Ripple XRP Update: Cryptocurrency traders appear to have failed to take into account Ripple’s future potential. Do you remember that Ripple and the Gates Foundation have teamed up to level the economic playing field for the poor? Why isn’t XRP reacting better to this?
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Ripple’s Collaboration with Gates Foundation
It’s been almost a month since the Bill and Melinda Gates Foundation released new open-source software to reach the world’s poor with essential financial tools. The software utilizes technology developed by startup Ripple, in partnership with Dwolla, ModusBox, Software Group and Crosslake Technologies.
Mobile wallets can be an effective, alternative solution for unbanked people. However, it’s costly and complicated for banks to develop digital financial services for new markets. It’s even harder to them interoperable so that digital money can be exchanged as freely and fluidly as cash.
This new open-source software called Mojaloop creates a real-time, interoperable payments platform on a national scale to reach the world’s poor with essential financial tools.
However, this good deed appears to be vastly ignored by the market participants and XRP traders.
Ripple XRP Technical Points
After dropping from the key resistance level of 0.27 back in October XRP/USD has mainly ranged within the narrow range of 38% and 23% Fibonacci retracement levels at 0.22 and 0.19 respectively.
The pair remains below the flat Ichimoku cloud. The Tenkan line has crossed below the Kijun line. The future cloud appears bearish, although it lacks a concrete direction.
It appears as though the cryptocurrency market participants are distracted by the wild volatilities in Bitcoin and Bitcoin Cash, which may give XRP range traders chance to take advantage of the lack of wild rides.
This includes XRP traders in South Korea. For example, trading volumes on Bithumb, one of the largest exchanges in South Korea, have generally gone up in November.