The chart is self explanatory so I won't get into the technicals of it other than to say that this level provides a nice confluence and would follow classical charting principles.
Fundamentally, there is a ton of false hype surrounding XRP. To understand XRP's use case you need to have some general knowledge of how inter-bank transfers work. If Bank A wants to send 1000 dollars to Bank B, what ends up happening is that Bank A debits 1000 from their ledger and Bank B credits 1000 to their ledger. If those two banks have no relationship they go to Bank C. The far majority of the system is cashless. This is why SWIFT and Ripple's Xcurrent are essentially messaging systems that match the banks and keep track of the various ledgers between them. Ripple's Xcurrent product is very effective but you need to understand that it functions as a cashless transmission, the banks are sending messages versus sending XRP. The banks are not physically flying cash to and from one another every day.
XRP seeks to disrupt the financial industry by sending tokens. The problem is that each bank must then cash those tokens out upon receipt and, in order for it to be effective, they would have to do it within their own country (if they cash out in another country they are back to square one). There aren't liquidity pools so that means that the banks would have to cash out on exchanges within their own country (do you see the problem here)? Some might argue that the banks would just hold XRP. The problem there is that XRP seeks to free up nostro/vostro accounts but by holding XRP versus converting it, the banks could would not free those accounts. At the end of the day they would end up with the same problems as the existing system.
As for partnerships with banks, Ripple has partners but they are not using Xrapid. Santander just announced adoption of SWIFTGpi. Swedish Bank is partnered with Ripple but is not partnered onto XRapid. In an interview with that bank's exec, she stated that the bank was very pleased with Ripple and was looking at the next steps. People mistook this to mean that they are now using XRP...that is false.
Hopefully this clarifies some of the confusion between Ripple and XRP. Ripple the company has great technology that can indeed compete with SWIFT for inter-bank transfers. But, you need to realize that the banks are using Xcurrent software which is not dependent on XRP and acts as a messaging system similar to SWIFT.
Fundamentally, there is a ton of false hype surrounding XRP. To understand XRP's use case you need to have some general knowledge of how inter-bank transfers work. If Bank A wants to send 1000 dollars to Bank B, what ends up happening is that Bank A debits 1000 from their ledger and Bank B credits 1000 to their ledger. If those two banks have no relationship they go to Bank C. The far majority of the system is cashless. This is why SWIFT and Ripple's Xcurrent are essentially messaging systems that match the banks and keep track of the various ledgers between them. Ripple's Xcurrent product is very effective but you need to understand that it functions as a cashless transmission, the banks are sending messages versus sending XRP. The banks are not physically flying cash to and from one another every day.
XRP seeks to disrupt the financial industry by sending tokens. The problem is that each bank must then cash those tokens out upon receipt and, in order for it to be effective, they would have to do it within their own country (if they cash out in another country they are back to square one). There aren't liquidity pools so that means that the banks would have to cash out on exchanges within their own country (do you see the problem here)? Some might argue that the banks would just hold XRP. The problem there is that XRP seeks to free up nostro/vostro accounts but by holding XRP versus converting it, the banks could would not free those accounts. At the end of the day they would end up with the same problems as the existing system.
As for partnerships with banks, Ripple has partners but they are not using Xrapid. Santander just announced adoption of SWIFTGpi. Swedish Bank is partnered with Ripple but is not partnered onto XRapid. In an interview with that bank's exec, she stated that the bank was very pleased with Ripple and was looking at the next steps. People mistook this to mean that they are now using XRP...that is false.
Hopefully this clarifies some of the confusion between Ripple and XRP. Ripple the company has great technology that can indeed compete with SWIFT for inter-bank transfers. But, you need to realize that the banks are using Xcurrent software which is not dependent on XRP and acts as a messaging system similar to SWIFT.
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Another view of XRP....this one using a line chart gives a good perspective of what to expect.
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We are up by 33% on this trade and it is developing quite nicely. I put a stop at .36 to preserve profits on this one. Happy trading!
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This trade is up by 42% which is great. We have a lot happening here and need to keep a close eye on what happens. Normally this support should hold XRP but in this bear market the bears are looking to take it out. With as much profit as we've got on this trade, my bias is to let it ride and see what plays out. If it bounces, perhaps we close some of the position and wait until we get another good short entry.
Trade closed manually:
Been a long time since I've updated this idea. Had a stop set for a breakout at .32 cents and it was hit so I'm no longer in this trade. Hope some of you made some good profits on it! (I do think we see it go lower so I'll be looking for another short entry but for now a long with a stop set under .31 cents is a good trade.