Ripple price analysis: XRP/USD on the verge of another breakout; xRapid pilot reveals potential $16.5 billion in global savings
|- Global payments amount to $600 billion per annum, while $30 billion of these go straight to transaction costs.
- Indicators are showing short-term bullish signals, a break above $0.54 could pave the way for Ripple price to attack $0.58 level.
Ripple price is backed to a tight corner below $0.52 but weakly supported above $0.51. Over the weekend the crypto utilized the support created at $0.50 to retrace marginally above $0.56. However, XRP/USD has been trading lower highs and lower lows towards the narrowing end of a contracting triangle pattern.
Ripple is more than just a digital asset, it is a company that is striving to revolutionize the way global payments are done. The payment solutions from Ripple; xRapid and xCurrent are constantly being updated to achieve fast transaction at minimal costs. Ripple says that global payments amount to $600 billion per annum, while $30 billion of these go straight to transaction costs.
The World Bank, on the other hand, records that the majority of these payments are small and average around $500. While piloting xRapid as a global payment solution, Ripple has found that it can save individual across the world $16.5 billion which in turn could mean that $3.17 billion saved for food and $263.07 million could be saved in terms of bills. This also factors in rent for at least 49.9 million individuals at an average cost of $273.34 per month.
Ripple price technical picture
Ripple price is currently battling to break above $0.52 while the buyers have their eyes locked at $0.53 (moving averages). Indicators are showing short-term bullish signals, for example, the MACD is pointing upwards from, but still in the negative area while the moving averages gap is reducing. The region at $0.54 could open the door for Ripple to recoil towards the critical resistance at $0.58. On the downside, $0.50 will continue supporting the price in case another trend reversal occurs.
XRP/USD 15’ chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.