XRP/USD price analysis: Ripple reveals a record-breaking surge in RippleNet transactions, market reaction indifferent.

  • Ripple is reporting a record-breaking burst in the number of transactions on RippleNet.
  • Over Tuesday and Wednesday, the bears have taken the price from $0.401 to $0389.

XRP/USD bears have taken control of the market over Tuesday and Wednesday following a heavily bullish Monday. The price has fallen from $0.401 to $0.389 over the last two days. Despite the price movement, Ripple is reporting a record-breaking burst in the number of transactions on RippleNet.

While confirming their expansion to Brazil, Ripple revealed the following:

“Ripple is experiencing dramatic growth, adding an average of two to three new financial institutions to RippleNet each week. The company saw more transactions on the network in Q1 ’19 than it did in all of 2018. In 2019, Ripple is focused on growing its customer base and team in Brazil, and across South America including in countries such as Chile, Peru and Argentina…

In January, Ripple surpassed 200 customers on RippleNet. The company is experiencing rapid customer growth across all markets, and is launching in Brazil in response to high customer demand in South America.”

XRP/USD daily chart

  • The hourly XRP/USD market is currently trending in a triangle formation.
  • The market is trending above the green cloud of the Ichimoku indicator.
  • XRP/USD is trending below the 20-day simple moving average (SMA 20) curve and above the SMA 50 and SMA 200 curves.
  • The bulls need to get past critical resistance at $0.395.
  • The moving average convergence/divergence (MACD) has had ten straight bearish sessions.
  • The Elliot oscillator has had 12 straight bearish sessions.
     

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