Ripple Price Analysis: XRP/USD Snap Back to Trend as Convergence Take Shape

November 29, 2018

 

Is Ripple—the enterprise software solution provider, slowly laying tracks for Convergence? From the look of things, that might be the end goal confirming what Jim Chauncey-Kelly, the Director of Talents Acquisition at Ripple, said in an interview as the reason why the company was beefing up, hiring engineering in the first half of the year. Convergence is a solution that rolls up xVia—an API solution, xRapid—a payment access that make use of XRP and xCurrent—an enterprise software solution that enable banks to instantly settle cross-border payments with end-to-end tracking. Remember, before xCurrent upgrade to version 4, Ripple did change their homepage layout.Earlier, Ripple did merge xVia, xCurrent and xRapid—which by the way is in use by four companies helping moving funds seamlessly between Mexico, US and Europe—under “Global Payments” in their homepage fueling speculations that Convergence would be a reality by the end of the year.Despite the excitement, banks are slow to upgrade. American Express and Santander are the only ones but are yet to incorporate xRapid even though Brad Garlinghouse is optimistic that “major banks” will integrate with xRapid by end year. There is a market-boosting, across the board recovery and several digital assets are back to green after 14 days of draw down. At spot prices, XRP/USD is up seven percent in the last day but still down 14 percent in the last week. This pullback from 35 cents is slowly reaffirming our previous bullish stance. As long as XRP/USD is trending inside the 35 cents-40 cents support zone, we might as well see prints towards and above Oct highs.

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About Ripple's (XRP): Built for enterprise use, XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments. Using XRP, banks can source liquidity on demand in real time without having to pre-fund nostro accounts. Payment Providers use XRP to expand reach into new markets, lower foreign exchange costs and provide faster payment settlement. XRP consistently handles 1,500 transactions per second, 24x7, and can scale to handle the same throughput as Visa. XRP's five-year track record of stable technology and governance makes it ready for institutional and enterprise use.

 

Ripple’s (XRP) can be bought with fiat dollars, debit and credit cards on cryptocurrency exchanges such as CEX.io and Changelly.com.

 

XRP is the 2nd largest cryptocurrency by market cap size. Its market cap is currently $15,671,806,822 and it has a circulating supply of 40,327,341,704 XRP. It's up 7.47% over the past 24 hours and is currently trading at $0.388615. 

 

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