The increase in the adoption of XRP as a means of payment would subsequently enhance XRP price growth?
The number of traders who have accepted the use of XRP for payment has increased since the beginning of 2020. And so far, many people still believe that applying XRP as a means of payment will support the strengthening of the XRP price growth.
The number of companies accepting XRP will see a significant increase in 2020
According to Cryptwerk, as of December 2019, the number of companies accepting XRP in payments was at 457. However, the number managed to increase by 46.61% within seven months, making the number of standing at 670 businesses currently.
According to Cryptowerk, 22% of companies that accept using XRP for payment based in the United States, followed by the United Kingdom (UK) and India, account for 10% and 5% respectively among all companies that accept cryptocurrencies in the world. In particular, BitPay is the largest payment company to integrate XRP tokens in 2020. And as information from BitPay, XRP is the 6th most popular cryptocurrency among Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Dash.
The number of companies accepting XRP for payment has increased by 46% since the beginning of the year. This proves that XRP has gained more trust than the other cryptocurrencies on the list. But, sadly, these cryptocurrencies all gained more strongly than XRP in 2020.
At press time, 3,272 traders are accepting Bitcoin with growth from 2,731 at the beginning of the year. ETH has also reached 1,722 traders, well above the figure of 1,394 in early 2020.
On the other hand, LTC has increased from 1,066 traders to 1,353, while BCH is currently at 1.31, up from 975. Finally, Dash has risen from 619 to 760.
The XRP price will most likely continue to slide to lower levels if it does not claim nearby technical support levels
According to cryptocurrency trader Sean Nance, the failure of XRP to regain key technical levels around $ 0.20 will result in a medium-term collapse of the asset from a technical point of view.
Referring to the chart below, showing the region’s technical importance of about $ 0.20, Nance wrote on July 15:
“$ XRP reminds me a bit of the BTC top in October of 2019. Structures like this one keep my bullishness grounded just a but. We need to claim the mid-range and POC to follow the blue path. If we keep trending down, then we would accelerate to the downside.”
Chart of XRP’s price action over the past few months with analysis by Sean Nance, a trader | Source: TradingView.com
Nance is not the only analyst who expects this result for XRP to be consolidated. According to trader Bagsy, the price action of XRP seems to be sharply lower due to the loss of a macro support level earlier this year:
“I don’t think these pumps without fundamentals and for now I don’t see anything in the calendar. Personally I’m waiting for orange or an HTF reclaim of the former floor that leads to this bleed out. Bounces are for shorting until proven otherwise.”
This bearish sentiment was echoed by Peter Brandt, a commodity trader with decades of experience. In many of the comments made in the past two months, the analyst has warned that XRP may be at a dangerous slope in terms of its price trajectory. In one of his most recent comments about the asset, he suggested that XRP could regain up to 90% of Bitcoin.
Brandt seems to have a problem with the fact that the majority of cryptocurrencies are gradually unlocked, then likely sold on the open market.
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