Ripple’s XRP, now the third-largest cryptocurrency with a recent market value of $ 10.0 billion, it lost 3% in the past 24 hours. In the early Asian hours, the price of the crypto reached $ 0.2280, and by the time of composing it had plunged lower to $ 0.2265 level. The crypto trends correspond with the worldwide digital asset market, propelled by solid bearish bias between increasing instability.
Ripple is usually charged with the unification and the capacity to obstruct the operation of the network. Meanwhile, Ripple CEO and one of the original architects of the XRP ledger, David Schwartz, rejected the allegations and stated the reasons such an intervention was theoretically possible, but almost barely attainable.
There is presently no path to impede authentic transactions. Since the network is decentralized, nothing prevents someone from writing code that blocks transactions that are currently considered authentic and trying to convince people to execute this code. It would take a convincing majority to run this code to stop these transactions.
Ripple’s biggest goal is to alter legacy global billing systems to a robust XRP solution. The company utilizes XRP to support an On-Demand Liquidity Solution (ODL), which makes it easy to send payments in real-time and at a low cost.
The dollar value transferred through ODL increased by 650% from Q3 to Q4. Besides, the number of ODL transactions increased by 390% in the 4th quarter compared to the previous quarter.
Ripple also invested in Mexico’s largest exchange, Bitso, to strengthen the US-MXN corridor by providing liquidity. With the help of Bitso, Ripple launched its ODL service in Mexico with MoneyGram.
As a result, MoneyGram has moved more than 10% of its transaction volume between the US and Mexico.
XRP/USD Trending in the Negative Zone, Breaking out to the Southside
The price movement has narrowed in recent sessions, with a breakthrough towards closing downwards. Viewing the rising structure of the wedge from which the bears break out.
During the trading day, XRP / USD confirmed support at $ 0.2259, which means that this area can serve as a pivot. Nevertheless, we may need a steady movement beyond the level of $ 0.2300. For growth, to gain strength and take the price to the local resistance of $ 0.2340 level made by the upper horizontal barrier zone.
Given the importance of technical indicators grouped around this area, XRP will not be easy to crack for bulls.
Initial support, on the other hand, is made by an intraday low of $ 0.2259 level and a January 20 low of $ 0.2200 level.
Once it is broken, selling is likely to gain momentum, focusing on the psychological level of $ 0.2100, reinforced by the earlier intersection of the moving average of 5 and 13. The key support is made by the lower horizontal base at the daily level of $ 0.20.
Supply Levels: $ 0.2200, $ 0.2100, $ 0.2000
Demand Levels: $ 0.2400, $ 0.2340, $ 0.2300