XRP Poised for Rally?
While Bitcoin’s rally has paused, for the time being, the Ripple-backed XRP may be poised to run, according to a prominent analyst anyway.
Ever since 2018’s collapse, XRP has been underperforming against the market leader. But, this may soon change, especially with Bitcoin’s rally pausing at $13,800. In a recent tweet, Crypto Michaël remarked than against the U.S. dollar, XRP “broke [out of] the major downtrend some time ago.”
He adds that against Bitcoin, XRP is looking poised to rally by at least 150%. He notes that the asset is currently printing the “same potential bullish divergences” (falling price, rising RSI) seen in September 2018 and November 2017, which were followed by 193% and 1,800% moves higher, respectively. Also, the Moving Average Convergence Divergence (MACD) has begun to seemingly reverse its downward trend, implying that bulls could get some reprieve shortly.
Growing Ripple Fundamentals
This strong technical outlook for XRP comes as Ripple Labs has established a series of positive fundamental developments. As reported by Ethereum World News previously, the fintech company has recently joined in a partnership with MoneyGram, one of the world’s most prominent money transfer firms.
This partnership, which is currently contracted to last for two years (which can be extended), Ripple will be MoneyGram’s primary partner for cross-border payment and forex settlement through the medium of digital assets. In other words, MoneyGram will be utilizing XRP in its primary business line — money transfer. For those that are fans of Ripple and its go-to cryptocurrency, this news is monumental.
Interestingly, this deal will take a big focus on xRapid, Ripple’s solution for liquidity that utilizes XRP directly as a “real-time bridge between the sending and receiving currencies.” Alex Holmes, the chief executive of MoneyGram, claims that this partnership will allow for his firm to ”instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”
This isn’t the only news that the project has purportedly seen. In a slide deck posted by prominent trader UZI, Bank of America/Merrill Lynch is purportedly going to be working with Ripple as members of the “RippleNet Advisory Board”. Some proposed products include bank-to-bank letters of credit and corporate-to-bank standby letters of credit.
And, MoneyTap, a Japanese fintech program that focuses on Ripple’s xCurrent platform, has recently seen great success. As reported by this outlet previously, seven Japanese banks, including Chikubo, Ashiga, and Towa, are joining the venture, which gives individuals a way to settle digital payments.
Title Image Courtesy of Pixabay.com