SBI Holdings Chairman Yoshitaka Kitao says Ripple (XRP) adoption is inevitable: Ripple price still overwhelmingly bullish
|- Kitao said that XRP has the potential to be a universal standard digital currency as well as money in due time.
- Ripple price is retesting the immediate resistance at $0.48 but the Bulls have their eyes glued on $0.50.
The blockchain conference held in Japan saw Ripple (XRP) reap most of the benefits. The CEO and chairman of SBI Holdings Yoshitaka Kitao reckoned that Ripple (XRP) adoption into the economy in future is inevitable. Kitao said that XRP has the potential to be a universal standard digital currency as well as money in due time.
His comments were based on the current uptake of Ripple’s solutions by banks, firms, businesses and payment processing companies. Ripple is working to ensure that its technology is adopted as a standard payment platform around the world especially when it comes to international money transfer and remittance services. Ripple solutions offer fast reliable and affordable international money transfer. With Ripple, transactions time is brought down to a few seconds as opposed to the conventional methods that take a few days to complete a transaction.
Ripple price sailed through various resistance zones on Monday as it embraced the bullish trend. XRP/USD cleared the resistance that had capped it at $0.45 and remained unstoppable above the 50% Fib retracement level with the last high leg of $0.51 and a low leg of $0.42 at $0.47. The asset, however, lost momentum marginally above $0.48 followed by a lower correction but the short-term support at the 50% Fibo (former resistance) held its ground.
At the time of writing, Ripple price is retesting the immediate resistance at $0.48 but the Bulls have their eyes glued on $0.50 in the medium term. The trend on the chart is still bullish, besides technical indicators like the RSI and the stochastic are sending bullish signals for the short-term.
XRP/USD 1-hour 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.