Hard to Dislodge XRP from its “Niche” Cross-border Remittances Like Ethereum from DeFi- Ripple SVP

Must Read

Bitcoin “Next in Line” to be the King as HNWI and Hedge Fund Investors get into BTC for the First Time

“The economic shock wave that’s coming is going to be like nothing that any of us has...

Bitcoin isn’t Gold but Gold 2.0, a Hedge against US Dollar & Inflation

Bitcoin custodian BitGo CEO, Mike Belshe says bitcoin falling along with the stock market is good.

Bitcoin Price & Mining Profitability Jumps Back Up while HODLers Showing 2015-Level Conviction

So, today everything is surging. From the stock markets, silver, gold, oil, to digital...
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

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.

 

- Advertisement -
- Advertisement -

Latest News

Stock Market is Trading Like “Sh*tcoin” as the World goes Full Crypto

The main indexes of Wall Street were down more than 3% today as the number of coronavirus...
- Advertisement -Earn Free Bitcoin

MyTvchain.com Records Growth for The First Blockchain ​​Web Tv Platform Dedicated to Sport Clubs And Athletes

Sophia Antipolis (France) and Singapore: The first web TV platform dedicated to sports clubs and athletes opened in...

Crypto-Broker Instacoins Receives Operating License in Estonia

Instacoins Estonia OÜ, a cryptocurrency brokerage, is pleased to announce it has received an operating license from the Estonian Financial Intelligence Unit (FIU). The...

iOWN Token is now listed on LATOKEN and P2PB2B exchange platforms.

iOWN Token is now listed on LATOKEN and P2PB2B exchange platforms. Both platforms are the first of many high-volume exchanges to list...

Momentum Protocol announces Solution Provider Program

Momentum Protocol announced today that it is starting to roll out its Solution Provider Program. An initial set of partners have already...