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Western Union Says ‘Bring On the Blockchain’. Ripple Happy to Oblige

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  • Thomas Hughes
    📈 Price Predictions

    Ripple’s XRP added more than 20% during the last 7 days and almost 12% during the last 24 hours alone, currently trading at 0.38 against the US dollar

Western Union Says ‘Bring On the Blockchain’. Ripple Happy to Oblige
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Payment processor giant Western Union recently stated they are ready to adopt cryptocurrency transfers as they already operate with 130 currencies, and technology-wise, it wouldn’t be a problem for them.

The company also mentioned it could bridge the gap between crypto and cash, and that it has been testing Ripple’s xRapid since 2015; however, the first tests were early and potentially “too small” for a clear conclusion to be drawn.

For the time being, Western Union is closely watching crypto market developments and has not yet made a decision regarding digital coin integration. However, if they choose to add crypto transfers, it will probably take a long time, so I don’t expect to see it functional by the beginning of next year.

Chart Analysis – XRP/USD

XRP/USD chart

Ripple’s XRP added more than 20% during the last 7 days and almost 12% during the last 24 hours alone, currently trading at 0.38 against the US dollar. The rally began after a false break of the key support level at 0.30, which triggered a sharp rise and a break of the resistance zone between 0.33 and 0.35.

That previous resistance has now turned into support, so we can expect it to stop falling prices in the future, but the immediate target for now is 0.40, which is both a confirmed technical resistance as well as a psychological level.

If the pair goes straight into 0.40, we can expect a bearish correction there, mainly because the price increased rapidly in a short amount of time and the pair is now overextended. This is also indicated by the position of the Relative Strength Index, which has crossed its 70 level twice, indicating overbought.

Support zone: 0.33 – 0.35

Resistance zone: 0.40

Most likely scenario: move into 0.40 followed by shallow retracement or sideways movement

Alternate scenario: drop into support

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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout

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    Bitcoin could witness a bullish breakout if its looming diamond pattern gets confirmed

Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

ByBit

The Bitcoin price is on the verge of forming a diamond bottom, which represents two juxtaposed symmetrical triangles. This a major bullish pattern that could be the bellwether of substantial price gains. 

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According to cryptocurrency trader "The Moon," Bitcoin has a 70 percent chance of a bullish breakout if the aforementioned pattern gets confirmed.   

That said, Bitcoin would need a huge buying volume for this scenario to translate into fruition. 

Trading vet Peter Brandt noticed that the XRP/BTC pair was about to complete a diamond bottom. However, Ripple's native token failed to rally even before the much-awaited SWELL event that took place on Nov. 7-Nov. 8.     

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Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

As reported by U.Today, BTC dropped to the low-$8,000 level due to lack of enthusiasm on the buyer's side who failed to step in to reclaim $9,000. At press time, the coin that started it all is changing hands at $8,165 after being rejected at $8,200. 

Given that Bitcoin has trimmed all of its recent gains, market sentiment is now predominantly bearish. It remains to be seen how long it will be able to hold the crucial $8,000 support.      

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image by coinstats.app

Earlier, market analyst Willy Woo claimed that BTC's bearish price action ahead of the halvening event could mean that it might not witness another bull market. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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