Hello everyone, as we all know the market action discounts everything :)
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XRP price has dropped to 0.91920. XRP should have performed better given its development this year. However, The main reason why it's doing badly is its prolonged legal battle with the SEC, which caused a lack of media coverage for all its projects development.
The second reason is the continued sale of XRP coins by Jed McCaleb the founder of Ripple and he served as the CTO of the company Ripple until 2013.
In January 2018, it was reported that McCaleb's Ripple token ownership was worth between $10 $20 billion, and holds about 2.5 billion tokens currently.
The latest drop happened because of the Chain's Ban on cryptocurrency which affected the entire crypto market and almost all of the coins lost value in the last 4 days.
But we will see an increase in value soon for 2 reasons :
1) Bhutan Partners With Ripple to Pilot Digital Ngultrum on a Private Ledger (CBDC Project)
2) RippleX Grants $2 Million to Promote NFT Solutions on the XRP Ledger
Possible Scenario for the market :
it Does seem like the market is holding the Bearish state for a bit which could lead the price to drop more where it will reach the support zone located between 0.91921 - 0.89812. But with all the projects that are been developed by Ripple the market is due to turn Bullish and the trend will probably start at that support level where a bounce will happen leading the XRP price back to the first resistance line at 0.95888 and after that it is gonna zigzag all the way back to the $1.2 range or even higher.
Technical indicators show :
1) The market is below the 5 10 20 50 MA and EMA but above the 100 200 ( Which indicates a Bearish short-term trend but a Bullish long-term trend )
2) The RSI is at 40.22 showing weakness in the market. No divergence found between the market and indicator
3) The MACD is below the 0 line indicating that the market is in a Bearish state, With a negative crossover between the MACD line and the Signal line.
Daily Support & Resistance points :
support Resistance
1) 0.91921 1) 0.95888
2) 0.89812 2) 0.97746
3) 0.87954 3) 0.99855
Monthly Support & Resistance points :
support Resistance
1) 0.80603 1) 1.45796
2) 0.42541 2) 1.72927
3) 0.15410 3) 2.10989
Fundamental point of view :
Ripple, in partnership with The Royal Monetary Authority of Bhutan, will start trials for a digital Ngultrum. The San Francisco-based company will integrate its distributed ledger technology into Bhutan’s existing payment system with the help of its CBDC Private Ledger product.
According to Ripple, the Royal Monetary Authority expects to enhance digital and cross-border payments. Also, they plan to expand financial inclusion for its residents by 85% by 2023. As of 2019, based on a report published by RMA, it was 67.6%.
Although Bhutan is a small country in the Himalayas, it is the only carbon-negative nation worldwide. In line with this, Ripple emphasized that the CBDC solution would be a match for its principles.
“Ripple’s commitment to sustainability was important for Bhutan. The CBDC solution is carbon-neutral and, because it’s based on the public XRP Ledger, is 120,000x more energy-efficient than proof-of-work blockchains.” According to bitcoinist
NFTs Are The New Battlefront For Ripple’s XRP Army
The main focus of the applications was the development of open-source projects dealing with NFTs on the XRP Ledger or XRPL.
XRPL encompasses everything we currently consider the XRP ecosystem and is an evolution of the former Ripple Consensus Ledger (RCL). Ripple’s former products, xRapid, xCurrent, and xVia, were, in turn, merged into what is now known as the RippleNet, quickly gathering over 200 customers by 2019.
Although Ripple’s focus point has for long been to offer a fast and cheap payment network, it seems that developers are looking for ways to squeeze the potential out of this blockchain and adapt it to the new times. NFTs are an odd use case for the XRP ecosystem, despite their popularity. According to cryptopotato
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
XRP price has dropped to 0.91920. XRP should have performed better given its development this year. However, The main reason why it's doing badly is its prolonged legal battle with the SEC, which caused a lack of media coverage for all its projects development.
The second reason is the continued sale of XRP coins by Jed McCaleb the founder of Ripple and he served as the CTO of the company Ripple until 2013.
In January 2018, it was reported that McCaleb's Ripple token ownership was worth between $10 $20 billion, and holds about 2.5 billion tokens currently.
The latest drop happened because of the Chain's Ban on cryptocurrency which affected the entire crypto market and almost all of the coins lost value in the last 4 days.
But we will see an increase in value soon for 2 reasons :
1) Bhutan Partners With Ripple to Pilot Digital Ngultrum on a Private Ledger (CBDC Project)
2) RippleX Grants $2 Million to Promote NFT Solutions on the XRP Ledger
Possible Scenario for the market :
it Does seem like the market is holding the Bearish state for a bit which could lead the price to drop more where it will reach the support zone located between 0.91921 - 0.89812. But with all the projects that are been developed by Ripple the market is due to turn Bullish and the trend will probably start at that support level where a bounce will happen leading the XRP price back to the first resistance line at 0.95888 and after that it is gonna zigzag all the way back to the $1.2 range or even higher.
Technical indicators show :
1) The market is below the 5 10 20 50 MA and EMA but above the 100 200 ( Which indicates a Bearish short-term trend but a Bullish long-term trend )
2) The RSI is at 40.22 showing weakness in the market. No divergence found between the market and indicator
3) The MACD is below the 0 line indicating that the market is in a Bearish state, With a negative crossover between the MACD line and the Signal line.
Daily Support & Resistance points :
support Resistance
1) 0.91921 1) 0.95888
2) 0.89812 2) 0.97746
3) 0.87954 3) 0.99855
Monthly Support & Resistance points :
support Resistance
1) 0.80603 1) 1.45796
2) 0.42541 2) 1.72927
3) 0.15410 3) 2.10989
Fundamental point of view :
Ripple, in partnership with The Royal Monetary Authority of Bhutan, will start trials for a digital Ngultrum. The San Francisco-based company will integrate its distributed ledger technology into Bhutan’s existing payment system with the help of its CBDC Private Ledger product.
According to Ripple, the Royal Monetary Authority expects to enhance digital and cross-border payments. Also, they plan to expand financial inclusion for its residents by 85% by 2023. As of 2019, based on a report published by RMA, it was 67.6%.
Although Bhutan is a small country in the Himalayas, it is the only carbon-negative nation worldwide. In line with this, Ripple emphasized that the CBDC solution would be a match for its principles.
“Ripple’s commitment to sustainability was important for Bhutan. The CBDC solution is carbon-neutral and, because it’s based on the public XRP Ledger, is 120,000x more energy-efficient than proof-of-work blockchains.” According to bitcoinist
NFTs Are The New Battlefront For Ripple’s XRP Army
The main focus of the applications was the development of open-source projects dealing with NFTs on the XRP Ledger or XRPL.
XRPL encompasses everything we currently consider the XRP ecosystem and is an evolution of the former Ripple Consensus Ledger (RCL). Ripple’s former products, xRapid, xCurrent, and xVia, were, in turn, merged into what is now known as the RippleNet, quickly gathering over 200 customers by 2019.
Although Ripple’s focus point has for long been to offer a fast and cheap payment network, it seems that developers are looking for ways to squeeze the potential out of this blockchain and adapt it to the new times. NFTs are an odd use case for the XRP ecosystem, despite their popularity. According to cryptopotato
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.