizing content, and by integrating InterLedger Protocol, there is interoperability as coin holders can change XRP for ETH and vice versa at the same time make micro-payments.
Standard Chartered announced the expansion of Straight2Bank Pay, its award-winning digital collections gateway for corporate clients, to additional markets in Asia to further support its clients’ growing e-Commerce and m-Commerce aspirations.
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Meanwhile, Ripple’s partner Standard Chartered is expanding its Straight2Bank Pay—their “award-winning digital collections gateway for corporate clients”—to Asia in a bid to “further support its clients’ growing e-Commerce and m-Commerce aspirations.”Straight2Bank is an innovative proposition that “simplifies collections from various payment methods including instant and QR-based payments, bank transfers, cards and mobile wallets across online, mobile and in-store interfaces.”
Candlestick Arrangement
At the time of press, Ripple (XRP) is stable in the last day, steadying but shedding 1.6 percent in the previous day. Cumulatively, the coin is down 11 percent in the last day as buyers flow in shoring prices. Note that Ripple (XRP) is under pressure and yesterday’s bear bar did minimize odds of higher highs.
To some extent, it did confirm sellers of Apr-11. However, what is noteworthy is the complete reversal of early April gains and support at 30 cents. Since we are back to support, our trade conditions are valid. Therefore, unless otherwise there is movement above 34 cents, we shall retain a neutral but bullish objective.
On the flip side, any drop below 30 cents reinforces bears of Apr-11, setting the motion for lower lows towards 25 cents or even 15 cents.
Technical Indicators
Accompanying yesterday’s losses are light volumes—19 million versus 22 million. As we reiterate our stance, risk-off buyers ought to initiate longs once prices rally past 34 cents with above average volumes exceeding 79 million of Apr-2.
Chart courtesy of Trading View
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