Ripple Signals Bullish Reversal in Daily Chart

Updated On Feb 10, 2018 by Cameron Bishop

Despite gaining several valuable clients in the past one month, Ripple (XRP) coin has remained weak on charts. There were two main reasons for the weakness. Firstly, xCurrent platform does not use Ripple coin as the medium of exchange. So, Ripple’s partnership with a financial institution (Santander Group, for example) using xCurrent platform will have no direct impact on the price of Ripple coin. Secondly, there is always a feeling that Ripple is not decentralized as other crypto currencies. Even though, the San Fancisco-based Ripple has placed about 55 billion Ripple coins in escrow to ward off fears, still, the market is a bit concerned. However, the charts indicate that we might see a bullish reversal in the price of Ripple in the days ahead.

Ripple’s growing network: Ripple has seen a phenomenal success in the recent past. Around Christmas last year, SBI Ripple Asia announced that they have partnered with three major credit card providers in Japan to improve user experience, solve a variety of issues, and increase efficiency through Ripple’s block chain technology. The participating credit card companies are JCB, Sumitomo Mitsui Card, and Credit Saison.

In early January, MoneyGram (NASDAQ: MGI) signed an agreement with Ripple to test the latter’s network. By January end, IDT Corporation, a publicly traded New Jersey-based telecommunications provider, and MercuryFX, which offers discounted currency exchange rates, signed an agreement to start using Ripple’s xRapid platform. Last week end, Spanish banking group Santander announced that it would soon start offering mobile payments using Ripple’s xCurrent platform. On Sunday, the National Bank of Abu Dhabi announced that it will use use Ripple’s block chain solution to send real-time cross-border payments to its customers. Earlier this week, LianLian International of China announced that it has entered into a partnership with RippleNet to facilitate real-time cross border e-commerce payments between the US, Europe, and China. LianLian will use the xCurrent platform of Ripple to process global payments sent to the Chinese e-commerce market from other RippleNet member banks across the three continents.

What do the charts say?
Technically, Ripple coin has broken the descending trend line in the daily charts. The stochastic indicator has started rising from the bearish zone. Therefore, we may see a bullish reversal that might lead the Ripple coin to a level of 1.35 (~40% upside) in the next few days.

Cameron works tirelessly behind the scenes ensuring his many US news stories are factual, informative and brought to you in a timely fashion before most other media outlets have them. He is an investigative journalist at heart who also has a fond interest in the money and business markets too.

Comments are closed.