Ripple's Gonna Triple.. ($XRP Explained)

In light of the recent pump, the swell conference and all the buzz -- I decided to do a write up on Ripple/$XRP

What is Ripple?

Ripple is a payments protocol and a cryptocurrency not unlike Bitcoin. Ripple came on to the scene in 2012 out of San Francisco and is a "RTGS" or Real Time Gross Settlement System. According to Ripple Labs, $XRP, "connects banks, payment providers, digital asset exchanges and corporations via RippleNet to provide one friction less experience to send money globally." Sound familiar? Currently $XRP holds the number three spot for largest cryptocurrency in the market and has a market cap of over $11 Billion. Ripple transactions take less than four seconds and over 1000 transactions per second can be processed on the network. Ripple Labs has managed to become the leading blockchain technology provider for payments and settlement solutions for financial services companies and currently, has over 75 global banks and other financial institutions as clients.

Should I Invest In $XRP?

Buying, holding, and selling cryptocurrencies should never be decided off the opinion or view of others, obviously trade at your own discretion. Investing in a crypto, specifically Ripple, comes down to whether or not you believe that it will be able to succeed in what it has set out to do, which is to become the go-to payment solution for the finance industry. Currently based on this recent pump (I'll get into that soon), and the current Swell conference that is among us, it seems as though they are succeeding. While Ripple enthusiasts and Bitcoin enthusiasts seldom see eye to eye, $XRP definitely has the potential to become a favorite among investors and people new to crypto.

What's With The Pump?

Starting today, Monday, October 16, 2017 and ending on Wednesday, October 18, 2017 - Ripple is hosting a Swell conference in Toronto Canada. Why is this important? The point of the conference is to attract banking and blockchain leaders who's goal is to change the way money is sent and received today. The conference brings together experts on payments, and those in the industry who are willing to discuss trends, blockchain success stories, and, real world implementation to meet customers demands for global payments.

Ripple Price Support:

"This past week, Ripple price traded towards $0.2800 against the US Dollar. The price found sellers near $0.2800 and started a downside correction. It traded below the $0.2500 level and tested a major support at $0.2350. Buyers managed to prevent more declines below $0.2350, and as a result, there was an upside move. During the upside move, there was a break above the $0.2500 resistance and the 50% Fib retracement level of the last decline from the $0.2800 high to $0.2350 low.
Moreover, there was a break above a bearish trend line with resistance at $0.2550 on the hourly chart of the XRP/USD pair. The pair also traded above the $0.2600 level and the 100 hourly simple moving average. These are positive signs and calling for more gains above $0.2550. A recent high was $0.2692 and the price is currently correcting lower. It is testing the 38.2% Fib retracement level of the last wave from the $0.2500 low to $0.2692 high. source: http://bit.ly/2ysk0El

An important support sits at $0.2550 and the 50% Fib retracement level of the last wave from the $0.2500 low to $0.2692 high. As long as the price is above $0.2500, it might bounce back and move above $0.2700."

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is approaching the 50 level.

Major Support Level – $0.2550

Major Resistance Level – $0.2700

Sources:
https://www.coindesk.com/10-things-you-need-to-know-about-ripple/
https://btcmanager.com/what-is-ripple-is-it-a-good-investment
http://www.businesswire.com/news/home/20171014005005/en/Ripple-Host-Swell-Future