Much like it’s been for every other coin on the market, 2019 was a busy, albeit, volatile year for Ripple (XRP). In this market analysis, we’re going to highlight some of the activities that have surrounded the Ripple network and see what made it one of the more successful cryptocurreny and blockchain projects in 2019.
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Let’s start with the beginning of the year. The company reportedly sold about $890 million worth of XRP at the end of August, 2019. Many investors felt like they’d become bag holders and couldn’t justify why Ripple needed that kind of money as it decreased the value of the token.
What else was happening around the Ripple network?
Ripple Launches Xpring
This year, Ripple announced Xpring’s new developer platform, founded to make it easier for entrepreneurs and developers to use XRP and to build on the XRP Ledger.
The platform leverages open-source technologies, networks, and protocols, making it easy for the over 23 million global population of developers to facilitate payments in their products and services.
Ripple Partners with MoneyGram
The company in 2019 also entered into a strategic partnership with one of the world’s largest money transfer companies MoneyGram (NASDAQ: MGI).
The company which serves millions of customers in over 200 countries struck a partnership that will see them become Ripple’s key partner for cross-border payments and foreign exchange settlement using digital assets.
Ripple Acquires Logos
2019 also saw Ripple add distributed ledger-based payment platform Logos to the Xpring team. This team, with a focus on decentralized financial (DeFi) projects, was created to explore a system that will utilize XRP at its core, as well as other designs to update crypto assets to remodel finance and payments.
Ripple Acquires More Xpring Partners
Ripple also brought other companies into the Xpring fold, most notably
- This year Xpring also invested in Coinme to advance the adoption of cryptocurrencies, such as XRP. The company is a global leader in cryptocurrency ATMs and blockchain financial services.
- Xpring also entered a partnership with Bitpay to natively support XRP, which will enable thousands of businesses to accept XRP for payments.
- Xpring also invested in smart contract company Flare Networks. The partnership will see the company leverage on Ripple’s wealth of resources that will enhance the Xpring, XRP, and Flare ecosystems.
Ripple’s Push at Congress
In 2019, Ripple also made the headlines for its open letter to Congress, demanding that Congress recognize its position and involvement in the cryptocurrency ecosystem.
The letter was in response to the regulatory push-back by Congress against Libra. Ripple made it public that it only seeks to serve the greater good and not fight against the established financial order, as perceived by the U.S. government.
Ripple Analysis
In 2019, data published by crypto forensics and analysis firm Elliptic showed that less than 0.3% of total XRP transactions were tied to illegal deals proving that the majority of XRP’s activity is legitimate.
Xendpay partnership
In August, money transfer service company, Xendpay, joined Ripple’s transaction network RippleNet to support international transactions. The addition allowed Ripple to provide money transfer services beyond the U.S dollar.
XRPUSD: Monthly Time Frame
XPRUSD started the year 2019 with a double bearish accumulation on the 1st of January 2019 at $0.40500, as a result of previous sell pressure from the last two months.
During the first quarter, XPRUSD was sitting on a support zone and had low demand.
The beginning of 2nd quarter showed a bull momentum with a bullish engulfing over the month of March. The 2nd quarter brought an increase to XRPUSD price, and at the end of the 2nd quarter, the price touched previous resistance zones of $0.5100.
The beginning of the 3rd quarter showed more of the sell pressure after the resistance of bearish accumulation of the end of 2nd quarter. The tail end of this quarter ended up in a doji.
The 4th quarter started with a retest of the bearish Accumulation resistance at $0.32732 from the previous quarter. The price has been diving down since the 2nd quarter of the year and has moved 50.03% south.
XRPUSD: Weekly Time Frame
The weekly time frame shows a strong sell from the end of 2018 into the beginning of 2019. The price has been under the 50-MA and we could see the breakdown of bullish accumulations which triggered a sell of XRPUSD since October 8, 2018 at $0.5650, to end of the 1st quarter of 2019. The market dipped by 23.07% right from the close of $0.37112, on November 19, 2018.
The bulls had double bullish accumulations as of March 11, 2019 at $0.29700, which led to the 58.18% rise in price and settling at the closing price of $0.31925. The bullish accumulation of May 6, 2019 at $0.290 was a rally that broke above the 50-MA but failed its upward momentum.
A bearish breakdown of hidden bullish accumulation on June 3, 2019 at $0.47919 brought the reversal of an uptrend. The priced dropped down to a new low of $0.22401 before the bullish accumulation at $0.24715 on October 21, 2019.
The bulls rally was met by a resistance of the 50-MA, which lead to the breakdown of bearish inside bar on November 4, 2019 at $0.279055, and also a breakdown of bullish accumulation on November 18, 2019 at $0.22070. The price has dropped by 55.40% since June 24, 2019 to settle at $0.45364.
XRPUSD: Daily Time Frame
On the daily time frame, the regular bullish divergence came into scene December 17, 2018 at $0.32624 on the MACD oscillator. The price of XRP kept falling while our oscillator as moving north. The market rallied up until price got to a resistance of the 50-MA.
The market made a correction to the down side with bullish accumulation breakdown on January 10, 2019 at $0.32775. After the correction, the bulls tried to take the price up around $0.31934 on January 30, 2019.
The market did go up but was quick to go into range. Another hidden bullish divergence signal came up on April 30, 2019 at $0.30495 on the MACD, which took the XRPUSD price up. Then June 15, 2019, another hidden bullish divergence can be seen at $0.30495.
A regular bearish divergence was indicated at $0.40361 on June 27, 2019; MACD showed the signal, and price closed below the 50-MA. During the down trend, the price breaks down the bullish accumulation of $0.31082 on Aug 6, 2019.
Furthermore, price went up after the regular bullish divergence and breakout of bearish accumulation at $0.025700. Since the regular and hidden bearish divergence occurred on October 23 and November 7, 2019 at $0.3273662 and $0.29009 respectively, the XRP market has been in a downtrend to date.
The Bears and Bulls Scenario
Bullish Scenario
Generally, the bulls are low in momentum to the upside, but if current support zone is strong then correction is eminent. We may see a retest of the MA-50.
Bearish Scenario
The current trend is on a down trend. If the low of $0.20041 is taken out, it will give more openings to selling pressure.
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