Ripple XRP News: Could Money Tap Initiative Affect XRP Price Negatively?

The Money Tap initiative is one of the projects by SBI Group to promote the adoption of the XRP technology. Resona Bank is one of the biggest customers of Money Tap. However, the bank announced that it would be pulling out of the initiative. People expected that this blow to Money Tap will have a negative effect on the price of XRP. However, XRP has been recovering from the recent bear wave and is moving higher against the USD.

The SBI Group initiative, Money Tap, allows users transfer money to each other directly without having to contact the bank 24 hours a day. The upcoming Tokyo Olympics 2020 is expected to present the perfect opportunity for people to use Money Tap and promote the adoption of the technology.

However, according to the XRP price prediction 2019 on NewsBtc, the price of XRP has been recovering against the USD and the buying pressure is ongoing. The XRP price prediction 2019 has not been affected by the news. This shows that the future of XRP is bright.

The XRP price prediction 2019 isn’t only supported by speculations, there are strong fundamentals and technicals backing the price of XRP and this is why investors sentiment doesn’t change easily after bad XRP news. For starters, Ripple is diligently working on promoting its technology. Its plans to provide financial institutions with a faster and cheaper alternative to SWIFT is still in motion and has gotten a lot of recognition for a company that is only a few years old.

XRP News Today – XRP Price Prediction 2019 – XRP Technical Analysis

The price of XRP is reacting to the April second low around $0.32. This is bullish when you consider things from an effort versus result point. The prices are expected to move higher this weekend. Short-term traders are taking advantage of every dip to buy XRP. However, long-term traders are waiting for the price to move above $0.38 – $0.40 before accumulating. The price of XRP will most likely rise to $0.40 and eventually $0.60. Traders are aware of this and this is why they are buying the dip and supporting the price of XRP.

XRP (XRP) Price Today – XRP / USD

At the time of writing, XRP was trading at $0.330905. This shows that it is up by 1.81% against the USD and up by 0.23% against the price of BTC. The trading volume over a 24 hour period is $1,040,839,910 and the market capitalization is $13,829,233,153. There are resistance levels at $0.35, $0.38, and $0.40. The resistance at $0.38 is the strongest and it has prevented XRP from reaching $0.40 on several occasions. The buyers have been unable to gather enough momentum to surge above this level. If they do, it’s going to be a game changer for the price of XRP and there will be no significant resistance to hold the price back from reaching higher highs.

Ripple’s XRP Price Analysis

Visibly, although sellers are pressing lower, they are yet to reverse gains of Apr-2. With the rejection of higher highs, Ripple (XRP) is back in consolidation. As a result of this arrangement, risk-off traders should exit their longs and wait for reversal above 34 cents or even 38 cents and 40 cents before concluding that bulls are back.

Most important is the resistance at 34 cents, our previous buy trigger line coinciding with the 61.8 percent Fibonacci retracement level of Dec 2018 high low. On the other hand, any drop below 30 cents invalidates our outlook paving the way for liquidators aiming at 15 cents or lower.

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Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.