India is a new gateway for setting up a potential blockchain market only if the government creates an opportunity to push the adoption of digital assets and blockchain-based cryptocurrencies with well-framed regulations.
Today, India is standing at a conjugating moment for approving fintech and digital assets, Ripple in this regard, is releasing a policy paper with a head— “The Path Forward for Digital Assets Adoption in India.” This is aimed to provide the Indian government and legislators all the required exhortations for welcoming fintech for the elevated development process of the country. Moreover, the Reserve Bank of India, taking a step forward towards the given subject, has sanctioned the trading of digital assets via bank accounts.
Now, the question that strikes is: Will this be helpful?
Back in the time, when the United States was in the same rhythm as India is currently, it was then when Ripple’s CEO Brad Garlinghouse, along with the Executive Chairman, Chris Larsen, wrote a letter to the government of the US in action then. In the letter, he urged the government to push fintech innovation with policies and proper frameworks to which the US government positively acknowledges the benefits of blockchain technology and, in the recent Consumer Financial Protection Bureau (CFPB) considered a final rule to revise The Electronic Fund Transfer Act (EFTA).
However, not only India, but Ripple has been extending its service benefits to various of the world, making payment quick and hassle-free. In this regard, Ripple has just launched PayID, which is the universal Payment Identifier. PayID includes 40 global companies and nonprofits as a member of newly formed Open Payments Coalition for compatibility between networks leading to payments.
Reaching over 100 million consumers worldwide, @payid_org is a simple, open and universal payment identifier that makes it easier to move money across payment networks. #PayIDTogether https://t.co/LU0WcxDftV
— Ripple (@Ripple) June 18, 2020
Moreover, Ripple has been gaining ground as it hits amongst the top 30 Disruptors in CNBC’s recent eighth annual Disruptor 50 list. The startups on the list are poised to working towards cybersecurity, education, logistics, supply chain, health, IT, Fintech, and any branch that appears working towards the development of people.
— Brad Garlinghouse (@bgarlinghouse) June 16, 2020
Now, as the platform gains enough impetus, the coin cannot be underestimated despite a change in position in the global crypto market in the recent past. XRP’s position has been taken over by Tether due to lack of momentum presently against the US Dollar; however, the loyalists are likely to remain intact, no matter what.
XRP Price Analysis
XRP, at the time of penning down, was trading at 0.1879 against the greenback, and on the daily chart, the pair lacked the momentum to experience a breakout since the previous month now. Moreover, the coin was on a continual bullish streak after the market crash in March until the previous month when the XRP price lacked the blow of traction. However, this has been the case with many altcoins who hold approximately similar momentum to that of Bitcoin.
Currently, there is a triangle formed, and there can be a possible breakout soon as per the current momentum on the daily chart. The 20-day Bollinger Bands laid are seen widening gradually, which is likely to invite volatility in the upcoming days subject to steep rise or fall. The current price action is lacking support from the daily MAs, and the technicals appear bearish due to lack of intraday friction between the traders.
The RSI of the XRP coin is seen inclined towards the selling zone as it lies at 39.33. The major support and resistance to watch out for lies at $0.180 and $0.190, respectively, as a petite-term trade outlook.