Brad Garlinghouse remains a dedicated Ripple and XRP ambassador. Recently, he admitted that citizens are far from using XRP for buying coffee or settling normal bills. That’s why he considers XRP a “digital asset” which the company—as acknowledged by Mitsubishi UFJ Financial Group—is using to build a convenient, secure and cheap remittance solution for companies as well as individuals.
From the News
Mitsubishi UFJ Financial Group, a Tokyo based bank and the sixth largest bank in the world with operations in more than 50 countries is the latest financial institution to praise Ripple (and XRP). The bank which enjoys high liquidity every day as they move funds is part of Ripple’s Global Payments Steering Group (GPSG) together with other global banks as Merrill Lynch and Standard Chartered after striking a partnership with Ripple early last year.
Ripple : Mitsubishi UFJ Financial Group, “MUFG”
MUFG Coin – New digital currency & smart contract network
— Bank XRP (@BankXRP) May 16, 2018
By admitting the benefits of Ripple, the company joins a multitude of firms who have made no secret their admiration of Ripple and their mode of operation. Though they claim XRP and Ripple are two separate independent entities, Ripple make use of XRP and one of their product xRapid utilize the native RTXP coin as a liquidity tool facilitating an almost instantaneous conversion of fiat and conveyance of value from one jurisdiction to another.
Undoubtedly, Ripple and XRP do complement each other and while companies can chose to forego xRapid for example and instead make use of xCurrent or xVia, Jim Chauncey-Kelly, the Director of Talents Acquisition at Ripple said that the company plans on merging these three independent products into one wholesome solution called Convergence. He has since retracted his statement and denying its existence.
XRP Technical Analysis
If at all current XRP price represents the current market valuation of Ripple’s innovative products then there is a gross undervaluation of the third most valuable digital asset in the world. Better still are the metrics behind XRP and in the last week for example, XRP is struggling against short sellers and is down four percent.
That means the coin is actually underperforming against most of its peers in the top 10 and after three weeks of higher highs XRP prices are yet to reverse week ending Aug12 high-low and 40 cents. Solely because of this stalemate that is apparently unfavorable to bulls and volumes which are tapering, it is unlikely that XRP might edge past our immediate resistance line at 40 cents.
At least not in the short term unless of course there is an extraordinary event. However, should this bear projection be null, then bulls would only enter longs once there is a conclusive breach and close above 55 cents on the upside.
18 days later, XRP consolidation continues. This time round, not only are prices moving inside a bull flag but also inside Aug 17 high low. Unless otherwise, we retain a neutral stand with a bullish bias due to that Aug 17 bullish engulfing candlestick.
Therefore, before we trade, we suggest waiting for a break out in either direction–with a move above Aug 17 highs ushering short term long aiming for 55 cents. On the flip side, a high volume dip below 30 cents and prices might collapse towards 15 cents, our original and ultimate bear target projected in our last XRP trade plans.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.