At this rate, Brad Garlinghouse projections seconded by SVP of Customer Success at Ripple, Marcus Treacher are quickly been actualized. Early this year Brad said more banks will be part of the ballooning Ripple network. And he was right.
Last week, one of Saudi Arabia’s largest bank—NCB, said they would officially join the network by Nov this year. This is positive for XRP which though supported by vibrant news is overwhelmed by XRP short sellers but is current stable gaining one percent in the last week at the time of press.
Latest Ripple XRP News
Aside the general market uncertainty and proliferation of fake news, Ripple continues to chart forward.
Most notably is the spike of deals and boosting developments that not only strength Ripple Net but would prove instrumental for XRP in coming days. Grabbing headlines in the past week is news of collaboration between Ripple and Saudi Arabia’s National Commercial Bank.
The bank is one of the largest with a market capitalization exceeding $120 billion and a pioneer in the Kingdom. What’s unique about this announcement is not on the partnership per say but the position in which the bank has been elevated to.
Details indicate that the bank will act as some sort of a connector between banks in Asia and those of North America. And their first task is to on board financial institutions from Singapore.
In a bid to show how life changing Ripple has been to the community, the team released a video detailing how the partnership between SBI Remit and Siam Commercial Bank (SCB) of Thailand has changed the life of some 45,000 Thais living and working in Japan.
The new service which went live in Q2 2018 allows real time settlement when sending funds from JPY with XRP acting as a liquidity tool. With this new arrangement, a Thai wishing to send cash to his family simply connects his SBI online account with that of SCB and he/she can send money anytime of the day while saving on costs and inconvenience.
Ripple Price Prediction
Weekly Ripple Price chart
Even though the first half of last week was dominated by price supportive news, XRP is still stuck within a tight trading range.
As a matter of fact, by yesterday’s close—signaling the close of the week—Ripple prices were down three percent clearly overshadowed by the damping effect of the overly bearish week ending Aug 12 and confirming Sep 9 candlesticks.
All things constant, the failure of price to gain at the back drop of a resurgent BTC stacks the odds against buyers and as such we might see a drop below 25 cents which would even fast track XRP depreciation towards the 15 cents ultimate bear target.
For now, we recommend conservative traders to hold off trading until after XRP prices either break above 40 cents in a sign of revival on entry of bulls or below 25 cents for bear trend continuation.
Daily Ripple Price Chart
From this time frame, it’s clear that Sep 5 was a bear break out candlestick. Though there hasn’t been immediate confirmation, the double bottoms following rejection of lower lows on Sep 12 hints of an effort versus result situation skewed against buyers since XRP sellers have been in charge for the better part of the year.
Unless otherwise, we shall maintain our last Ripple price forecast and wait for high volume break outs at 25 cents. Any surge above 30 cents cancels this trade plan.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
