Ripple (XRP) Bulls Are Back, Prices up 5% Despite SWIFT’s Stiff Competition
Ripple (XRP) is steady, adds 5.3 percent
SWIFT, in a global trial, settled a cross-border transaction from Australia to Singapore in 13 seconds
In a test, the Society for Worldwide Interbank Financial Telecommunication (SWIFT), achieved speeds closer to those of Ripple. A possible threat to Ripple’s global expansion, XRP prices are firm, adding 5.3 percent in the last week.
Ripple Price Analysis
Statistics from the World Bank reveal that the global remittance market was valued at $1.93 billion in 2018. However, it is what the future holds that is spurring substantial investment from interested players. By 2025, the report adds, global remittance will to surge to over $8 billion.
If anything, this could explains why the competition for market share is so fierce. Lucrative for triumphant startups, centralized firms are, nonetheless, dominant. Of the many, the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a network of banks, is the most visible.
Not only is it evolving, building on their broad base and retaining customers, but gradually, SWIFT is unsurprisingly receptive of blockchain. Recently, in a trial, SWIFT completed a cross border payment from Singapore to Australia in 13 seconds.
These speeds are closer to those of Ripple’s xRapid. Leveraging on XRP, xRapid transactions settle at 4 seconds. However, in the future, settlements would be faster because of Cobalt. Besides, unlike SWIFT, Ripple’s fees are relatively low.
XRP/USD Price Analysis
At the time of writing, XRP is stable and up 5.3 percent week-to-date. Despite sell pressure, XRP bulls are intact. In line with previous XRP/USD trade plans, aggressive traders can fine-tune entries in smaller time frames, loading the pullbacks.
It is easy to see why. From a top-down approach, bulls are in control. Anchoring this overview is September 2018 bull candlestick. In the last ten months, prices have been oscillating inside this humongous, high-volume candlestick.
As such, from an effort versus result perspective, buyers have the upper hand. However, this is reliant on the ability of buyers to prevent liquidation below 30 cents. So far, traders have been successful. Because of this, the recent reaction from Q1 2019 support is yet another opportunity for traders to load the dips with stop limits just below 30 cents.
Alternatively, risk-averse traders can wait for a conclusive break and close above 40 cents before buying the dips while aiming at 50 cents.
Determining whether bulls have a chance or not, depend on the level of participation of the breaching bar. Leading this trade plan is May 14 candlestick. It has high trade volumes of 187 million. As such, for bull trend continuation reflective of May upswings, the leading bar, lifting prices above 40 cents, must be with high participation ideally surpassing 187 million.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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