- Ripple is rangebound with a downside bias.
- Brad Garlinghouse is optimistic about Ripple’s adoption by mainstream finance world.
Ripple, the third largest coin by market value, is changing hands at $0.6680, off Tuesday’s high $0.6850. XRP has been trading in a narrow range with mild negative bias since the beginning of the day amid mixed sentiments on the cryptocurrency markets.
Speaking to CNBC, Ripple’s CEO Brad Garlinghouse expressed strong belief that major banks would soon use xRapid as a liquidity tool. He said that by the end of 2019 “dozens” of financial companies including banks would be using Ripple’s technology to process payments.
“I’ve publicly stated that by the end of this year I have every confidence that major banks will use XRapid as a liquidity tool,” Garlinghouse told CNBC in an interview at the Money 20/20 Europe fintech conference in Amsterdam, Netherland.
Large-scale xRapid acceptance by financial institutions would theoretically increase XRP liquidity translating into strong price growth.
Ripple technical picture
Technically, XRP/USD is moving within short-term upside trend as long as the price stays above $0.6500. If it is broken, the sell-off may gain traction, pushing the price towards 200-SMA (hourly chart), currently at $0.6282. This support level is followed by psychological $0.6000 and May 29 low at $0.5455. On the upside, the ultimate resistance comes at $0.70 followed by $0.7040 (Monday’s high).
XRP/USD, the hourly chart
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