Ripple Price Analysis: XRP At A Precipice, Will The 7-Month Support Hold?
Today’s Ripple (XRP) News
The idea of blockchain and cryptocurrencies in general is to bring about an even play field. That doesn’t sit well with those in power. Besides, given that blockchain, dubbed the fourth industrialization, is not in isolation but must work within jurisdiction where applicable laws must be followed.
The likes of China-and recently Donald Trump, are not fans of cryptocurrencies and as far as their global game power is concerned, their fiat currency, the Yuan is within their reach. If anything, it is at the center of the trade war and complains from Donald Trump who is equally calling for intervention.
While Ripple may be hard at work building the next global settlement platform allowing for instantaneous settlement, there are issues that must be first and foremost ironed out. The first is about the legal validity of XRP.
Although useful and promising to shape how cross border transactions is done, critics argue that the coin is nothing more than an Airdrop. They add that Ripple’s core solutions as xVia and xCurrent can work smoothly, performing its function without XRP facilitation.
That is perhaps the reason why the RippleNet, a suite made up of xRapid and the previously mentioned options, is rich with xCurrent users. There is not regulatory risk with the solution. It is efficient and without the entanglement of XRP which is obviously suppressed and trading without the reflection of fundamentals factors.
Unless otherwise there is clarification on this matter and Ripple once-and-for all solve centralization concerns, the coin may recover from the current meltdown and even soar to new highs.
XRP/USD Price Analysis
1 XRP/USD =$0.2464 change ~ 2.46%
At the time of writing, XRP is on the chopping board. Down in double digits in the last week, XRP is still firm at third but could register more losses in the next couple of days. It all depends on the reaction at 30 cents. From previous XRP/USD trade plans, the 30 cents mark is the main support line of the past two quarters.
Therefore, for trend continuation it is vital that not only bulls find support at this mark but by all means there is a slow down and divergence away from the lower BB. If that happens in the course of the week, then there is a chance that XRP prices will print higher in the direction of Sep 2018 trend defining bar.
Other than that, it will hint of an extended accumulation as bulls soak in sell pressure for the eighth straight month. Because of this, there is opportunity for risk of traders to buy the dips at spot rates subject to today’s close with the reaction at 30 cents defining short to medium term trajectory of the coin. In that case, stop limits should be just below 30 cents with modest targets of 34 cents and later 40 cents.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.