Takeshi Fujimaki, an former banker turned politician and a representative of one of the largest opposition political party Nippon Ishin, expressed his views on the future of cryptocurrencies, especially about XRP and Ripple’s developments, in a recent twitter thread.
The lawmaker sent out a barrage of tweets on how cryptocurrency-related experiments are being conducted all over the world to improve the current payment/financial systems.
Referring to the XRP network topology map, Fujimaki mentioned how the XRP nodes are spread throughout the world and raised a concern that technology is advancing rapidly and that Japan should get involved in it as soon as possible.
“The latest cryptographic asset-related technology has come so far. If we do not get involved in such advanced fields, Japan will be lagging… saying “Japan’s technology is amazing” and Japan celebrating cash settlements is going to be left in the world more and more…”
Fujimaki continued by saying that the number of nodes in Japan was low when compared to other countries in the world and that Japan is still a hundred years behind and is still in the “paper society politics”.
“If the use of this XRP is representative of the use of cryptographic currency, then from this map it turns out that there is a possibility that the cryptographic currency will develop explosively in the future.”
Fujimaki added that cryptocurrencies like XRP along with Ripple’s technology would be really beneficial for developing countries and in countries where people do not have bank accounts and do not believe in the credibility of the country.
Moreover, Fujimaki mentioned how Bill Gates Foundation’s Mojaloop, a software that uses Ripple’s interledger protocol, was deployed in Kenya in January 2018.
Fujimaki ended his tweet by saying that other countries in the world were already experimenting to develop a solution by inculcating XRP and other cryptocurrencies in their payment solution advancements, but Japan was lagging behind in such experiments.
Goldmax, a Twitter user, commented:
“I would like a lawmaker to make the government understand the necessity of the crypto currency without mentioning XPR or XRP or peculiar encryption currency.”
Another user, suger_310, commented:
“Now, the Japanese have the highest degree of understanding and expectation for ripple and XRP. Speaking of cryptocurrencies and cryptocurrency, there are a lot of Japanese who believe that there will come a time when it is said to be XRP. But I still do from the whole Japanese. It is time when it is taken up by NHK News, and the recognition is raised at once. Perhaps at that time, it would be more than a thousand yen.”
76205|XRP/USD Price Analysis: Coin stagnates even after massive adoption news
The third largest cryptocurrency, XRP, was moving sideways for almost two months, without any price surge or drop. The price was stuck between a support and a resistance, and it didn’t look like it will break out any time soon.
The price of XRP at press time was $0.3217, while the market cap was at $13 billion. The 24-hour trading volume was $801 million. A huge chunk of the trading volume for XRP was coming from ZBG exchange. It contributed a total of $92 million in trading volume, via the XRP/USDT trade pair.
The hourly chart for XRP showed an uptrend that extended from $0.3072 to $0.3187, while the downtrend extended from $0.3445 to $0.3257. The immediate support was at $0.31608, while the subsequent supports were at $0.3038 and $0.2928. The immediate resistance was at $0.3260.
The Bollinger Bands were undergoing a squeeze and indicated a reduction in the volatility of XRP. The price was dipping into the simple moving average, and indicated that the market was bearish.
The Stochastic RSI indicator showed a bearish scenario as well, but a stronger one when compared to the Bollinger Bands.
The one-day chart of XRP showed a downtrend that extended from $0.9027 to $0.3220. The price of XRP in the longer time frame showed the support at $0.2587. The resistance points for XRP were at $0.5836, $0.6880, and $0.9027.
The MACD indicator showed a declining uptrend i..e, the green Aroon line. The Aroon downtrend line was also reducing.
The Chaikin Money Flow indicator showed a subzero CMF line, which signified that money was flowing out of the XRP market.
The Relative Strength Index showed a stagnant RSI line at the 50-line, where the momentum of sellers and buyers were equal.
The one-hour chart showed bearish pressure for XRP incoming, as indicated by the Bollinger Bands and Stochastic RSI indicators. The CMF, Aroon and the Relative Strength indicator showed a bearish trend for XRP as well.
76171|xRapid will not ‘flip the switch’ on XRP price, say prominent XRP community enthusiasts
XRP, the cryptocurrency closely related with the company Ripple, has been at the center of speculation and arguments, with respect to xRapid and XRP’s price.
There have been a lot of accounts on Twitter promoting the fact that the price of XRP will rise and shoot to the moon, after banks and financial institutions start using xRapid for cross-border payments.
The most famous theory put out by people was the price of XRP hitting $589 by the end of 2018, which didn’t happen.
However, a recent conversation started by prominent XRP enthusiasts, has suggested that xRapid would not massively affect the price of XRP.
Nayer Malik [@sinjunsmyth], a Twitter user, stated,
“@galgitron @Hodor @jungleincxrp @C3_Nik …Guys what r ur thoughts on Bob Way’s view regarding X-Rapid usage not increasing the price in and of itself?”
In response, Galgitron [@galgitron], a prominent XRP enthusiast and a contributor to the XRP community, added that he had “been saying that all along.” In one of his blogs Galgitron stated,
“Sure, there may be some massive FOMO buy-in once banks announce they are starting to use xRapid, and that will send the monkey [price action] hundreds of feet into the air, but, only speculation creates parabolics..”
C3|Nik [@C3_Nik] acknowledged the above and replied,
“It was seen like blasphemy to say that xRapid would not move prices that much by itself (e.g. “not the flip-the-switch kind of event”). It is interesting that the people who spread that narrative and misled others still have so many followers. Selling dreams.”
A Twitter user, @Crypt_Megalodon, voiced his opinion, which was different from the others. He tweeted,
“Well when you consider the US money supply being 15 trillion alone, the XRP cap doesn’t worry me. If/when XRP becomes the standard world wide, inflation will be rapid with mass adoption. I agree, with years, but, the value can be prodigious! The cryptoloution has already started.”
Considering the price of XRP at press time was only $0.31, and that there were more than a couple of Ripple customers that had already started using xRapid for cross-border transactions, the increase in the price of XRP due to xRapid seemed highly unlikely.
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