Why I'm Not Buying the Ripple Cryptocurrency At The Moment
Today, Ripple (XRP) coin again failed to break past $1.20 resistance, and is now at time of writing straddling a buck.
#Ripple at this juncture is similar to the U.S. Olympics team at this year's Winter Games, as in, disappointing. So I'm holding off on making major purchases of the Ripple #cryptocurrency until I get a better read on the situation.
Here's the XRP candlestick chart:
Some key takeaways:
- Trading over the last few weeks have been too pensive (small bodied candlesticks)
- Prior support zone starts at around 75 cents (highlighted in yellow box)
- XRP has to hold at this last support; otherwise, it risks severe technical damage
Just an hour ago, Coindesk published an article about Ripple, stating how the company wants to do a refresh on its venture. Essentially, it wants to bolster its relationship with its major banking and financial partners.
That's all fine and dandy; however, a major impediment to Ripple longer-term is its lack of transparency. We don't really know what these "business relationships" mean. Is it an actual contract to use the Ripple #blockchain? Or is it just a "we'll get back to you" sort of thing?
I don't think anybody knows...it's just speculation driven by the "telephone game" played over the blockchain. For now, I'm just sitting tidy, and waiting for a better entry point.
Ripple's blockchains are making a lot of progress recently, unfortunately non of their most prospective products use XRP.
Yeah, that's a great point -- banks don't actually need to use XRP to take advantage of the Ripple blockchain technology.
Thank you very much. Totally agree that the lack of transparency is one of the major concerns about Ripple. I don't like the high grade of centralization neither. It stays far away from the "ideals" (if there are any...) of cryptocurrencies, at least concerning the earliest white-papers.
You are right...no crypto ideals exist. It's centralized decentralization, which is just centralization :) At the end of the day, it's a profit-making opportunity, and maybe a potential to be something more.
Totally agree!
Nice @bullishmoney 👍👍👍👍👍
It's interesting to see Ripple struggle, even as more and more banks adopt it as a means of transaction clearing.
Ripple is not struggling. XRP token is struggling. Their xCurrent blockchain product seems doing pretty well!
Ahhh. Thanks. I'll have to check that out.