Ripple CEO, Brad Garlinghouse kicked off the Swell by Ripple Conference with much vigor. He announces 300+ customers on RippleNET and also commented on the growth of the XRP liquidity.
Garlinghouse reported that,
“Ripplenet did more in transactions in Oct, then in all of 2018”
The firm is the leading stakeholder and developer of financial services around XRP. Now that their independence is clearly established, Ripple also notifies separately on the growth of XRP.
Ripple combined all of its blockchain services (xRapid and xCurrent) this year. Moreover, for XRP, the firm announced an ODL (On-Demand Liquidity) to use XRP as a bridge currency. This would effectively increase the value of XRP.
Currently, 12 out of 300 customers have chosen to opt for ODL. Currently, it operates in Australia, Brazil Mexico, and the Philippines providing remittance services.
XRP Chasing a Break-Out
After a humongous growth bubble and bust in 2017-2018, it is still the 3rd highest crypto according to total market capitalization. Nevertheless, XRP price has primarily ranged around $0.3 for the most part of the year.
Leading chart analyst Peter Brandt last week tweeted on the formation of a diamond pattern in XRP. He said,
The diamond pattern has always been a top pattern among traditional markets. I suppose pattern might work for a bottom in crypto markets. If you want to know what a very clean diamond looks like, see $XRP
The price of XRP at 3: 00 hours UTC on 7th November is $0.3. Brandt suggested the previous day that the progression still holds. XRP continues to test the break-out levels of the pattern as resistance. He tweeted,
This chart interpretation remains valid — $ is taking another run at a breakout.
Do you think XRP the break-out will occur or there are other factors for uncertainty? Please share our views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com