Ripple Price Analysis: XRP/USD Stable Above 30 Cents, Fundamentals To Propel Prices Above 40 Cents

Latest Ripple News

Thing is, there is a lot of development as far as Ripple’s XRP adoption is concerned. As a network–whose main objective is to provide bankers with a better, faster and more efficient alternative while taking on the dominant, 40-year old mainstay SWIFT–expand, Ripple’s executives are working overtime not only for them to find forge partnerships with leading bankers from all over the world but their primary aim is to ensure regulatory compliance.

Despite the benefits adopting companies stand to benefit and decentralization strategy in place, the company still has to be on the defensive, shielding their positions against critics who insist that still XRP is centralized as Ripple owns around 65 percent of the total supply. They are worried that if in case the company liquidate their holdings then there would be an oversupply and XRP could drop back to less than 1 cent.

Aside from this, critics add that XRP is supplementary and not really needed for Ripple’s solutions as xCurrent and xVia to operate. According to their narrative, XRP is just but an Air drop that was earlier released to spur participation and use of the network. That could be part of the reason why existing banks plugged into the network are reluctant to upgrade to xCurrent Version 4 despite the obvious benefits and choice of integrating xRapid.

XRP/USD Price Analysis

Weekly Chart

XRP/USD Price Analysis

Generally, XRP/USD prices are stable. At spot, XRP is down three percent but trending above Nov lows meaning the trend is technically bullish even if bears seem to be in charge.

In line with our previous XRP/USD trade plans we suggest taking a neutral stand considering the trend of the last two days only executing longs once there are visible and high volume close above 40 cents—the upper range of our support zone. Once this print, then buyers should load up on every pull back with first targets at 60 cents and later 80 cents.

On the flip side, losses below 30 cents could see XRP/USD prices drop below 25 cents effectively erasing Sep 2018 gains. This could usher in the next wave of sell that will no doubt increase losses as XRP register new lows.

Daily Chart

XRP/USD Price Analysis

Here, it is clear that XRP/USD prices are still trending inside Nov 25 high low.

As long as prices are trading above 30 cents or the pin bar’s low, then bulls should be in control and this could further build the base for gains above 40 cents as XRP/USD break above consolidation triggering buys as aforementioned.

If this happen, then price action would have confirmed the Morning Star pattern of Nov 28 cementing our bulls’ assertion. Ideally, we expect any breakout above 40 cents or 30 cents to be propelled by spike in market participation.

All Charts Courtesy of Trading View

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.

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