Ripple’s token, XRP, has broken above the Ichimoku Kinko Hyo’s cloud on the 4-hour time-frame ahead of the 4th of July holiday in the US. This comes as the San Francisco-based company is hard at work trying to get people to use XRP on things other than speculative trading. They’re literally giving Ripple away to create a buzz.
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So far, Ripple has been able to get the et actor and part-time tech investor Ashton Kutcher present $4 million worth of XRP to Ellen DeGeneres’s favorite charity on her talk show. They also got Stephen Colbert to donate $29 million worth of XRP to schoolteachers on his late-night show.
It appears they’re hoping to create a movement via the celebrities, and make XRP more mainstream.
Of course, you still won’t be able to use XRP at your local grocery store or even on online retail stores. But perhaps people can start using it for things Ripple does better than fiat currencies. Namely, international transfers. That’s precisely what Ripple is branding itself as at the moment: “One frictionless experience to send money globally” according to their website.
Sending XRP is speedy and has low operational and liquidity costs. But you’d still need to make a few steps to exchange it back to your usable fiat currency. For example, if you’re trying to send money to Japan from the US, you can first exchange your USD to XRP, send it to Japan where your recipient can then exchange the XRP to JPY.
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XRP/USD Technical Analysis
Back to XRP’s price action, not only it has broken above the 4-hour Ichimoku cloud, on the daily chart, it appears to have bottomed out at the key support level 0.46.
If the bullish momentum prevails throughout the US holiday, we could see a formation of a Double Bottom bullish reversal chart pattern. With that, we could expect the price to reach the neckline and 78% Fibonacci retracement level of 0.88 in the next couple of months. On the other hand, if the summer holidays kill the bullish momentum, XRP could be supported at 0.19.
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