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Wednesday, December 2, 2020

Buying Ripple might be a good idea in October

  • Professional e-sports gamers will be able to receive payments in XRP according to the latest news
  • The transaction volumes of this cryptocurrency are expected to increase several times in 2021
  • MoneyGram and Banco do Brasil have announced new partnerships in Switzerland and North Africa
  • If the price jumps above $0.26 it would be a “buy” signal and we have the open way to $0.28

Ripple is holding above the key $0.20 support level against the US Dollar and it seems to be preparing for the next major break in the coming sessions. If you want to buy Ripple, the current price level represents good value for what you pay and maybe now could be a good time to buy this cryptocurrency.

Fundamental analysis: Professional e-sports gamers will be able to receive payments in XRP

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The price of Ripple (XRP) currently stands around $0.236 which is still far away from the XRP price predictions for 2020. In my opinion, Ripple has a very good risk/reward ratio on the cryptocurrency market currently and investors in this cryptocurrency stand to gain a lot more for taking a comparatively smaller risk.

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Ripple is constantly adding new clients and it is important to mention that many financial institutions are using the Ripple protocol in order to transfer money. According to the latest news, Japan-based SBI Holdings has pushed XRP into the frontline of the Japanese E-sports gaming industry.

This deal will enable professional e-sports gamers to receive payments in XRP which will certainly add further value to this cryptocurrency. It is also important to mention that MoneyGram and Banco do Brasil have announced new partnerships in Switzerland and North Africa.

These two companies are also partners with Ripple and Ripple’s cross-border payment technology will be adopted by many more financial institutions. Ripple CEO Brad Garlinghouse said recently that transaction volumes of this cryptocurrency are expected to increase several times in 2021 and the customer base is expected to grow by 30-40%.

Once this happens, the price of this cryptocurrency will be at much higher levels and Ripple could be one of the best performers on the cryptocurrency market in the upcoming period.

Technical analysis: The current trend is neutral-bullish


ripple
Data source: tradingview.com

According to the rules of technical analysis, the current trend of this cryptocurrency is neutral-bullish. The current resistance levels are $0.26 and $0.30, $0.20 represents the strong support level.

If the price jumps above $0.26 it would be a signal to buy Ripple (XRP) and we have the open way to $0.28. Rising above $0.30 supports the continuation of the bullish trend and the next price target could be located around $0.35.

If the price falls in the upcoming period, every price in a range from  $0.15 – $0.20 could be a very good opportunity to invest in Ripple.

Summary

If you want to buy Ripple, the current price level represents good value for what you pay and maybe now could be a good time to buy this cryptocurrency. More than a third of the world’s 100 largest banks have tested or are already using this payment technology. The transaction volumes of this cryptocurrency are expected to increase several times in 2021, the forecast growth does not appear unrealistic and Ripple’s cross-border payment technology will be adopted by many more financial institutions.

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