Ripple showed a crazy amount of volatility on Monday, [Video]

Kiana Danial, CFP Invest Diva

Ripple showed a crazy amount of volatility on Monday, testing above our resistance level of 0.2790 on the news that Bill and Melinda Gates Foundation has released new open-source software that utilizes technology developed by Ripple.The software is called Mojaloop, building off the Swahili word “moja,” which means “one”. Other fintech developers besides Ripple include Dwolla, ModusBox, Crosslake Technologies and Software Group. Mojaloop is designed to provide a reference model for payment interoperability between banks and other providers across a country’s economy. It is available now, free-of-cost, for software developers to adapt and banks, financial service providers and companies to implement, according to a statement released by the Gates Foundation. In other news, former Federal Reserve chairman Ben Bernanke appeared bullish on the blockchain industry as he spoke at Ripple's Swell conference in Toronto Monday. He called out Ripple by name, saying that he's read about the company's work and thinks that any effort in payments to reduce cost, improve accuracy, speed, and reliability and "bring the global economy closer together" is a good thing. Despite the earlier gains on the news, XRP/USD saw sharp declines in the second half of the day, something that could be attributed to profit taking among market participants after the pair hit a major resistance level for the young cryptocurrency. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.

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Kiana Danial, CFP

Invest Diva

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert.

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