Ripple’s drop to under thirty cents may attract buyers

TransferGo launches a payment channel in India using XRP technology

This week, TransferGo launched the channel which will enable real time transactions. The channel is also going to be available across Europe. The system will enable users to avoid current payment methods that take around two to three days. It is not known yet which Ripple product TransferGo will be using but the transactions will be based upon Ripple because use of the token is widespread in the country. The door will be opened for many opportunities. Another payment service which is slower but free is being launched by TransferGo. It is also based on XRP.

The CEO of Ripple Brad Garlinhouse said this week there is no point in replacing fiat money with cryptocoins. This is a position which will draw the enmity of many in the cryptocurrency area since often the coins are seen as a replacement of fiat money and they have the advantage of not being issued or controlled by governments. In order to replace fiat currency digital currency would need to get the speed and usability of fiat money and become much more effective. Digital currency can function well in overseas transaction but it still not useful for everyday payments as is fiat money.

Friday technical analysis

On Friday, CCN gave a short technical analysis of the price of XRP. The latest fall of Ripple has formed a downward trend but the channel support test led to a temporary bounce up. There is a new downward wave forming. If the support at $0.2780 is breached the downward trend will continue and the price will move toward the lower projection channel towards $0.2140. Once the support of $0.2780 gets broken the new channel support and key low will be $0.2365 as the next target. The local upward resistance is $0.3036.

Present situation

As mentioned earlier XRP opened today around $0.28 and went as high as $0.29. It is now September 10 UTC, more than two hours into the new day. CoinDesk just rounds off the price of XRP to the nearest cent. XRP opened the day at $0.28 and that has been the high and low as well. To get a more exact reading coinmarketcap is much better but it is not as up to date as CoinDesk. At present there does not seem to be formation of the downward wave.

It may be that investors are deciding that this is a good time to buy XRP. An article at cryptorecorder argues that this is a good time to buy XRP when it is at prices that have not been seen since last October. Should many buyers see this as an opportunity to buy XRP at a bargain price, XRP could rise substantially. However, many might want to wait until they are certain that the XRP price is at the bottom.

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