Ripple Price Analysis: XRP May be Less Practical but Up 22.3% Week-to-date
Today’s Ripple (XRP) News
There is one and only one objective behind Ripple: build a fluid, trusted platform that caters for both financial institutions and individuals. The said platform came to use roughly seven years ago and what we have instead is a robust arena where more than 200 banks are finding utility in.
Although not many banks use xRapid, one of the three main products under the RippleNet suites, Ripple executives are laying down the foundation that will at the end of the day ease the transition and incorporation of xRapid in one single upgrade to xCurrent version 4. That is of course subject to regulatory clarity and above all, complete decentralization from Ripple Inc as they are the majority owners.
Note that after Coin Metrics bombshell report revealing discrepancies and deviation from the original handling of XRP within the Ripple Ledger escrow, analysts are now revealing that the continued selling of XRP would, at the end of the day, exert sell pressure on prices and in the process keeping gains lower even as other assets as Litecoin (LTC), BSV and other liquid coins register double digit gains.
In the meantime, George Harrap of Bitspark, drawing his conclusion from a research report, now says XRP is despite its popularity within the social media circles, is less of a utility that BTC. He explained that BTC level of adoption is deeper and therefore as far more suitable and practical as a medium of exchange than the third most liquid coin.
He adds that XRP finds use a conversion coin by banks but remains limited in use by individuals:
“The number of Ripple gateways that exist hasn't changed in four years and basically consists of bitcoin exchanges for people to speculate on the price of XRP for BTC.”
Ripple (XRP) Live Price
1 XRP/USD =$0.2464 change ~ 2.46%
XRP/USD Price Analysis
At the time of writing, XRP is trading at 46 cents, expanding 8.3 percent and 22.7 percent respectively in the last day and week. Because of that, XRP bulls are clearly in control. It’s easy to see why.
After a 5-month consolidation where prices were capped within a 10 cents range with limits at 30 cents and 40 cents, prices surge in the last three days or so means there is a clear-cut break and close in a classic breakout pattern.
As a result of this development, traders should fine-tune entries in lower time frames, search for perfect entries and as laid out in previous XRP/USD trade plan, aim their muzzles at 60 cents and later 80 cents. The 80 cents mark is the ultimate target and is Sep 2018 high, a level which was retested eight months ago before prices fell 78.6 percent.
All of Today's Ripple (XRP) Price Analysis, Chart Forecasts and Industry News
All Charts Courtesy of Trading View—BitFinex
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.