Today’s Ripple (XRP) News
Back in 2017, the current CTO of Ripple Inc—David Schwartz said the primary reason in their decision to lock up 55 billion XRPs, or 55 percent of the total XRP in circulation, in a series of transparent escrow accounts was to “provide additional predictability to the XRP supply.”
He further went on to say the ledger protocol “control the release of the XRP” and that these “escrow consists of independent on ledger escrows that release a total of one billion XRP each month over the next 55 months.”
However, in a finding by Coin Metrics, a blockchain analytics company, that did an in-depth analysis of Ripple’s escrow system, there are “several important discrepancies between what was publicly reported by Ripple and what was visible on the XRP ledger.”
They note that “the “escrow queue” is implemented differently than announced, leading to a faster future release of escrowed funds compared to the announced schedule”, that “other party/parties, potentially associated with Ripple, have released 55 million XRP from an unknown escrow address not connected to the main Ripple escrow account” and in “two quarterly markets reports under-reported the number of XRP released from escrow by a total of 200 million XRP ($84 million at current prices).”
This finding is no doubt a dent to Ripple’s image and calls into question the level of centralization in the ledger. It is not the first time critics are leveling out their opinions to Ripple Inc saying the firm is entirely responsible for XRP pricing as the majority owner. Other accusations include XRP overstated market cap by Messari that drew the wrath of the XRP Army.
XRP/USD Price Analysis
At the time of press, XRP is down 1.4 percent in the last 24 hours but encouragingly up 23.9 percent from last week’s close. Despite Coin Metrics findings and the “deliberate” divergence from initial arrangement, risk-off traders can load up on dips with first targets at May-16 highs.
Note that, and as highlighted in our last XRP/USD price analysis, buyers are in control because of May-14, high-volume close above our first buy trigger at 34 cents. Since there is a reaction from the five-month resistance level, every dip—above 34 cents is technically a buying opportunity. However, it all depends on the depth of the correction that is currently in progress.
All the same, with a whole bull bar above the upper BB—on May-16, XRP XRP 0.42 is according to Bollinger Band rules, over-valued and therefore, ideal reaction points is anywhere between the 61.8 and 78.6 percent of the last leg up placing 34 cents as a possible level where bulls will find support. The mark is within May-14-15 high-low and that, from an effort-versus-result analysis, mean buyers are in control.
Any snap back therefore, preferably at the back of high participation level, allows risk-off traders to ramp up and trade as aforementioned. Meanwhile, any reaction leading to break and close above 43 cents is a pathway to 60 cents inviting conservative traders to initiate longs with close stops at 34 cents.
- Source: First Appeared Here
- Published Time: 2019-05-18 15:57:46
The views and opinions expressed in the article Retracement a Perfect Opportunity for Initiating Longs do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research..
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