Ripple (XRP) has recovered 70% since the lows ter mid April. The market cap now stands US$81.6 billion, with US$624 million te trading volume overheen the past 24 hours.
Te Ripple’s Q1 report, it wasgoed exposed that the money service business, XRP II LLC, sold US$16.6 million of XRP to market participants. The company also sold US$151.1 million worth of XRP “programmatically” which represented 0.095% of the US$160.0 billion globally traded te Q1.
One billion XRP wasgoed released ter January, February, and March out of a cryptographically-secured escrow account that mimics a Proof of Work coin distribution. Of the three billion XRP released, 90% wasgoed returned to escrow, while the remaining 300 million XRP are “being used ter a diversity of ways to help invest te the XRP ecosystem.”
Another company affiliated with XRP, Ripple Labs, resumes to increase mundial brand awareness and adoption through the use of RippleNet processes. RippleNet is composed of, xCurrent, which processes completo bankgebouw to canap payments for customers, analogous to SWIFT, xRapid, which sources on-demand liquidity, and xVia, which corks into RippleNet to send unidirectional payments. xRapid requires the use of XRP whereas xVia and xCurrent do not.
Santander recently announced its fresh international payments service, the One Pay FX app, which uses xCurrent to finish international transfers. The Boston-based retail banking company with operation ter Ten European countries and the Americas presently offers the service te Spain, the UK, Brazil, and Poland. SBI Holdings, a Tokyo-based financial services company, also began using xCurrent for remittances te March, with its Money Tapkast app.
Five companies experimented with the use of xRapid across Q1 , Película del Oeste Union, Cambridge Total Payments, MercuryFX, IDT and MoneyGram. Mercury FX, an international currency exchange and transaction service, confirmed that xRapid will “lower liquidity costs & increase payment speed and transparency,” after a months long test of the service. Additionally, Mercury FX will be proceeding with extra testing and moving to production.
Ripple also announced five fresh payment originators who have begun to use xVia, FairFX (UK), RationalFX (UK), Exchange4Free (UK), UniPAY (Georgia), MoneyMatch (Malaysia). Ripple has placed xVia spil a solution for payment gateways te emerging markets, such spil Africa and India. Today it wasgoed announced that BankDhofar, Oman’s 2nd largest bankgebouw by market value, will also join RippleNet.
Ripple also made major headlines last past month after funding $29 million of schoolgebouw projects on Donor’s Choose, and a 400 person invite-only community night featuring the rapper Snoop Dogg on May 14th ter Fresh York City during Blockchain Week.
On the network side, transactions vanaf day remain around 900,000 with a somewhat stagnant trend overheen the past few years. Transaction fees, which correlate with network traffic, have bot minimal compared to other coins, and are presently around US$0.006 for each transaction.
The network value to estimated on-chain daily transaction ratio (NVT) has also bot trending lower since July (loom scale), suggesting transactional use has enlargened since that time, reaching a low ter January. Albeit NVT is difficult to compare inbetween coins, which use different transactions types, it can be used to assess the network’s relative utility overheen time. XRP’s daily NVT remains relatively low based on historical gegevens.
Exchange-traded volume has bot led by Korean Won (KRW), Bitcoin (BTC), and Japanese Yen (JPY). The relatively large volume te Asian markets is ter stark tegenstelling to Bitcoin and Ethereum which are mainly predominated by US Dollar and Tether pairs. The majority of trading has occurred on Bithumb, UPbit, Binance, OKEX, and Bitfinex. Koinex, an Indian exchange, began to list 8 XRP-based pairs this past week.
After pullbacks from ATH ter January, which correlated with the surplus of the crypto market, XRP has begun to showcase signs of trend reversal. The status of any existing or emerging trend can be determined using Ichimoku Cloud, Pitchfork, and Moving Averages. Further background information on the technical analysis discussed below can be found here.
On the three day chart, price looks to have violated out of a descending triangle on light volume. This classic chart pattern yields a measured stir and 1.618 fib extension of US$Three.45 and US$Four.32 respectively. A zekering loss for this long trade would be placed below the breakout point at US$0.45.
On the daily chart, the status of the current Ichimoku Cloud metrics, with doubled settings (20/60/120/30) for more accurate signals, are beginning to roll ecuánime, price is ter Cloud, Cloud is bearish, the TK cross is almost bullish, and the Lagging Span is above price and below Cloud.
The Ichimoku Cloud uses four metrics to determine if a trend exists, the current price te relation to the Cloud, the color of the Cloud (crimson for bearish, green for bullish), the Tenkan (T) and Kijun (K) cross, and the Lagging Span. The best entry always occurs when most of the signals spin from bearish to bullish, or vice versa.
Traditionally, a long position would not be entered with the current daily metrics until price is above Cloud. However, a long entry can be made based on the Edge to Edge principle. This trade is triggered when price breaches Cloud resistance and has a target of the opposite edge of the Cloud,
US$1.80. Thesis trades have a higher probability of success when the TK cross is also bullish, which is not presently the case.
The status of the current Cloud metrics on the 12 hour time framework, with doubled settings (20/60/120/30) for more accurate signals, are beginning to spin bullish, price is almost above the Cloud, Cloud has almost twisted bullish, the TK cross bullish, and the Lagging Span is above price and almost above Cloud. Together, this setup shows the classic signs of a long entry, triggering when Cloud twists bullish and price is above Cloud, with a target of
US$1.94 based on the previous vapid Kumo.
When comparing and contrasting the daily and the 12 hour charts, using doubled settings, the daily time framework clearly shows expected entry and uitgang based on the size of the Cloud. The 12 hour time framework better elucidates a precise entry based on traditional Cloud signals. Doubled Cloud settings on the 12 hour time framework are also omschrijving to singled Cloud settings on the daily time framework. Both time frames display toughly the same signals are can be used interchangeably depending on how a trader wants to visualize trade setups. Ter universal, most cryptocurrencies have swifter moves when compared to Bitcoin, and therefore a swifter signal is preferred by most to catch a better trade entry.
A bearish Pitchfork on the 12 hour chart, with anchor points ter December and February, shows price above the entire Pitchfork. This suggests confirmed bullish invalidation of the downtrend. Additionally, the 50/200EMAs will likely cross bullish te the next few days. Price has bot held above the 200EMA for the past several days.
The XRP/BTC pair shares the same bullish characteristics spil its USD counterpart, price broke out of a Falling Wedge chart pattern, a Cloud Edge to Edge trade has bot triggered, and the 50/200EMAs remain bullish. The Edge to Edge trade yields a target of 12,000+ satoshis and the Falling Wedge carries a 1.618 fib extension of 25,000 satoshis, or essentially the R1 yearly pivot.
Ripple resumes to collect banking partnerships around the world. While thesis partnerships increase the awareness of Ripple and the use RippleNet, they do not necessarily correlate to enlargened XRP adoption. Unless services use xRapid, there is not a rechtstreeks influence on XRP request ter the broader marketplace.
The strategy announced last year to escrow and release most of the XRP te existence leisurely overheen time is a step ter the right direction towards a more semi-transparent monetary policy. However, how, when, and why Ripple the company sells XRP programmatically for certain costs is not instantaneously clear. Additionally, the volume figure of “US$160.0 billion traded globally,” claimed te the Q1 report, may be very inflated if the number is cited from fee-free exchanges which are known for wash trading and fake volume.
Technicals suggest bullish reversal with optimal long entries soon based on the above Chart Patterns, Ichimoku Cloud, and Moving Averages. A brief term target of