The third largest cryptocurrency in the world, XRP, is coiling up for a launch into the stratosphere. The falling wedge setup, seen in the chart below, signals a bullish breakout for XRP in the near term.
Houston, we have lift-off
The Falling Wedge formation is a bullish pattern accompanied by a reduction in volume, which is apparent as seen in the chart above. Typically, the largest part of the wedge will be the total length of the breakout. Factoring in the same, the breakout for XRP, whenever it occurs, will push the price of XRP from $0.37 – $0.38 to a minimum of $0.45 – $0.46.
The Relative Strength Index also showed a similar downtrend, which further confirms the bullish nature of the rising wedge pattern.
Higher Time Frame
The daily timeframe for XRP showed the formation of a double top. However, the pattern will ONLY be confirmed when the price dips below the neckline. Further, the Relative Strength Index shows a declining resistance that is preventing buyers from rising higher.
However, there might be conflicting ideas when it comes to the completion of the double top formation, due to the pattern formed over the shorter timeframe. Hence, the double top formation might have a higher chance of not being confirmed.
The likelihood of the confirmation of double top is very slim unless Bitcoin forms something similar or BTC prices dip massively. However, the probability of a breakout of the rising wedge pattern seems high. If and when it breaks out, the price of XRP will slingshot to $0.4512.
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Facebook’s entry a positive signal to blockchain & crypto markets, claims Ripple’s Brad Garlinghouse
As the influx of new players into the crypto-ecosystem grows, the industry has come a long way from its inception a decade ago. The industry has forced mainstream institutions such as Facebook and JP Morgan to join the race. While the world speculates on Facebook’s next move as a global power, in-house competitor Ripple is on a partnership spree to ensure a comfortable XRP market.
To clear out the FUD, Ripple CEO Brad Garlinghouse discussed the intent and roadmap behind the recent MoneyGram-Ripple partnership. While enabling XRP-powered money transfer services, Ripple’s $30 million investment seems to be part of a game plan for increased adoption.
Garlinghouse shared his optimism for the move after his company’s beta network recently matched Western Union’s performance for cross-border payments. Further, he is certain about Ripple’s ability to improve MoneyGram’s infrastructure by eliminating the traditional pre-funding process. Garlinghouse added,
“Our (Ripple’s) product allows companies to avoid pre-funds and just shoot the payments in real time. That’s a massive savings in terms of efficiency and capital costs.”
As a result of this partnership, Ripple will hold a 6% – 10% share in MoneyGram, helping the crypto giant’s vision to enable mass adoption. Further, the CEO correlated the development with the company’s ultimate roadmap. He said,
“We will continue to build out and expand the number of corridors. We work with over 200 banks and financial institutions today.”
Garlinghouse also shared Ripple’s contributions toward enabling liquidity in the Mexican and Philippines market. Although the XRP market stands as one of the biggest disruptors in the cryptospace, Garlinghouse applauded Facebook’s recent Libra initiative. He commented,
“It’s incredibly positive signal to the overall blockchain and crypto market to have a player like Facebook leaning in.”
While a positive sign for the crypto-market, it will be interesting to see the direction Facebook’s crypto-initiative takes, which is currently speculated to be pointing toward a consumer-oriented payment system.
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