Coin of the day is Ripple.
Once more back to Ripple. A week ago we did an overview of the XRPBTC, where the pair was trading almost at 2018 lows. Since then we saw further development of the turnaround pattern, which seems to be a good opportunity to buy lows. An additional trigger for a new post about XRPPBTC pair was a significant growth of the price amid all-around falling markets.
Recap:
Ripple company classifies their product as a real-time gross settlement system (RTGS), currency exchange and remittance network. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source internet protocol, consensus ledger. Released in 2012, Ripple purports to enable "secure, instantly and nearly free global financial transactions of any size with no chargebacks." It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. Despite its distribution, one of the most dangerous shortcomings of this company is that, in its essence, it belongs to a closed circle of people who have complete control over it, and this runs counter to the idealistic concept of crypto-currencies.
Latest news
San Francisco Firm DCEX to Become First Crypto Exchange to Use XRP as Base Currency
San Francisco-based marketplace DCEX will become the first cryptocurrency exchange to use XRP as its ‘base currency’, available for both retail and institutional investors.
DCEX will function as a crypto-to-crypto exchange, all altcoins will be trading against XRP as a “base currency”, the exchange operator said in an announcement.
While registrations are currently open for users, the exchange will commence trading at an undetermined time over the coming weeks.
From the announcement:
“XRP blockchain transactions typically settle in under four seconds, allowing for faster multi-exchange strategies and providing a speed advantage over other money movement options,”
The exchange will include a total of 15 trading pairs with support for coins such as Bitcoin, Ethereum, Litecoin among others including privacy-centric coins like Monero and Dash alongside stable-coin TrueUSD. The operator also revealed plans to add Neo and Cardano (ADA) in the coming months while adding it will offer access to all ten cryptocurrencies listed in the Bloomberg Galaxy Crypto Index (BGCI).
The appearance of the new exchange, especially focused on Ripple, will undoubtedly bring more capital into the coin, hence will affect the price… Especially, if there will be a notable price difference between exchanges, that will give arbitrage opportunities.
Technicals
On the last week, XRPBTC has reached the 2018 minimum, spending some time below the 0.000058 level. Eventually, the coin has drawn a double bottom from the 0.000054 low and headed upwards showing a sustained 11% growth for the last 24 hours. Still, to confirm the bullish forecast we will need to see a breakthrough above the Bearish Trend Line, or even better – 0.000069 level. From the below, 0.000054 – 0.000059 zone should stay strong to confirm the positive development of the price.
Once more back to Ripple. A week ago we did an overview of the XRPBTC, where the pair was trading almost at 2018 lows. Since then we saw further development of the turnaround pattern, which seems to be a good opportunity to buy lows. An additional trigger for a new post about XRPPBTC pair was a significant growth of the price amid all-around falling markets.
Recap:
Ripple company classifies their product as a real-time gross settlement system (RTGS), currency exchange and remittance network. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source internet protocol, consensus ledger. Released in 2012, Ripple purports to enable "secure, instantly and nearly free global financial transactions of any size with no chargebacks." It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. Despite its distribution, one of the most dangerous shortcomings of this company is that, in its essence, it belongs to a closed circle of people who have complete control over it, and this runs counter to the idealistic concept of crypto-currencies.
Latest news
San Francisco Firm DCEX to Become First Crypto Exchange to Use XRP as Base Currency
San Francisco-based marketplace DCEX will become the first cryptocurrency exchange to use XRP as its ‘base currency’, available for both retail and institutional investors.
DCEX will function as a crypto-to-crypto exchange, all altcoins will be trading against XRP as a “base currency”, the exchange operator said in an announcement.
While registrations are currently open for users, the exchange will commence trading at an undetermined time over the coming weeks.
From the announcement:
“XRP blockchain transactions typically settle in under four seconds, allowing for faster multi-exchange strategies and providing a speed advantage over other money movement options,”
The exchange will include a total of 15 trading pairs with support for coins such as Bitcoin, Ethereum, Litecoin among others including privacy-centric coins like Monero and Dash alongside stable-coin TrueUSD. The operator also revealed plans to add Neo and Cardano (ADA) in the coming months while adding it will offer access to all ten cryptocurrencies listed in the Bloomberg Galaxy Crypto Index (BGCI).
The appearance of the new exchange, especially focused on Ripple, will undoubtedly bring more capital into the coin, hence will affect the price… Especially, if there will be a notable price difference between exchanges, that will give arbitrage opportunities.
Technicals
On the last week, XRPBTC has reached the 2018 minimum, spending some time below the 0.000058 level. Eventually, the coin has drawn a double bottom from the 0.000054 low and headed upwards showing a sustained 11% growth for the last 24 hours. Still, to confirm the bullish forecast we will need to see a breakthrough above the Bearish Trend Line, or even better – 0.000069 level. From the below, 0.000054 – 0.000059 zone should stay strong to confirm the positive development of the price.
