Ripple price analysis: Consolidating above $0.31; Ripple’s David Schwartz insists XRP is “inherently decentralized”
|- Ripple price downside finds a balance above $0.310 but the upside is limited at the 23.6% Fib level.
- “Put simply, the XRP Ledger is based on an inherently decentralized, democratic, consensus mechanism,” David Schwartz says in his report.
Ripple is trading slightly in the green in the wake of the declines that took place yesterday. There was an upward movement that was initiated from the support at $0.325. The bulls intensified their attack on higher levels stepping over $0.35, although they lost the momentum short of $0.355. This allowed the bears entry but the short-term support at the 61.8% Fib retracement level with the last high leg of $0.351 and a low leg of $0.31 slowed down the downward movement for most of the trading session.
The sellers, not ready to call it a day, broke the 100 15’ simple moving average support. This move led to more break down below $0.330 and $0.320 support zones. With Intent to slash another support at $0.310, XRP/USD formed a low around $0.311. The bulls re-emerged and in a pullback, Ripple price trade above the 23.6% Fib level resistance at $0.319.
At the time of press, Ripple has embarked on another downward roll while the upside is limited by the 50 SMA. The trendline will also prevent gains towards $0.325 while the 100 SMA will offer stiff resistance at $0.330. XRP/USD is supported at $0.315 and the next support at $0.310.
For a long time now Ripple Labs. Inc. has been tasked with a burden of explaining why its ledger, XRP is not a security token and that it is not at all centralized. The company’s Chief Technology Officer, David Schwartz has once again clarified that XRP is an “inherently decentralized” cryptocurrency. In his report titled “The Inherently Decentralized Nature of XRP Ledger,” David notes that decentralization is “is wildly nuanced, misunderstood and, frankly, evolving.” Ripple’s XRP consensus protocol is different from that of Bitcoin and Ethereum, instead of using proof-of-work algorithm to verify transactions and issue rewards, XRP verifies transactions using validators records spread across the world but do not get rewards or incentives.
“Put simply, the XRP Ledger is based on an inherently decentralized, democratic, consensus mechanism — which no one party can control.”
XRP/USD 15’ chart
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