Today, Ripple (XRP) coin again failed to break past $1.20 resistance, and is now at time of writing straddling a buck.
#Ripple at this juncture is similar to the U.S. Olympics team at this year's Winter Games, as in, disappointing. So I'm holding off on making major purchases of the Ripple #cryptocurrency until I get a better read on the situation.
Here's the XRP candlestick chart:
Some key takeaways:
- Trading over the last few weeks have been too pensive (small bodied candlesticks)
- Prior support zone starts at around 75 cents (highlighted in yellow box)
- XRP has to hold at this last support; otherwise, it risks severe technical damage
Just an hour ago, Coindesk published an article about Ripple, stating how the company wants to do a refresh on its venture. Essentially, it wants to bolster its relationship with its major banking and financial partners.
That's all fine and dandy; however, a major impediment to Ripple longer-term is its lack of transparency. We don't really know what these "business relationships" mean. Is it an actual contract to use the Ripple #blockchain? Or is it just a "we'll get back to you" sort of thing?
I don't think anybody knows...it's just speculation driven by the "telephone game" played over the blockchain. For now, I'm just sitting tidy, and waiting for a better entry point.
Ripple's blockchains are making a lot of progress recently, unfortunately non of their most prospective products use XRP.
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Yeah, that's a great point -- banks don't actually need to use XRP to take advantage of the Ripple blockchain technology.
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Thank you very much. Totally agree that the lack of transparency is one of the major concerns about Ripple. I don't like the high grade of centralization neither. It stays far away from the "ideals" (if there are any...) of cryptocurrencies, at least concerning the earliest white-papers.
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You are right...no crypto ideals exist. It's centralized decentralization, which is just centralization :) At the end of the day, it's a profit-making opportunity, and maybe a potential to be something more.
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Totally agree!
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Nice @bullishmoney 👍👍👍👍👍
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It's interesting to see Ripple struggle, even as more and more banks adopt it as a means of transaction clearing.
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Ripple is not struggling. XRP token is struggling. Their xCurrent blockchain product seems doing pretty well!
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Ahhh. Thanks. I'll have to check that out.
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