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- Ripple's XRP has gained well over 30% since 17th December.
- The bulls managed to force a breakout from a block, which had limited price action.
- The head of the Ripple banking sector says banks are reluctant to adopt XRP-based Ripple technology.
60-hour XRP / USD chart, price action extends up from the 10-day range. Eyes on further explosive moves, given the breaking of the interval.
Ripple's XRP enjoyed a very thick bull run in three sessions. Real life was kicked in the bulls of the 17thth December. Wednesday, the price has increased by more than 30% compared to current levels. The XRP was moving into a block formation, from 7th until the breakout of 17th December. Given the time frame in which the price was confined, it was not too surprising to see such an explosive movement.
There was little in terms of huge fundamental developments of recent times directly related to XRP. Perhaps in line with the rest of the market, the Santa Claus rally has arrived. However, we are still observing the flow of news.
Western Union on Ripple and Cryptocurrencies
Western Union's global money transfer, President Odilon Almeida, spoke in a recent company update.
The payments giant said they are looking forward to expanding the adoption of global cryptocurrency, indicating that they are ready to add another cryptographic payment option to their customers. Almeida says that the integration of cryptography into the overall supply of currencies of the company is a simple task.
It is worth noting that Western Union has piloted Ripple's technology for the use of monetary transfers since 2015. The managing director, Hikmet Ersek, noted that Western Union has recently completed tests with the xRapid system of Ripple, who for now believe they are "too early" to estimate accurate conclusions.
The global payment for the president of the Western Union Almeida has been further detailed, "The cryptocurrencies have so far failed to achieve broad acceptance because they have not yet learned three things: governance, compliance and volatility, but Western Union is already better equipped to solve these variables because it already shifts money to 130 currencies and dedicates resources. substantial to all these three challenges ".
XRP hesitation of banks
The head of Ripple's global banking sector, Marjan Delatinne, recently spoke in Frankfurt at the Euro Finance Tech conference. He detailed how banks are showing hesitation in leveraging Ripple's XRP cross-board payment solution.
Marjan Delatinne commented, "Just to clarify, no bank is using it because, as you have probably heard, the regulatory framework on the use of digital assets is not very clear to banks, but payment service providers and some other financial institutions they are less subject to these obligations ".
Technical review – XRP / USD
XRP / USD 4 hour chart. Price action has erupted from block formation. Short-term goals; $ 0.40, $ 0.50 and $ 0.55.
Given the previous detailed breakout from the mentioned range, he left the door open to another wave of buying pressure. However, the bulls must start off $ 0.40 for a higher raise. Being a supply area, the last one was the end of November. The XRP / USD failed to return above this level, inviting sellers to accumulate again.
An upward breakout of $ 0.40 could see a rapid rise firmly within the territory from $ 0.50. Perhaps sending the price up to $ 0.55, in the short term. The price was traded at these heights at the beginning of November. It is here that the XRP / USD has fluctuated for some time, before the big sell-off in November – early December.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
