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7 October 2022
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Ripple Weekly Forecast: XRP/USD bounces to recovery after crashing to $0.19

  • Ripple’s ODL platform gains traction among Australian as BTCMarkets exchange records 5% growth week-over-week.
  • Ripple executives openly long Bitcoin but remain, mum, when asked about XRP, David Schwartz cites regulatory uncertainty.
  • Ripple price targets closing the week in the positive after Thursday flash drop to $0.19.

The cryptocurrency market is in shambles at the time of writing. The effort put in by the buyers from the beginning of the week has turned out to be nothing but water under the bridge. Ripple price dived under $0.20 support in tandem with Bitcoin’s flash drop under $9,000. The rest of the cryptocurrency market dropped almost in equal measure. For instance, Ethereum slumped under $200 before finding support at $195. Bitcoin Cash extended the bearish leg to intraday lows of $225.

Ripple is, however, waking up from the losses with 3.15% in gains during the Asian session. Bulls have managed to reclaim the support at $0.20 amid high volatility. It is vital that buyers start to defend the support at $0.20 to avert declines to the next support target at $0.19.

Industry: Ripple’s ODL gains ground in Australia

The On-Demand Liquidity (ODL) payments solution by Ripple continues to gain popularity as it stands out as a worthy alternative to the traditional Swift. The CEO of BTCMarkets, Caroline Bowler, in a recent interview talked about the expanding interest on Ripple’s ODL platform. BTCMarkets is a new member of RippleNet but Bowler says the platform has seen the exchange experience a 5% growth week-over-week.

…what we’re seeing with ODL, just to give you this as context, I think we’re averaging about a 5% week-over-week growth since January in terms of volume coming through our exchange on XRP.

Ripple’s ODL platform continues to gain traction even in other parts of the world including Brazil and The Philippines. The growth in Australia suggests that people are warming up to XRP and other blockchain cross-border solutions from the company. When extrapolated, this growth could mean that more people will hold XRP and other cryptocurrencies in future. The price of cryptocurrencies in the future will also depend on utility, adoption and other use cases.

The US approves XRP for use in cross-border payments

Earlier this week, the United States Consumer Financial, Protection Bureau singled out Ripple among the vast number of digital currencies for use in cross-border payments. The organization has in the recent past been exploring the global remittance market, expanding its scope to cover the digital currency space as well.

“The Bureau has continued to monitor…the continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payment messaging platform to support cross-border money transfers as well as a virtual currency, XRP, which can be used to effect a settlement of those transfers.”

XRP investors targeted by new scam

Investors in XRP, the third-largest cryptocurrency in the market are being targeted by a new scam involving the distribution of emails purporting to come from Ripple, the issuing company. The particular scammers look legitimate, with no spelling mistakes or too good to be true offers. The contents of the scam email were shared with the XRP community whose members were told to be alert.

Ripple regulatory uncertainty

The XRP community has noticed that Ripple executives long BTC but never mentioned anything to do with XRP price performance. According to the Chief Technology Officer, David Schwartz, regulatory uncertainty surrounding XRP makes it difficult for Ripple employees to share their opinions. Ripple owns a sizeable amount of XRP token supply and is facing a lawsuit that seeks to find the company guilty of selling security tokens illegally.

Ripple technical analysis

From a technical perspective, XRP is likely to close the week in the positive, preferably above the stubborn resistance at $0.21. The growth above this level will also depend on the bulls’ ability to overcome the seller congestion at the descending trendline. The moving averages; 50 SMA at $0.20165 and the 100 SMA at $0.2045 will give the buyers a hard time.

The MACD is making steps towards the mean line with a target of closing the week in the positive region. This follows a dive to -0.00225 that saw XRP retest the support at $0.19. The RSI’s upward recovery from levels at 30 hints that XRP is under the control of the buyers. In terms of support, $0.19 is strong enough to keep declines at bay while the main support lies with $0.1750.

Read also: Cryptocurrency Market News:  Bitcoin slumps under $9,000 as Ethereum 2.0 testnet staking gains traction

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