Ripple – Another Bank of America Partnership Rumour Surfaces
Ripple’s Swell Event 2020
by Bogdan Giulvezan
Ripple’s Swell event took place on 14 and 15 October, with things going swell for the crypto giant. The conference was held online, due to social distancing measures and during the opening keynote, Ripple CEO Brad Garlinghouse highlighted the XRP digital asset as the “key behind RippleNet”, while also revealing that since RippleNet’s inception, three years ago, more than 2 million transactions have been completed, amounting for over $7 billion. XRP and ODL (On-Demand Liquidity) were used in approximately 20% of these transactions, with a value of about $2 billion, thus showing that XRP and ODL are vital to Ripple’s long term success.
RippleX, the freshly rebranded division for development and investment (previously called Xpring) is looking to boost XRP adoption, with a focus on expanding the digital asset’s use past the world of remittances. For this purpose they’ve launched a new hiring wave for RippleX, looking for a director of engineering and a director of developer relations, among others.
And since we are in the era of rumours, leaks, and social media, not a day goes by without something popping up. This time, an old rumour about a partnership between Ripple and Bank of America has been reignited by Twitter footage and screenshots, showing an ODL demo video where the name Bank of America is displayed. Turns out this is a polarizing matter for the community, mostly because in other versions of the presentation, the name “Fast Remit” appears instead of “Bank of America”.
The Chart’s Reaction to the Swell Conference
Usually, XRP is moving lively at the time of the Swell event, however, this wasn’t the case for Swell 2020, and the reaction was rather muted. Currently, XRP is trading at 0.2400 against the US Dollar, with a bearish bias, below the 100 period Exponential Moving Average on a 4-hour chart.
Since September 2020, the digital asset tried several times to break the resistance at 0.2600 but failed and it seems XRP is lacking the oomph required for a bullish break. As mentioned above, price is trading below the 100 EMA and on top of that, a bullish trend line has just been broken, adding more downside pressure.
The Stochastic is moving into oversold territory but this fact by itself is not a clear indication that price will reverse and move north. The MACD lines are close together, indicating a lack of momentum, but are moving down, which shows that short term control belongs to the bears, albeit it’s not a decisive control. Overall the chart looks like it will be going south for a while, aiming for the support at 0.2300. A quick move above the trend line and above the 100 EMA would invalidate a drop to 0.2300 and would make 0.2600 the target.
