Ripple with difficulties
In recent weeks, XRP has seen its share price fall by around 6%. Hardly any other Top 20-Coin is currently fighting the bears as vehemently as Ripple. Time and again the project is under criticism in 2020. Only in May Jeb McCaleb, himself XRP co-developer and Stellar CEO, sold XRP units worth more than USD 11 million. Shortly thereafter, Stable Coin Tether Ripple was knocked off the crypto chart podium. But that’s not all: On Tuesday, reports circulate through the crypto space, according to which a criminal BTC arbitrage platform uses the XRP ledger for illegal activities. We take a look at the current situation at Ripple.
XRP course in detail
At the time of this article, XRP is quoted at USD 0.176, which represents a daily loss of 1.01%. With a market cap of approximately USD 7.8 billion, XRP ranks 4th in the crypto charts. From a bullish perspective, traders are now looking at the resistance at USD 0.185 and USD 0.192. As a result, the “banks’ bitcoin” would approach the 100-day line at USD 0.20. On the downside, the current supports are at 0.17 USD and 0.165 USD. Thereafter, XRP runs the risk of falling below the trend line at USD 0.15.
Ripple side with over 450 customers
On the one hand, Ripple has been criticized because of the coin policy and other negative headlines, on the other hand the enormous potential of the platform is undisputed. Just today it was reported that the Ripple website now has more than 450 customers. In the past, Ripple has repeatedly been able to shine with large partnerships.
A sleeping giant
Unlike many other cryptos, there is a real company behind XRP. The blockchain company has been pursuing the goal of making international transactions more cost-effective and efficient for banks and users for years. With the help of block chain technology, Ripple offers a solution for payment transactions across national borders. Renowned companies such as Moneygram and the Mitsubishi UFJ Financial Group have long since recognised these advantages. To date, more than 200 banks are already cooperating with the “Bitcoin of banks”.
Ripple Co-Founder: China wins the “Blockchain Race
In an interview with the Wall Street Journal, Chris Larsen, chairman of the board and co-founder of Ripple, warns of the current developments in the block chain sector. According to this, the United States is acting too slowly in the race for block chain technology. This, in turn, plays into China’s hands. Larsen also predicts serious consequences:
“If China were to gain control of the next generation financial system, it could be devastating for American power and the ability of its allies to make payments […] to allied American banks that could be blocked or throttled.”
On the Ripple Channel, the current situation is described as follows: “The Block Chain is ready to play an integral role in our next generation global financial system. However, China is way ahead of the United States in this arena and is intensifying competition for future leadership of the world’s economic structure and standards.” China is considered a pioneer in digitization and block-chain adaptation. Already, about two thirds of the total BTC hash rate comes from the “Land of the Rising Sun”.