- Ripple (XRP) performance dismal, bulls add 1.3 percent in 24 hours.
- Despite apparent efficiency, a central bank official said he sees no potential in Ripple
An official from Singapore’s MAS is skeptical of retail bank digital currencies capabilities after the country’s Project Ubin linked with Canada’s Project Jasper effecting the first transaction. Presently, Ripple (XRP) is lagging in performance in the top-10 as bulls fail to cross above 34 cents.
Ripple Price Analysis
Fundamental
Over and above everything, Ripple is, first of all, a global fund transfer and payment platform. Proponents claim Ripple’s leading solutions are new –age solutions designed explicitly to deal with decade age problems of high latency, high fees and well, extra costs through Nostro–Vostro accounts. That is what the blockchain startup’s executives seek to introduce to a world yearning for change but barred by a rigid but core network. Although the 43-year-old system in SWIFT may be slow but responding to changing times, it did contribute positively to economic growth. Even so, Sopnendu Mohanty, the Chief Finance Officer of Singapore’s regulator MAS, is skeptical of retail bank digital currencies.His comments come after Singapore’s and Canada’s central banks connected via Projects Ubin and Jasper for the first time.“We don’t see much in the Retail bank digital currency, but still much hope that we can remove a lot of inefficiencies […] when it comes to cross-border payments.”
Candlestick Arrangement
Technical Indicator
From the chart, sellers have the upper hand because buyers are yet to reverse losses of Apr-24-25 comprehensively. As laid out in our last XRP/USD trade plan, it is after prices edge past 32 cents or Apr-24 highs with above average volumes exceeding May-2 average of 20 million and 79 million of Apr-2 is when buyers would be back triggering another wave of buyers aiming at 40 cents.
Chart courtesy of Trading View
