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Ripple (XRP) Surges Nearly 10% as Crypto Markets Continue to Climb

The crypto markets have been able to maintain their upwards momentum today as they head towards the weekend, and many major cryptocurrencies have surged 2% or more. Ripple (XRP) has led the way today, surging nearly 10%.

Today’s surge came about after Ripple (XRP) hit its weekly support level, and analysts expect the crypto to see further gains in the near future as the markets continue to climb.

Ripple (XRP) Finds Support Around $0.33

At the time of writing, Ripple is trading up just under 10% at its current price of $0.364. Over the past 24-hours, XRP recovered from lows of $0.33, which now appears to have become a support level.

While looking at the cryptocurrency over a one-week trading period, it has climbed significantly, surging from lows of $0.30 towards its current price levels. During the recent market surge that was sparked by Bitcoin’s climb to above $5,000, XRP lagged behind its peers, but it was able to make up for this by climbing today.

Mati Greenspan, the senior market analyst at eToro, spoke about XRP’s price action in a recent email, noting that today’s surge was first sparked as the Asian trading session began to kick into gear.

“Since altseason began, many clients have been asking me about the lack of participation from XRP. Indeed, even though many altcoins had a turn to pump over the last few weeks, Ripple had been feeling kind of left out. Well, that seems to have changed this morning as XRP (blue line) has outperformed during the morning’s Asian session ramp,” Greenspan explained.

XRP Likely to Continue Surging After Holding Above Support

XRP’s price jump today may be partially due to it finding buying pressure at its weekly support level.

The Cryptomist, a popular cryptocurrency analyst on Twitter, shared her thoughts on XRP in a recent tweet, explaining that she expects the crypto to continue holding above its ascending weekly support level, so long as Bitcoin remains stable.

“$XRP Respecting the strongly weekly support, as we currently bounced back within support! Added some upon the wick below. I do expect this to hold, unless btc does something drastic,” she explained.

Cryptosarah, another cryptocurrency analyst on Twitter, pointed out that XRP is currently caught in a triangle formation, which could ultimately lead to a good long position entry if the triangle is broken above.

“Good day Cryptoland. I’m looking at $xrp today. Looks to be in wave 4 at the moment. Keeping an eye on the break of this triangle for a possible long,” she explained.

As the markets head into the weekend, traders and analysts will likely gain a greater idea of whether or not the major cryptos will be able to maintain their upwards momentum, or if further losses are imminent.

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Coinbase Soft Launches International Payments with XRP and USDC

UPDATE (4/1/2019 21:35 UTC): Following the publication of this report, a Coinbase spokesperson told CoinDesk in an email that the service has been available since Coinbase added XRP to its services on Feb. 28.

“It’s primarily designed as an educational resource for customers to learn about the benefits of using crypto for cross-border payments,” the representative said.

Coinbase appears to be offering a “fast and free” payments service for its users, according to the Coinbase website.

The exchange is using two cryptocurrencies for the service, XRP and USDC, the latter of which was launched last fall by Circle affiliate CENTRE. USDC was also the first stablecoin to be listed by Coinbase. XRP was added to Coinbase in late February, a move long sought by supporters of the Ripple-tied token.

Coinbase customers will have access to the no-fee service when sending to other users. Otherwise, Coinbase will charge “a nominal on-chain network fee for sending outside of Coinbase.”

As the firm’s website explains:

“You can now send money to any user with a Coinbase account around the world using XRP or USDC. By using cryptocurrencies that are optimized for cross-border transmission, you can send and receive money virtually instantly by sending those cryptocurrencies and having the recipient convert them into local currency.”

On the page, Coinbase stresses that what’s being offered “is not a money remittance; rather, it is a cryptocurrency transaction with conversion into local currency after receipt.”

The company also notes that “in countries where Coinbase does not support the local currency, recipients need to transfer their XRP/USDC to an exchange that supports exchanges from XRP/USDC to local currency.”

Coinbase doesn’t seem to have made an official announcement regarding the service. A request for comment wasn’t returned by time of publication.

Coinbase app logo image via Shutterstock

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Ripple’s Xpring Helps Launch a $100 Million Fund for Game Developers

Xpring, Ripple’s grant network for developers launched last May, is stepping into the $140 billion global gaming industry.

The project has partnered with the gaming blockchain startup Forte to create a $100 million fund to support game developers, the companies announced on Tuesday.

According to a report in the Verge, all of the money will come from Ripple and Forte will manage the fund, which aims to accelerate mainstream adoption of blockchain technology in gaming.

Forte’s tech leverages “open-source solutions designed in collaboration with Ripple,” the announcement says. These solutions include the open-source Interledger Protocol, the Codius platform (created for smart contracts but described here as a “container-based hosting solution”) and the use of the cryptocurrency XRP for settlements.

“Blockchain technology has the potential to improve game designs and help developers run better and more successful game economies, but for many developers it’s difficult to develop and deploy,” the companies’ press release says. “Forte’s platform makes it easy for developers to apply blockchain technology to their games, increasing engagement and monetization with their players.”

The fund is primarily targeting “game developers operating live game economies with over 50,000 daily active users,” the release adds.

“We are thrilled to partner with such a world-class team of game industry veterans,” Ethan Beard, senior vice president of Xpring, said in a statement, referring to Forte’s founding team from such gaming companies as Kabam, Unity, and GarageGames.

“Both Forte and Ripple have a shared belief that blockchain technology will have a massive impact on games, and that providing tools that are easy-to-use, chain agnostic and interoperable is a necessary step in driving scale consumer adoption,” he added.

Founded in February 2019, San-Francisco-based Forte was supported by such investors as a16z crypto, Andreessen Horowitz, Battery Ventures, Canaan Partners, Coinbase Ventures, 1confirmation, and others, the announcement says.

“Blockchain technologies’ key innovations unlock vast potential for nearly all forms of digital interaction. Gaming is a $140 billion global industry driven predominantly by digital micro-transaction economies, which we believe will benefit immensely from the integrity and resilience of blockchain technology,” Brett Seyler, chief platform officer at Forte, said in a statement. “The industry needs solutions that can support these economies at scale with cross-chain interoperability.”

Ripple CEO Brad Garlinghouse, photo by Nikhilesh De for CoinDesk

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Ripple CEO Skeptical of JP Morgan’s New Cryptocurrency

Ripple CEO Brad Garlinghouse questioned the purpose and the overall utility of the recently announced cryptocurrency JPMCoin. He also outlined the positives aspects of major financial players stepping in the industry. 

Garlinghouse Questions Purpose of JPMCoin

Brad Garlinghouse, CEO at Ripple — the company behind the third largest cryptocurrency by market cap XRP — expressed his thoughts on the matter of JP Morgan Chase’s recently announced cryptocurrency.

He spoke at the DC Blockchain Summit on March 6. The executive said that he thinks it’s “great” that major financial institutions such as JP Morgan Chase stepping into the cryptocurrency industry. His praises, however, ended quickly. He stated:

That’s the only nice thing I’m going to say about this.

True to his words, Garlinghouse referred to another conference that he had been speaking at where he was interviewed by someone from Morgan Stanley.

This guy from Morgan Stanley was interviewing me, I said ‘So, is Morgan Stanley going to use the JPM Coin?’ And he said ‘probably not.’ So, well is Citi going to use the JPM Coin? Is BBVA? Is PNC? And the answer is no.

Criticizing the interoperability of JPM’s new cryptocurrency, or the lack thereof, he asked if “we’re going to have all these different coins? Are we back to where we are with lack of interoperability? I don’t get it.”

The CEO also expressed his concerns about the lack of merit behind the bank’s cryptocurrency and the fact that it doesn’t solve any real issues.

If you give them a dollar for deposits, they’ll give you a JPM Coin that you can then move within the JPM ledger. Wait a minute, just use the dollar! […] I don’t understand. If you’re just moving within the JPM ledger, and it has to be dollar-to-dollar, one-to-one backing, I don’t understand what problem that solves.

Other Industry Participants Also Skeptical

The CEO of Ripple is not the first one to dismiss the purpose of JPM’s cryptocurrency.

Bitcoinist recently reported that the CEO of cryptocurrency-based payment platform Abra, Bill Barhydt, said that enterprise blockchains, as well as tokens appearing from major global corporations, are “nonsense.” He said:

It’s exactly what’s happening with this enterprise blockchain nonsense; where people have this fallacy that they’re going to make blockchain work inside the firewall. It’s all going to fail miserably[.]

JP Morgan Chase announced its stablecoin dubbed, “JPM Coin,” earlier in February — outlining that its “applications are frankly quite endless.”

What do you think of JPM Coin? Do you agree with Brad Garlinghouse? Don’t hesitate to let us know in the comments below! 

Images courtesy of Bitcoinist archives, Shutterstock.

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Analyst Claims XRP Daily Chart Has Earmarks of Manipulated Market Following Recent Coinbase Listing

Following Coinbase’s decision to list XRP – the cryptocurrency commonly associated with Ripple – many analysts and investors alike questioned whether or not there was an element of insider trading associated with the listing. The concerns come after the exchange faced similar criticism back in late-2017, when investors accused the exchange’s employees of profiting off of the listing of Bitcoin Cash onto the platform.

Now, one analyst claims that XRP’s daily chart may point to the fact that it is a highly manipulated market, which he believes may end badly for investors in the cryptocurrency.

Ripple Separates Themselves from Coinbase Listing

It has long been known that Ripple has tried on multiple occasions to get XRP listed on Coinbase, as the additional trading volume incurred from a listing on the exchange would undoubtedly make XRP significantly more liquid.

A listing on Coinbase would also decrease the chances of manipulation, as it is more difficult to manipulate cryptocurrencies with higher average trading volume than it is to manipulate those with low average trading volumes.

A Bloomberg report from April of last year claimed that Ripple was offering large financial incentives to exchanges that would list XRP, with Coinbase being one such exchange that was offered incentives in exchange for listing XRP.

According to the report, Ripple told Coinbase that it would loan the exchange more than $100 million worth of XRP in order to allow users to instantly trade the asset.

Despite this offer, Coinbase declined to pursue it, and has now apparently listed the cryptocurrency on their own accord.

In a recent tweet from Miguel Vias, the head XRP markets at Ripple, he spoke on behalf of the company, claiming that Coinbase’s decision to list XRP was their decision alone, and that the exchange was not offered any incentives to list the crypto.

“We’re happy to go on the record. Coinbase’s listing of XRP (also, not ‘our token’) was Coinbase’s independent decision – we did not give them anything to make it happen,” he noted.

Could XRP Markets Be Increasingly Manipulated Post-Listing? 

Following the listing earlier this week, Coinbase’s CEO Brian Armstrong responded to allegations that his company, or its employees, engaged in insider trading of XRP just prior to its listing with a laughing face emoji in a since-deleted tweet.

In the time since the listing, XRP has surrendered nearly all of the price gains it incurred prior to the listing, which is leading some analysts to view the cryptocurrency’s price as being highly manipulated.

Peter Brandt, a renowned trader and analyst, told his nearly 260k followers that XRP’s daily chart has “all the earmarks of a manipulated market,” which could ultimately spell trouble for the crypto’s investors.

“The $XRP daily chart has all the earmarks of a manipulated market. Manipulated markets historically have not ended well for the bag holders,” he noted.

Despite this, others were quick to fire back, with Crypto Joe, a popular figure within the XRP Twitter community, responding to the tweet, claiming that manipulation is standard in the crypto markets, and that XRP is creating utility regardless of its price action.

“Newsflash: Crypto markets are manipulated. Took a while for you to figure that out. You think Bitcoin is any different? Difference is, $XRP is set for enterprise utility that will hopefully erase significant manipulation in the future. Very little others can say the same,” he said.

XRP has been able to climb slightly today and is currently trading up over 3% at its current price of $0.323.

Featured image from Shutterstock.