Japan’s SBI Holdings Forms Alliance with Fukushima to Use Ripple’s MoneyTap

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Japan’s SBI Holdings Forms Alliance with Fukushima to Use Ripple’s MoneyTap
SBI Holdings and Fukushima Bank formed a partnership that will see the reduction of operational costs and contribution to “regional revitalization.”
Japan’s SBI Holdings Forms Alliance with Fukushima to Use Ripple’s MoneyTap

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Source: CoinSpeaker

XRP Plunges 6% Despite Network Being “Stronger Than Ever”

After a brief attempt to climb above its strong resistance level at $0.30 earlier this week, XRP faced a strong and swift rejection and is now moving down towards its monthly lows that currently sit around $0.26.
This bearishness has come about in the midst of Ripple’s highly anticipated Swell event, and as the Ripple CEO announced fresh deals involving XRP that, according to him, have made the XRP network “stronger than ever.”
XRP Plummets 6% as Bears Take Control
At the time of writing, XRP is trading down nearly 6% at its current price of $0.27, which marks a significant retrace from its daily highs of roughly $0.30.
Earlier this week, XRP’s bulls attempted to propel the cryptocurrency past $0.31, which ultimately proved to be a fleeting move that was closely followed by today’s bearish movement.
It is important to note that XRP is not alone in facing mounting selling pressure today, as Bitcoin has similarly faced a sharp sell-off that sent it plunging from the lower-$9,000 region to lows of $8,800.
BTC’s drop instantly sent shockwaves through the aggregated crypto market and has led virtually all major altcoins to post similar losses.
For XRP, it is important to note that this bearishness came about shortly after it had attempted to validate a long-term bottom formation that analysts had been closely watching, which means that today’s move invalidated this bullish possibility and may spell trouble for its near-term price action.
Peter Brandt, a highly regarded analyst, recently pointed to this since-invalidated formation, saying:
“This chart interpretation remains valid — $XRP is taking another run at a breakout.”

This chart interpretation remains valid — $XRP is taking another run at a breakout. https://t.co/u2td4qhTHF pic.twitter.com/ser515KBWr
— Peter Brandt (@PeterLBrandt) November 6, 2019

Ripple Expands Network, But Investors Aren’t Impressed
XRP’s ongoing drop has come about concurrently with Ripple’s Swell event, where the company announced that they already have over 300 customers, with over two dozen utilizing XRP-related products.
Brad Garlinghouse – Ripple’s CEO – spoke about this in a recent tweet, explaining that the network is “stronger than ever” and continuing to grow.
“Good things come in 3s – at our 3rd annual Swell event we announced @Ripple has more than 300 customers, more than 2 dozen of which are using #XRP through On-Demand Liquidity. The network is stronger than ever, and momentum behind ODL is only beginning,” he explained.

Good things come in 3s – at our 3rd annual Swell event we announced @Ripple has more than 300 customers, more than 2 dozen of which are using #XRP through On-Demand Liquidity. The network is stronger than ever, and momentum behind ODL is only beginning. https://t.co/NQGEoH8hJI
— Brad Garlinghouse (@bgarlinghouse) November 7, 2019

Clearly, however, investors are not impressed by Ripple’s progress in building utility around XRP, as it has been one of the worst performing major altcoins in 2019, and only time will tell as to whether or not the company’s progress will ultimately be reflected in XRP’s price.
Featured image from Shutterstock.
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Ripple Price Analysis: $0.25 Beckons But Where Is The Swell Conference Pump?

Ripple’s Swell conference fails to stir pump in XRP breaking a two-year streak.
XRP is holding above $0.27 but is still in grave danger of testing $0.25.

Ripple is holding the 2019 Swell conference in Singapore. The event is in its second and is catching momentum with some great news from the company. Ripple has announced a news service, RippleNet Home that will connect its partners and allow them to collaborate for new markets.
While the Swell conference is swelling with great talk and good news about Ripple and its products, the same cannot be said about XRP. The token’s price has since the beginning of the conference broken several support areas. Prior to the conference, XRP briefly surged above $0.31. However, a double-top pattern formed leaving the door wide open for the bears to have their field day.
XRP/USD 4-hour chart
XRP/USD price chart by Tradingview
The reaction pattern coupled with lack of credible support areas has seen XRP explore the levels towards $0.265. For now, Ripple is trading at $0.279 while the immediate upside is limited at $0.28. Gazing higher, the 38.2% Fib retracement level taken between the last drop from $0.3153 to a low of $0.2641 is pressing down against recovery attempts.
If XRP fails to recovery above $0.29, the next stop is going to $0.25 (previous support). The Relative Strength Index (RSI)) is almost entering the oversold territory. It is disappointing that even after such a drop from $0.30 XRP is not yet oversold. In other words, XRP could continue to gravitate amid the ongoing Swell conference.
The conference has in the past led to a pump in Ripple price. However, this year Ripple is dumping during the same conference. The drop from $0.31 could also have been caused by profit-taking investors following the lack of potential to correct higher.
XRP Key Technical Levels
Spot rate: $0.2795
Relative change: -0.0108
Volatility: High
Trend: Bearish
Support $0.27 and $0.25
Resistance: $0.28 and $0.30
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Source: CoinGape

Ripple (XRP) Price Turns Short Term Bearish, $0.2980 Presents Resistance

Ripple price is showing bearish signs and recently declined below $0.2980 against the US dollar.
The price is currently consolidating losses above $0.2850 after it traded as low as $0.2746.
There is a short term breakout pattern forming with resistance near $0.2910 on the hourly chart of the XRP/USD pair (data source from Kraken).
If there is a downside break, the price could revisit the $0.2800 support level.

Ripple price declined sharply in the past three sessions against the US Dollar and bitcoin. XRP price is consolidating losses and it could face a strong resistance near $0.2980.
Ripple Price Analysis
Yesterday, we saw a steady rise in ripple above the $0.3000 resistance area against the US Dollar. Moreover, XRP climbed above the $0.3050 and $0.3120 levels.
However, the $0.3150 area prevented more upsides and a high was formed near $0.3149. As a result, there was a nasty decline below the $0.3050 and $0.3000 support levels. More importantly, there was a break below a connecting bullish trend line with support near $0.3000 on the hourly chart of the XRP/USD pair.
Finally, ripple dived below the $0.2980 support area and the 100 hourly simple moving average. It opened the doors for more losses and the price traded below $0.2800.
A low was formed near $0.2746 and the price later recovered above $0.2800. Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the $0.3149 high to $0.2746 low.
At the outset, the price is consolidating losses above the $0.2850 support area. Additionally, there is a short term breakout pattern forming with resistance near $0.2910 on the same chart.
If there is a downside break below the $0.2880 support, there is a risk of more losses below the $0.2850 support area. The next key support is near the $0.2800 level, below which ripple could revisit the $0.2750 area.
Conversely, the price could correct further above $0.2900. The next key resistance is near $0.2950. It coincides with the 50% Fib retracement level of the recent decline from the $0.3149 high to $0.2746 low. The main resistance area is near $0.2980 and the 100 hourly SMA.
Ripple Price
Looking at the chart, ripple price is clearly consolidating losses above the $0.2850 area. To start a fresh increase, it must break the $0.2950 and $0.2980 resistance levels. If not, it could resume its decline below $0.2850 and $0.2800.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is slowly climbing higher towards the 45 level.
Major Support Levels – $0.2880, $0.2850 and $0.2800.
Major Resistance Levels – $0.2900, $0.2950 and $0.2980.
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Ripple Backs New Platform for Smart Contracts Flare Networks via Its Xpring

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Ripple Backs New Platform for Smart Contracts Flare Networks via Its Xpring
It has been revealed that Xpring, Ripple’s investment arm, invested in Flare Networks, a platform for smart contracts.
Ripple Backs New Platform for Smart Contracts Flare Networks via Its Xpring

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Source: CoinSpeaker

XRP likely to breach broadening wedge and fall to $0.23 this week

January 2018 was the golden age for XRP, a time when XRP hit its all-time high value of around $3.3. Since then, however, the token has had moments of hope, before falling into patterns of more sidewaThe post XRP likely to breach broadening wedge and fall to $0.23 this week appeared first on AMBCrypto.
Source: AMB Crypto

SEC’s vs. Ripple Next Chapter Begins Today

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SEC’s vs. Ripple Next Chapter Begins Today
Now it may seem that the battle on “whether XRP is a security” will never end for Ripple.
SEC’s vs. Ripple Next Chapter Begins Today

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Source: CoinSpeaker

Ripple (XRP) Price Struggling To Hold Key Uptrend Support

Ripple price is holding an important support area near the $0.2880 level against the US dollar.
The price is facing a lot of hurdles on the upside near the $0.2940 and $0.2950 levels.
There is a major bearish trend line forming with resistance near $0.2945 on the hourly chart of the XRP/USD pair (data source from Kraken).
Ethereum is facing hurdles and struggling to climb above $182 and $185.

Ripple price is currently under pressure below $0.2950 against the US Dollar, while bitcoin is consolidating. XRP price must stay above $0.2880 to recover in the near term.
Ripple Price Analysis
After facing resistance near $0.3000, ripple started a fresh downward move. XRP price traded below the $0.3000 support area to move into a short term bearish zone. Moreover, there was a close below the $0.3000 level and the 100 hourly simple moving average.
Finally, the price traded below the $0.2950 support area and tested the $0.2880 support zone. The recent low was formed near $0.2889 and the price is currently correcting higher.
An immediate resistance is near the $0.2930 level and the 100 hourly SMA. The next key resistance area is near the $0.2940 level. Besides, the 50% Fib retracement level of the recent decline from the $0.2981 high to $0.2889 low is near the $0.2935 level.
More importantly, there is a major bearish trend line forming with resistance near $0.2945 on the hourly chart of the XRP/USD pair. The trend line coincides with the 61.8% Fib retracement level of the recent decline from the $0.2981 high to $0.2889 low.
Therefore, an upside break above the $0.2950 zone is needed for the bulls to take over. In the mentioned case, ripple could recover and trade towards the $0.3000 resistance. The next major resistance is near the $0.3050 and $0.3060 levels.
On the downside, an initial support is near the $0.2900 area. However, the main support is near the $0.2880 level. If there is a daily close below $0.2880, the price could accelerate lower towards the $0.2850 and $0.2840 levels in the near term.
Ripple Price
Looking at the chart, ripple price is facing many hurdles on the upside near $0.2950. Having said that, as long as there is no close below the $0.2880 support, there are chances of a fresh increase above the $0.2950 zone. Conversely, the price could start an extended decline towards $0.2840 or even $0.2800.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising and it may break the 50 level.
Major Support Levels – $0.2900, $0.2880 and $0.2850.
Major Resistance Levels – $0.2940, $0.2950 and $0.3000.
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XRP Disrupting Cross Border Payments; Enabling USD-Mexican Pesos Settlements in 60 Seconds

Ripple CEO, Brad Garlinghouse recently took to Twitter and has highlighted XRP’s utility in settling cross border payments. He further went on to give the example of MoneyGram which is experiencing real-time settlement (~60 seconds) in USD to Mexican pesos. 
Ripple MoneyGram Synergy To Revolutionize Cross-Border Payments
Source- Twitter
For the purpose of cross-border payments, Ripple offers two main products: xCurrent and xRapid. While the users are all praises for the same owing to its high speed, the question- why XRP – continues to prevail. The reason for the same is that payments are cheaper and get settled faster with XRP than Fiat/Fiat exchange pairs.  Interestingly, Brad Garlinhouse’s tweet takes a dig at naysayers and clearly explains the use of XRP.
In June 2019, Ripple bought a share issue from MoneyGram worth $30 million at $4.10 per share to acquire 8-10% of the company. Ripple thus became the critical service provider for cross-border payments and foreign exchange settlement using digital assets. Previously, MoneyGram had to use banking services to provide settlements for payments they initiated. Furthermore, in order to make up for the difference in time of settling payments, MoneyGram had to take loans to increase the required liquidity.
Crypto Twitter Supports Ripple
Crypto Twitter expressed their enthusiasm at the tweet and went on to laud Ripple’s efforts. A twitter user, Jane, who works in a Canadian bank suggested a customer send money to Mexico using MoneyGram. She further wrote it was cheaper, faster and had a faster settlement. 
Source- Twitter
 
Another crypto user, Stephen Donelly said that Ripple was way ahead of the curve and has strategic planning in place for implementing long-term growth. 
Source- Twitter
MoneyGram Focusses on Cross-Border Digital Growth
Recently, MoneyGram unveiled its Q3 earnings report where the company highlighted its partnership with Ripple. 
Our third-quarter results reflect the continued transformation of our business as we increasingly focus on customer experience improvements, cross-border digital growth, and industry-leading innovation through our strategic partnership with Ripple,”
said Alex Holmes Chairman and CEO.
However, it seems that MoneyGram is yet to make significant profits. The latter has reported a net loss of $7.7 MM in Q3. At press time, MoneyGram International, Inc. is down by almost seven percent in just one day.  Notwithstanding, the numbers it is highly likely that MoneyGram manages to recuperate losses and find a path to profitability with Ripple and XRP. 
Will MoneyGram manage to cover up losses? Let us know, what you think in the comments below!
The post XRP Disrupting Cross Border Payments; Enabling USD-Mexican Pesos Settlements in 60 Seconds appeared first on Coingape.
Source: CoinGape

XRP is 10X Safer than Fiat for Cross-Border Payments

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XRP is 10X Safer than Fiat for Cross-Border Payments
Ripple insists that XRP is 10 times safer for making international payments that fiat currencies that today are still a more popular option.
XRP is 10X Safer than Fiat for Cross-Border Payments

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Source: CoinSpeaker

Ripple (XRP) Price Set For Downside Thrust Before Higher

Ripple price is facing an increase in selling pressure below the $0.2980 resistance against the US dollar.
The price is likely to decline below the $0.2880 support before it could start a fresh increase.
There is a key bearish trend line forming with resistance near $0.2940 on the hourly chart of the XRP/USD pair (data source from Kraken).
Ethereum is also declining, but it might find a strong support near the $175 level.

Ripple price is slowly declining below key supports against the US Dollar and bitcoin. XRP price might revisit the $0.2820 support before it could bounce back.
Ripple Price Analysis
After struggling to stay above $0.3050 and $0.3000, ripple started a slow and steady decline. XRP traded below the key $0.2950 support area to move into a short term bearish zone.
Moreover, there was a close below the $0.2950 level and the 100 hourly simple moving average. It opened the doors for more downsides and the price spiked below the $0.2880 support area.
The $0.2850 area provided support and the price recovered above $0.2920 and $0.2950. However, the price failed to stay above the $0.2950 level and even struggled to surpass the 100 hourly simple moving average.
A high was formed near $0.2972 and ripple is currently declining. It is trading near the $0.2920 support. An immediate support is near $0.2910, plus the 50% Fib retracement level of the upward move from the $0.2852 low to $0.2972 high.
The main supports are $0.2900, $0.2800, and the 61.8% Fib retracement level of the upward move from the $0.2852 low to $0.2972 high. If there is a downside break below the $0.2880 support, the price could revisit the $0.2850 and $0.2820 support levels.
On the upside, there are many hurdles near $0.2950 and $0.2980s. Additionally, there is a key bearish trend line forming with resistance near $0.2940 on the hourly chart of the XRP/USD pair. Therefore, an upside break above the $0.2950 level and the 100 hourly SMA is needed for a fresh upward move in the coming sessions.

Looking at the chart, ripple price is clearly declining below the key $0.2950 level. If the bulls fail to defend the $0.2880 support, there is a risk of more losses. The next key support is near $0.2820, below which the price may slide towards $0.2750. Conversely, a clear break above $0.2950 is needed for a decent recovery.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now moving back into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level, with a bearish angle.
Major Support Levels – $0.2900, $0.2880 and $0.2850.
Major Resistance Levels – $0.2940, $0.2950 and $0.3000.
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XRP Ledger Adoption: PayPay’s 10 Million Users to Benefit from Partnership With Ripple-Backed Money Tap

Per an official announcement from SBI group in Japan, Money Tap, a payment app set up by SBI is all set to partner with the PayPay system. Interestingly, the new venture will use XRPL instead of CAFIS infrastructure.   
Faster Payment Processing With XRPL
PayPay has a user base of over 10 million people in Japan and has 1 million merchants and local stores. Presently, Money Tap uses Ripple’s xCurrent system which is much more efficient and cheaper than Ripple’s xCurrent system. 
The announcement states, 
In this business alliance, when a user charges PayPay balance from a bank account, it does not go through the existing infrastructure such as CAFIS (* 1) through Money Tap infrastructure provided by Money Tap. You can charge directly from your bank account. This will reduce the burden of connection with individual financial institutions at PayPay, and will enable connection with operators at a lower cost than existing infrastructure at financial institutions.
Furthermore, Financial Tap and API-connected financial institutions will work towards developing charge-type services for other payment providers in addition to the inter-individual remittance service already in service. There is also a possibility that over-the-counter payment services are also rolled out. Additionally, Money Tap is also in talks with multiple operators for the launch of its new service. PayPay has been offering new smartphone payment service since October 2018. The service allows for payment using bar codes and QR codes. 
Other Ripple Partnerships
Earlier, this month Ripple partnered with fintech firm Finastra. Using Ripple’s blockchain-based platform, Finastra users can connect with  200 partners on RippleNet. The deal aims to boost integration with other network partners and provide faster updates.  Following the announcement of the partnership, XRP rose by 27%.
Also, recently Ripple’s Xpring launched a developer kit and tools for coders to build payment rails into any app.
What is the next development goal on Ripple’s list? Let us know, what you think in the comments below!
The post XRP Ledger Adoption: PayPay’s 10 Million Users to Benefit from Partnership With Ripple-Backed Money Tap appeared first on Coingape.
Source: CoinGape