- Ripple (XRP) adds 4.3 percent
- The Mexican exchange, Bitso, has a license from Gibraltar Financial Services Commission (GFSC)
Bitso is the first exchange from Latin America to comply with the Gibraltar Financial Services Commission (GFSC) regulations. While at it, the citation of Ripple in a patent by Bank of America is bullish for XRP. At the time of writing, it is up 4.3 percent from last week’s close.
Ripple Price Analysis
The debate on whether or not Bitcoin is a tool for money laundering and funding terrorism is dominating headlines. Ripple is aiming to distance itself from such discourse. The financial technology company is offering a suite of products that intends to appeal directly to big-name financial institutions.
So, banks make use of some of Ripple’s financial solutions. However, it is becoming increasingly apparent that it might take years for Ripple CEO Brad Garlinghouse’s vision to be actualized. Ripple’s drive in the Middle East is bearing fruit.
With the Bank of America (BoA) citing XRP in a recent patent, the Wall Street household name could end up using xRapid in the near future. Nothing is substantiated at the time of writing this. Nonetheless, the mere mention of XRP — and xRapid by extension — should be huge for Ripple fans.
“This license gives Bitso a leading position as one of the most innovative financial services providers in LatAm and the world, by becoming the first exchange platform in LatAm, licensed and regulated by the GFSC.”
At the time of writing, XRP is one of the leading performers in the top 10. By adding 4.3 percent week-to-date, there is relieve for XRP bulls. Not only are prices edging higher following the rebound from Q1 2019 support at 30 cents, but accompanying the revival is a definite increase in trading volumes.
Bullish as it is, traders must resist the urge to jump in on the first signal. Instead, the best option, and this is for aggressive traders, is to wait for pullbacks.
Accompanying this should be a safety net, a stop limit, just below 30 cents with the first target at 40 cents.
On the other hand, conservative traders should wait for a breakout above 40 cents or liquidation below 30 cents before trading as per the direction of the breakout.
Signaling trend continuation or bear resumption will be an extensive candlestick. Any breakout above 40 cents or below 30 cents with high trading volumes exceeding 50 million of July 10 will be hinting.
Any rally past 40 cents could see May 2019 bulls flow back. In that likelihood, XRP prices may end up floating to 60 cents and 80 cents respectively. Conversely, losses below 30 cents would be a trigger for 25 cents or lower in days ahead.
Chart courtesy of Trading View. Image Courtesy of Shutterstock