Ripple’s Use Case Seems to Take Over Bitcoin’s
XRP continues to trade below Tether after having slipped from its position among the top 3 cryptos of the market; it is still trading in the green, just a cent below the immediate resistance at $0.29. Like any other crypto known for its use case, XRP and its platform are known for its speed, cost, and scalability, which makes it an extremely powerful platform edging its usefulness for payments.
Crypto is not just about the platform but is about the underlying technology that is to be identified by the aligned field’s individuals. In this regard, the CEO of Ripple, Brad Garlinghouse, considers Bitcoin, the foremost cryptos of the global market, as an inflationary hedge. In common parlance, an inflation hedge is a hiking shield, which means that safeguarding security, which leads to an increase in the price of this hedge eventually.
Never a dull moment in crypto! Institutional investor interest is skyrocketing… industry growth comes down to real world utility. As a store of value, BTC is an extremely useful inflation hedge. XRP’s speed, cost and scalability make it extremely useful for payments. (1/2)
Moreover, just when millions succumb to the death against the Coronavirus that started from China a year ago, all over the world, Ripple has been extensively pushing that China dominates both Bitcoin and Ethereum—the two largest coins of the market. This leads to a simple yet humorous question from a common man, Will Cryptocurrencies End Up Soon Just Like Any Other Chinese Products?
Well, ending the joke right away, it is simple that China has been strategic as to where did it put its investment, knowing where the world would be in the upcoming years. In this regard, Brad Garlinghouse wants Bitcoin to be successful, and Ripple is not competing with Bitcoin at any point, as clearly said by CEO in Fortune’s “Brainstorm” Podcast.
XRP One Amongst the Top 10 Trending Searches as It Trades a Cent Below $0.30
The platform dynamics are one thing, and the price dynamics of the crypto is another. In this regard, the price is not left behind, and XRP is clearly acing in the list of top 10 trending searches on LunarCRUSH Listening for Cryptocurrencies.
Top 10 trending searches on https://t.co/2VriAuMQtL as of 4:06PM UTC Tue, Nov 17$btc #bitcoin$zil #zilliqa$ltc #litecoin$xrp #xrp$etn #electroneum$vet #vechainthor$rsr #reserverights$dot #polkadot$bnt #bancor$link #chainlink pic.twitter.com/d4PULQH1I0
— LunarCRUSH Social Listening for Cryptocurrencies (@LunarCRUSH) November 17, 2020
XRP Price Analysis
On the above XRP price chart, the current momentum of the currency is above 61.80% fib retracement level from the YTD second high marked at $0.32 after YTD lowest marked in March at $0.11. It was earlier in August when the XRP experienced a steep rise and managed to rise above 61.80% fib, just like the current traction. However, the XRP lacks momentum to reclaim the YTD high that it had hit in the previous month.
Currently, the XRP price movement reflects a bullish crossover due to the current positive market sentiment as Bitcoin is close to reclaiming the ATH. Therefore, the coin retains complete support, and the MACD chart shows a bullish divergence. The RSI is also breaching the overbought region at 68.90 due to price-led increased demand.