Ripple to Become “Public Coin” After SEC Lawsuit: Andrew Lokenauth

15 September 2021 | Updated: 15 September 2021

The Vice President – Head of Financial Reporting at Amalgamated Bank, Andrew Lokenauth argues that Ripple (XRP) would assume the role of “Public Coin” once Ripple Labs concludes its legal tiff with the US Securities and Exchange Commission (SEC).

Lokenauth has engaged in public commentary on cryptocurrencies for years and has held critical positions at Goldman Sachs, AIG bank, and other top financial institutions. The Goldman Sachs expert noted that:

“Ripple will redefine online payments, and I believe that Ripple XRP will likely IPO and go public once its SEC lawsuit is resolved.”

Lokenauth added that the “main benefits of using the Ripple protocol are speed and reduced risk. XRP is a replacement for SWIFT, which is expensive and slow.”

The Amalgamated Bank executive explained that SWIFT, a 50-year-old interbank settlement system, managed the movement of money across borders. Fiat currencies typically take around 3 to 5 days to travel from one country to another via SWIFT and charge exorbitant transfer fees. Ripple, on the other hand, can facilitate cross-border transactions in 5 seconds and at a cheap rate.

In an interview with Cryptopolitan.com, Lokenauth elucidated that the payment solution provider uses the Ripple protocol and can deliver an even faster and cheaper mechanism for interbank payments. He argued that XRP is the future of cross-border payments.

Key Ripple Levels to Watch — September 15

XRPUSD has regained a decent bullish momentum as the price struggles to scale the $1.1000 hurdle. However, the sixth-largest cryptocurrency has spent the last 15 hours battling with that line to no avail.

That said, XRP needs to record a bullish push above the $1.1000 level, where a confluence of technical factors, including the psychological resistance line, the 50-day SMA, and the pivot level. Failure to clear this hurdle could restrict the cryptocurrency in a consolidation range between $1.1000 and $1.0500.

Meanwhile, our resistance levels are $1.1000, $1.1500, and 1.2000, and our support levels are $1.0500, $1.0000, and $0.9500.

Total Market Capitalization: $2.14 trillion

Ripple Market Capitalization: $50.8 billion

Ripple Dominance: 2.38%

Market Rank: #6

 

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SEC vs. Ripple: New Discovery Could Finalize Verdict

10 September 2021 | Updated: 10 September 2021

A new development in the ongoing Ripple vs. SEC Lawsuit has emerged and could lead to a final verdict in the case. The defendant’s first request for admission (No. 99) to the US Securities and Exchange Commission, attached to the recent court filing, revealed arguably the most critical information for the lawsuit.

The document revealed that the Commission never notified any third party that it deemed XRP a security until after the lawsuit surfaced. This information has now become an official admission in the case. The SEC’s response to Ripple’s Request for Admission No. 99 noted that:

“Subject to all of the foregoing objections, the Commission admits that before the filing of this case, certain third parties inquired about the legal status of XRP. However, the Commission did not state a view one way or the other in response.”

New SEC Admission Contradicts Hinman’s Deposition

The watchdog’s admission heavily contradicts Former SEC Director William Hinman’s deposition where he testified, under oath, to advising Ripple Labs to cease the sale of XRP as the Regulator considered it to be a security.

The former SEC executive was already in a tight spot with speculation on his corrupt actions regarding the 2018 speech. With the latest discovery, Hinman could lose more than the SEC with the final verdict.

A vital article surfaced recently, revealing information against Hinman over the controversial 2018 speech. The publication claimed that William Hinman’s comments on Ethereum during the 2018 speech were calculated and became one of the primary factors behind the second-largest cryptocurrency’s 600% spike to date.

In August, while the lawsuit saw the court grant Motion to Seal in both Slack and DPP issues, many onlookers got concerned over the censure of parts of Hinman’s deposition. Speculations ran amok, with some alleging that the sealed information contained evidence against Hinman for orchestrating the price surge. Some also alleged that the former SEC Director visited eminent Ethereum Foundation officials and private participants, convincing them to invest in ETH before the speech.

 

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Ripple Price Prediction 2021 and for the Coming Years – What’s Next for XRP?

9 September 2021 | Updated: 9 September 2021

Scalability is one of the biggest issues of cryptocurrencies. Due to the congestion caused by the high interest in cryptocurrencies, trading them becomes more expensive and might take more time. To fix such issues, developers began creating projects that would provide scale solutions. One of these cryptocurrencies is Ripple (XRP).

Ripple (XRP) is one of the biggest cryptocurrencies in the crypto market, which has solidified its place in the top 10 for many years now. As a project, Ripple offers some of the most scale solutions. As an investment, XRP has been quite profitable over the years, and it might continue to be so in the future. This article covers everything you need to know about XRP so that you have a better idea of what type of investment XRP is.

Ripple (XRP) Fundamental Analysis

Let’s begin with some background information on XRP. The project is managed by Ripple Labs, a US-based company that is involved in many other financial services projects. The network on which XRP, the native token, works is the XRP Ledger. As the name suggests, the XRP Ledger is a distributed ledger for all XRP transactions. RippleNet is another network within the XRP Ledger, but it is mainly used by banks around the world for efficient financial services.

In terms of history, Ripple was once named as OpenCoin. It was founded in 2012 by Chris Larsen and Jed McCaleb in California as a project to tackle both bank services and the cryptocurrency market. Both these founders are well-respected in crypto communities as entrepreneurs and crypto influencers. OpenCoin was then rebranded to Ripple in 2015.

As for the company, Ripple Labs has expanded throughout the years and has offices throughout the world. While their main product remains the XRP, they also provide software development kits so that you can launch your finance-based project in RippleX. Nonetheless, it is the XRP that has given Ripple the reputation that it has today. 

As suggested, the distributed ledger in which XRP operates is the XRP Ledger. The reason why XRP has distinguished itself among other top cryptocurrencies is that a transaction is validated in less than 5 seconds. To put that into perspective, a block of transactions in Bitcoin is generated every 10 minutes. XRP achieves that through the 6 main nodes that control the XRP Ledger. They also own around 16% of the total XRP supply. They govern the network and maintain stability.

While some might argue that this might be a property of a centralized currency, the consensus for XRP transactions is achieved through network participants. People throughout the world contribute to keeping the XRP Ledger secure. More than 150 validators continually contribute to keeping XRP decentralized.

So does that make XRP a Proof-of-Work (PoW) or a Proof-of-Stake (PoS) cryptocurrency? Actually, the XRP ledger is neither a PoW nor a PoS network. By validating the account balances of the users and not transactions directly, the XRP ledger achieves consensus in the network. The implication here is that XRP is not blockchain-based. Instead, since “blocks” of transactions are not produced, XRP produces “ledgers.” This method has proven to be effective since XRP manages to handle around 1,500 transactions per second. This also implies that XRP is more eco-friendly than other minable cryptocurrencies since no energy costs are required.

Ripple Price Prediction 2021 and the Coming Years - What’s Next for XRP?
XRP scalability compared to ETH and BTC. Source: Ripple

So how are XRP tokens mined or generated? The supply of XRP is predetermined. The main nodes and a designated committee decide the supply of XRP. Ripple has a limited supply of 100 billion XRP. At the time of writing, the circulating supply of XRP is around 46.6 billion XRP. With this limited supply, XRP has inflation-free properties.

A worth mentioning feature of the XRP Ledger is that it is open-source. This means that other companies can use Ripple’s protocols for their businesses or banks and make them more efficient, especially in the financial sector.

Ripple (XRP) Price Analysis

According to CoinMarketCap, XRP’s initial price in August of 2013 was around $0.005. It managed to reach $0.01 a month later and ended the year as high as $0.06.

In 2014, XRP was quite volatile as it ranged from $0.003 to $0.02. Similar bearish tendencies were in 2015.

In 2016, the price was relatively stable as the price range was from $0.005 to $0.009. Trading was more profitable for day traders during this year.

In 2017, XRP started at $0.006, but then a bullish run started. XRP reached an average price of $0.20, more than ever before. 

XRP increased by more than 63,000% in less than 12 months. This increase was marked by an all-time high of $3.84 in January of 2018. To put that into perspective, investing $1000 in XRP in January of 2017 could have generated a profit of $630,000 in January of 2018. Understandably, however, the price declined after that to $0.27. 

In 2019, XRP ranged from $0.19 to $0.47, and in 2020, the price ranged from $0.20 to $0.70.

In 2021, another bullish trend started, primarily because Bitcoin started increasing again. This caused an increase in the price of XRP, reaching a price of $1.96 in April of 2021. XRP then declined to around $0.5, but it then started increasing again, reaching $1.40 in September of this year. At the time of writing, XRP is at $1.11.

Ripple Price Prediction 2021 and the Coming Years - What’s Next for XRP?
Ripple (XRP) price history. Source: CoinMarketCap

With a circulating supply of 46.6 billion XRP and a price of $1.11, the current market cap of XRP is around $52 billion. This places XRP at number 7 in the crypto market rankings. The fully diluted market cap of XRP is around $111.7 billion.

Ripple (XRP) Price Prediction 2021, 2022

Even though the bullish run of 2021 has made XRP quite profitable, it failed to surpass its all-time high. Nonetheless, while many predict that the cycle is over, a lot of experts predict that XRP has still room for increasing in the remaining months of 2021. 

To illustrate, Wallet Investor predicts that XRP can reach $2 by the end of 2021, which would be the highest of the year for XRP.

Ripple Price Prediction 2021 and the Coming Years - What’s Next for XRP?
XRP price prediction for the next 12 months. Source: Wallet Investor

As for the longer term, they predict that XRP can break the all-time high, and it may even increase by more than 200% in the next five years.

Ripple Price Prediction 2021 and the Coming Years - What’s Next for XRP?
XRP price growth prediction. Source: Wallet Investor

Previsioni Bitcoin also predicts an increase in the price of XRP in the remaining months of this year, where the price might reach close to $3 by the end of 2021. They also predict that XRP can reach close to $4.8 by May of 2022.

Ripple Price Prediction 2021 and the Coming Years - What’s Next for XRP?
XRP price prediction for the remaining months of 2021. Source: Previsioni Bitcoin

Ripple Price Prediction 2023, 2024, 2025

Steve Wynn, a billionaire and a strong supporter of XRP, believes that XRP has not been fully applied yet. Since it has many utilities as a project, Wynn believes that XRPcan hit $10,000 in the future, once it is fully accepted and applied everywhere in the world. While this prediction might seem too optimistic, experts argue that it is entirely possible, but it would mean an extraordinary market cap due to the large supply of XRP.

The obstacles that XRP faces for prosperity are the issues caused by the lawsuit of the US Securities and Exchange Commission (SEC). The court case is mainly due to the fact that SEC believes XRP is a security rather than a cryptocurrency. This lawsuit is going to be the key determinant of Ripple’s future. The court case is far from being over.  However, according to Crypto Academy Ripple might surpass $160 and even reach $200 in the first quarter of 2025.

As it seems, the future of XRP can be determined from this court case. Technically, XRP can beat the case, but it remains to be seen in the upcoming months.

How To Buy XRP?

Here’s step by step how you can buy XRP;

Step 1: Create a cryptocurrency exchange account

First, you need to create an account in a cryptocurrency exchange. The ones that support XRP are Binance, Bybit, OKEx, etc. Then, you need to verify your account.

Step 2: Fund your account

Secondly, you need to fund your account by transferring your tokens from a wallet to the exchange, If you do not have a wallet, you can directly buy crypto with fiat currencies by using a debit or credit card.

Step 3: Buy XRP

Lastly, once you fund your account, you can trade and buy XRP by simply selecting XRP, the amount you want, and press “BUY.”

How to Store XRP?

After getting XRP, you can transfer the tokens in a cryptocurrency wallet, either a hot (software) wallet or a cold (hardware) wallet. Recommended hot wallets for XRP are Atomic, Guarda, etc. Recommended cold wallet for XRP is Ledger Nano X.

Frequently Asked Questions (FAQ)

Should I Buy XRP?

XRP has been quite profitable so far. It is predicted that its price may increase in the future, s buying and holding (HODLING) XRP might be a good idea.

Can XRP Reach $10?

The future of XRP depends on the SEC lawsuit. If it manages to beat the lawsuit, then a price of $10 can be easily reached.

Can XRP price increase?

Due to the limited supply and its large community, XRP can easily increase, other things equal.

Conclusion

XRP offers solutions for scalability problems in the cryptocurrency market. A ledger is generated every 3-5 seconds, and 1,5000 transactions are handled per second. It is energy-efficient since it is not a minable cryptocurrency. It does not use either PoW or PoS mechanisms. The maximum supply of XRP is 100 billion XRP, and the current circulating supply is around 46.6 billion XRP.

XRP reached its all-time high in 2018. If XRP beats the SEC lawsuit, its price can soar upwards. To buy XRP, you can use a cryptocurrency wallet. It is recommended to store your XRP in a safe wallet. Overall, XRP is one of the best cryptocurrencies in the market.

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Ripple vs. SEC: Ripple Criticizes the SEC’s Compelling Motions

8 September 2021 | Updated: 8 September 2021

Ripple (XRP) has filed a response to the SEC’s Letter Motion compelling discovery of Ripple’s internal meetings’ audio-visual recordings. While the defendant noted that the compelled data is under-production but objected that the SEC’s Motion to Compel was “Not Ripe for Judicial Determination.”

The cross-border payments solution company argued against the Commission filing further Motions to compel as the fact discovery phase has elapsed. Ripple also condemns the SEC Motion to compel discovery, noting that it was an “ill-conceived motion practice concerning an issue that is not even ripe for adjudication.”

The defendant noted that the plaintiff could have opted to meet in private if it had any additional queries about the ongoing audio-visual recordings discovery instead of filing “invalid” motions. Ripple noted that it believes the court should deny SEC’s “moot” motion, given that there are no outstanding requests for recording presently in dispute. Also, the defendant appealed to the court to put off future requests by the SEC for further recording.

The payments company also argued against the agency’s vague definition of “documents,” which the plaintiff used in accusing the defendant of failing to discover data via meet and confer. Ripple added that the SEC’s definition of documents is anything “unreasonable broad” and results in a “burdensome and disproportionate” discovery phase.

Key Ripple Levels to Watch — September 8

Along with the rest of the crypto market, XRP suffered a flash crash yesterday to the $0.9250 level, erasing almost four weeks of gains. The market crash got triggered by Bitcoin-related factors and an SEC lawsuit threat to Coinbase.

XRPUSD – 4-Hour Chart

The cryptocurrency now faces the arduous task of climbing back above the $1.3500 area soon. A sustained indecisive momentum at the current level could reinvigorate bears, which drive the price towards the $0.9000 area. At press time, XRPUSD trades at $1.0660, up by 15% from its recent crash.

Meanwhile, our resistance levels are $1.1000, $1.1500, and 1.2000, and our support levels are $1.0500, $1.0000, and $0.9500.

Total Market Capitalization: $2.07 trillion

Ripple Market Capitalization: $50.6 billion

Ripple Dominance: 2.45%

Market Rank: #6

 

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Ripple vs. SEC Lawsuit: Ripple Files for Disclosure of SEC Staff Crypto Holdings

1 September 2021 | Updated: 1 September 2021

The Ripple team recently filed a motion to force members of the United States Securities and Exchange Commission to disclose their XRP holdings. If granted, the motion would reveal documents on whether SEC staff are permitted to trade cryptocurrencies.

The motion filed by the legal team of the payment solutions company also intends to unearth the Commission’s preclearance judgment on XRP, Bitcoin, and Ethereum. In simpler terms, it aims to discover data on any policy preventing SEC employees from trading these cryptocurrencies.

The motion allows for the submission of information anonymously, either individually or in an aggregated format. According to a reading from the filing, the SEC failed to implement any policy restricting its staff from trading crypto until January 2018. The filing noted that this delay would have given SEC employees a window to invest in XRP.

If Ripple’s argument is valid, the Commission would have established stricter regulations on Ripple than on its staff. The filing explained that:

“That fact undermines the SEC’s allegations that the Individual Defendants were reckless in failing to determine as early as 2013 that offers and sales of XRP were securities.”

Key Ripple Levels to Watch — September 1

XRP/USD posted a sharp recovery yesterday, following a 13% rally, which saw the cryptocurrency peak at $1.2435. However, the sixth-largest cryptocurrency fell back below the $1.2000 line and touched the $1.1500 support, all within 24 hours.

XRPUSD – 4-Hour Chart

That said, bulls continued to retest the $1.2000 mark to no avail, indicating that this level could spur a bullish rally if broken soon. Given the current sentiment in the broader market, we expect a sustained break above the $1.2000 resistance in the coming hours. This bullish break could lead to several consecutive bull runs to the $1.3500 level and possibly higher.

Meanwhile, our resistance levels are $1.2000, $1.2700, and 1.3250, and our support levels are $1.1150, $1.1000, and $1.0500.

Total Market Capitalization: $2.10 trillion

Ripple Market Capitalization: $56 billion

Ripple Dominance: 2.65%

Market Rank: #6

 

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Ripple Suffers 5% Dip Amid Widespread Market Correction

25 August 2021 | Updated: 25 August 2021

Wednesday began on a quiet note for Ripple (XRP) as the cryptocurrency claws its way back above the $1.1500 level, following yesterday’s 5% dip. At press time, the sixth-largest cryptocurrency trades at $1.1560 (+1.81%).

The correction in XRP came after a sharp rejection in Bitcoin from the $50,000 mark, which triggered a market-wide sell-off.

Meanwhile, the legal battle between Ripple and the United States Securities and Exchange Commission continues to blow hot, as senior Ripple executives call out the watchdog on its use of “deliberative process privilege (DPP).”

Ripple’s team of lawyers argue that the deposition is former SEC executive William Hinman and the document held back by the agency could “fatally undermine the SEC’s allegations that the Individual Defendants acted recklessly in failing to recognize Ripple’s sales of XRP as an unregistered securities offering as at that time, securities law experts of Mr. Hinman’s stature (to say nothing of the full Commission) had not reached that conclusion themselves, despite looking into the issue.”

Nonetheless, many analysts maintain a bullish stance on the long-term outlook of XRP. Prominent crypto traders and influence Credible Crypto recently noted that XRP could rally to the $20 – $30 area soon, which stands for a gain of over $2,300%.

Key Ripple Levels to Watch — August 25

XRP has finally broken beneath the persevering trendline and now struggles to remain above the $1.1500 level. While this could be a necessary correction to help the cryptocurrency rebound over the $1.2700 – $1.3250 area, it could also be the beginning of a significant price correction towards the $1.000 area.

XRPUSD – 4-Hour Chart

That said, XRP needs to stay above $1.1000 to keep the overall bullish bias intact, as bears plot to push prices across the crypto market lower.

Meanwhile, our resistance levels are $1.2000, $1.2700, and 1.3250, and our support levels are $1.1100, $1.0500, and $1.0000.

Total Market Capitalization: $2.05 trillion

Ripple Market Capitalization: $53.1 billion

Ripple Dominance: 2.59%

Market Rank: #6

 

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Ripple vs. SEC: SEC Argues Against Punishment and Override of DPP

18 August 2021 | Updated: 18 August 2021

In the ongoing Ripple vs. SEC legal battle, the SEC recently filed an opposition against Individual Defendants’ Motion challenging the SEC’s improper assertion of the Deliberative Process and other privileges (DPP). The Commission has asserted its position against the discovery of internal and inter-agency documents protected by DPP.

The SEC urged the court not to override and punish efforts by the government, with emphasis on the XRP lawsuit. The agency noted that the internal, pre-decisional, and deliberative data came through defendants which they did not know of. That said, the regulatory body marks the data discovery plea from Ripple as irrelevant to claims or defense peculiar to the lawsuit.

Meanwhile, the Securities and Exchange Commission argued that it had already developed eminent documentation for the defendants. However, the defendant—Ripple— has sealed that most pivotal evidence, i.e, the deposition testimony of former SEC Division of Corporation Finance Director William Hinman that he met with some Ripple representatives.

Hinman claims that he alerted the defendants that their XRP sales were sales of securities, adding that he further advised Ripple to halt the unregistered sales.

The SEC argues that the defendant’s reasons behind its motion challenging the agency’s inappropriate assertion of the Deliberative Process are “illogical.” As such, the agency expects the court to throw out the defendants’ request to reveal non-public and privileged SEC data.

Key Ripple Levels to Watch — August 18

XRP is in the middle of a sharp correction towards the $1 level as the cryptocurrency aims at easing out of overbought conditions. However, the decline might end soon as trading conditions are back at neutral levels, based on our 4-hour MACD Indicator.

XRPUSD – 4-Hour Chart

That said, we expect a rebound over the coming hours to the $1.2000 level, given that price stays above the 50 SMA line. While further declines are unlikely, a break below the $1 mark could frustrate bullish recovery efforts and increase bearish pressure.

Meanwhile, our resistance levels are $1.1500, $1.2000, and 1.2700, and our support levels are $1.1000, $1.0500, and $1.0000.

Total Market Capitalization: $1.98 trillion

Ripple Market Capitalization: $51.7 billion

Ripple Dominance: 2.61%

Market Rank: #6

 

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Ripple Touches $0.9000, as Bulls Ravage Cryptocurrency Market

11 August 2021 | Updated: 11 August 2021

Ripple (XRP) continues to trade on a bullish sentiment amid an upbeat momentum across the broader market. At press time, XRP trades up at $0.8950 with an intraday gain of 3.5%.

After a prolonged bearish period, the cryptocurrency market appears to have snapped out of the bearish trance, as investors troop back into the market sending benchmark cryptocurrency Bitcoin above $45,000. Meanwhile, Ethereum is also exerting bullish pressure on the market after the launch of its highly-anticipated London Hard Fork last week.

In other news, the Ripple vs. SEC legal battle continues to drag along with the Commission filing a new motion demanding access to communication info between Ripple’s employees on Slack. The SEC claims that a good amount of Slack data was removed from the discovery and insists that it gains access to the data.

Ripple has since filed a request asking for more time to prepare the data, demanding an extension on the deadline from August 12 to August 16.

Meanwhile, XRP could receive an extra boost from a new development with crypto exchanges KickEX. The trading platform recently announced that it had added XRP as a tradable asset on its platform, which could drive demand for the token.

Key Ripple Levels to Watch — August 11

With the recent spate of bullish movements, it appears that the previously bearish market sentiment is now over. XRP currently trades a few points under the $0.9000 level, as the $1 psychological level comes into view.

XRPUSD – 4-Hour Chart

While the market is in extreme bullish mode, it calls for some caution for bulls, as XRP is now in overbought conditions, and a sharp correction could be around the corner.

Meanwhile, our resistance levels are $0.9000, $0.9270, and $0.9500, and our support levels are $0.7000, $0.6500, and $0.6000.

Total Market Capitalization: $1.91 trillion

Ripple Market Capitalization: $41.3 billion

Ripple Dominance: 2.15%

Market Rank: #6

 

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Ripple vs. SEC: Ripple Lawyers Request for Crucial Binance Documents to Disprove SEC Lawsuit

4 August 2021 | Updated: 4 August 2021

In the latest development in the Ripple vs. SEC lawsuit, Ripple lawyers allege that Binance has documents critical to the case.

The legal representative of Ripple CEO Brad Garlinghouse has submitted a filing with the Southern District of New York, requesting documents from Binance Holdings Limited, a subsidiary of the Cayman Islands-based digital asset exchange.

According to the court filing, Ripple argues that Binance holds documents “relevant to the case and unobtainable through other means.” The filing also requested that the court issue a letter of request for the Cayman Islands Central Authority to seek evidence from the crypto exchange.

Ripple’s attorneys are challenging a claim by the SEC that the cross-border payments solution provider’s CEO sold over 357 million XRP to investors across the globe through digital assets trading platforms.

The legal team has filed to obtain against the agency’s claim per Section 5 of the Securities Act of 1933, which only applies to domestic sales and offers of securities, arguing against the SEC’s statement of global violation.

That said, the documents requested by the Role lawyers from Binance could provide evidence to support their claims. The legal team noted that the SEC has admitted that Garlinghouse’s token sales took place on platforms outside the jurisdiction of the United States.

Key Ripple Levels to Watch — August 4

Following the recent market boom, Ripple (XRP) peaked at the $0.7800 resistance, where several attempts to scale got negated. Soon after, the sixth-largest cryptocurrency went into correction mode as the bullish move entered overheating territory on our 4-hour chart.

XRPUSD – 4-Hour Chart

That said, it appears the correction bias might have run out of steam at the $0.7000 psychological support, as bears struggle to push the price below that line. This makes the $0.7000 line the critical determiner for the next price direction in the near term. Nonetheless, we expect a rebound from this level back to the $0.7800 area in the coming days.

Meanwhile, our resistance levels are $0.7500, $0.7800, and $0.8000, and our support levels are $0.7000, $0.6500, and $0.6000.

Total Market Capitalization: $1.55 trillion

Ripple Market Capitalization: $32.4 billion

Ripple Dominance: 2.09%

Market Rank: #6

 

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Ripple Launches New ODL Corridor with Japan and the Philippines

28 July 2021 | Updated: 28 July 2021

Ripple (XRP) has announced the launch of its new On-Demand Liquidity (ODL) payment corridor between Japan and the Philippines. SBI Remit, Japanese finance group SBI’s remittance division, partnered with Philippines-based crypto exchange Coins.ph on this project.

The ODL product uses XRP, a connectivity currency, to eliminate pre-tapping into the cryptocurrency’s liquidity. Through its implementation, remittances should become more affordable, which is a significant problem in Japan currently.

SBI’s cryptocurrency trading division, SBI VC Trade, will address the provision of necessary infrastructure to handle remittances sent by SBI Remit.

Meanwhile, SBI has asserted that it will continue to grow its partnership with Ripple. Director of SBI Remit, Nobuo Ando, commented on the development that:

“The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation, beyond real-time payments in just the Philippines, but to other parts of the region as well.”

Japan, the current host of the Tokyo 2020 Olympics, has remained in a devoted business relationship with Ripple.

The Asian giant is currently the top candidate for Ripple’s global headquarters in late 2020. However, this plan is on hold due to the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

Key Ripple Levels to Watch — July 28

Ripple is currently in the middle of a massive bull rally from the $0.6500 support earlier today. The sixth-largest cryptocurrency is now on the verge of retaking the $0.7500 resistance after five weeks.

XRPUSD – 4-Hour Chart

That said, we expect a bullish continuation over the coming hours above the $0.7500 level as bulls continue to expel sellers and bearish pressure from the market. Any price declines from this level should get repelled by the $0.7000 level.

Meanwhile, our resistance levels are $0.7500, $0.7800, and $0.8000, and our support levels are $0.7000, $0.6500, and $0.6000.

Total Market Capitalization: $1.56 trillion

Ripple Market Capitalization: $33.5 billion

Ripple Dominance: 2.14%

Market Rank: #6

 

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.