Recently, during the Goldman Sachs Technology and Internet Conference in San Francisco Ripple’s senior vice president of product, Asheesh Birla talked about Ripple finding its niche market in cross border remittances.
XRP the digital asset is that powers the Ripple Network in any destination where their products are live and it is “most liquid digital asset” said Birla. Ripple, he explained, has built an ecosystem around cross border payments, which is its niche market where XRP through On-Demand liquidity processes the payments.
And “the further ahead you get the harder it is to dislodge,” which is why he believes “it’s going to be increasingly hard to dislodge XRP” from this sector.
Similarly, Birla said Ethereum has built an ecosystem around DeFi (decentralized financial) and “as the ecosystem expands it will be increasingly hard to dislodge Ethereum because it’s so liquid for those use cases.”
XRP Prints a Bullish Golden Cross Pattern But is of No Use
On the price front, with Bitcoin falling, altcoins fell even harder and so did XRP which is down 4.36% in the past 24 hours while trading at $0.255.
On Feb. 15, XRP climbed above $0.340, a level that was last seen in early July 2019. But we are now back to early February levels.
The crash happened despite the digital asset printing a bullish crossover, golden cross. This candlestick pattern occurs when the short-term moving average crosses above the long-term moving average indicating a bull market.
“Still going for that retest. Buy the dip opportunities rather than short entries. As long as we hold,” said trader Crypto Michael.
Meanwhile, analyst Magic Poop Cannon says “XRP Remains in A Downtrend.”
The third-largest digital asset by market cap he said has been in a falling wedge, a bullish pattern, that depends on a breakout which doesn’t exist yet. Also, the crypto asset had four clear rejections at the top of that formation which isn’t good for XRP price in the short term.
He also noted the golden cross but said the death cross on the weekly chart is “more important.”
“Ultimately, I expect that the volatility will continue, until price is able to break out of this formation to the upside or to the downside. Either way, it will be massive,” he added.