Ripple [XRP] continues to struggle to break the $0.70 resistance with power. It has brushed against it at times over the past few days after its dip on May 16th below the resistance.
It has tried to break past it twice, once on May 16th and once on May 17th. The second one proved more successful than the first, with the coin staying above the limit for about 8 hours before dipping back down and hovering around the high $0.60s.
It is currently trading at $0.69, with a 0.83% drop in price over the last 24 hours. It has taken a huge hit over the past week, with a 13.32% depreciation in cost. This puts it at the position of 5th least profitable coin over the last week.
The market experienced continuous attacks from bears last week, which was populated with extreme levels of FUD. All major coins took a hit, as can be seen by the change within the last week. All top 15 coins by the overall market cap are showing red with loss rates of above 10% except for DASH and Ethereum [ETH].
XRP attempted to fight off the bears, starting the week with a high of $0.80 on May 10th. It saw a huge drop to $0.66 from $0.75 on May 11th, not fully recovering the $0.70 mark until May 13th.
It began with an uptick after an abysmal showing in the first half of the week, leading investors to believe that it could break out of the bearish run pattern determined in the market. It went up to a high of $0.75 on May 13th, and steadily maintained oscillation above the $0.70 mark for the next 2 days, before taking another hit and going down below the $0.70 mark to $0.67 on May 16th.
It did not regain its $0.70 value despite brushing the mark on May 16th. It is currently remaining at the $0.69 value, not being able to break the limit and give investors a bull run show.
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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