XRPUSD Tries to Hold Onto Gains From Ripple ‘Line of Credit’ Release

Ripple’s XRP price is trying to hold onto last week’s gains, which were driven by the release of Ripple Labs’ new ‘Line of Credit’ service. XRPUSD is trading at $0.2550 but is lower on the day after failing near $0.2600 resistance.

Line of Credit is a new beta service on RippleNet that allows customers to access liquidity to initiate cross-border payments at scale using XRP. The new service is aimed at small-to-medium businesses (SMEs). Users of the On Demand Liquidty (ODL) service can purchase XRP from Ripple on credit where they will be charged a small fee, which Ripple claims will be less than standard credit providers.

Ripple CEO Brad Garlinghouse also took to Twitter this week to address speculation regarding the future path of the project. Ripple has been criticized over a potential move of it’s headquarters overseas. Garlinghouse said that they were a, “proud US-based company,” and were not looking to evade regulations, but he also underlined that they wanted a, “level playing field,” after suggesting that Chinese companies were being favoured over U.S. firms.   

A move overseas may remove some of the previous criticism that Ripple wasn’t decentralized enough due to connections with U.S. regulators and traditional Wall Street institutions. 

XRPUSD Technical Outlook

The price of XRPUSD is trying to find buyers above the 50-day moving average and is trading within a small price channel Resistance is at $0.2700 with support at the ma and around $0.2450. The Investing Cube team is currently available to assist all levels of traders with the Forex Trading Course or through one-to-one coaching.    

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XRPUSD Daily Chart

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