Ripple Price Watch: Props From MoneyGram to BoA Patent Citation, XRP Bulls are Intact
Today’s Ripple (XRP) News
Technology can be a lucrative opportunity for early adopters, and vent for the herd. Investors of Bitcoin, Ethereum and Ripple are perfect examples. Those who jumped in during the last cryptocurrency bull market of Q4 2017 bled following last year’s crypto winter.
Then, prices slumped by as much as 90 percent with many projects folding as a result. Ripple, on the other hand, had to take on negative media coverage, letting their fans-and critics know that Ripple Inc and Ripple Labs, the issuer of XRP, are two distinct companies.
This was at the back of three different lawsuits where claimants were adamant that Ripple and Brad Garlinghouse, their CEO, had duped them into buying securities. However, fast forward 12 months later and it’s a different landscape.
Regulators are beginning to understand more about blockchain and cryptocurrencies thanks to Facebook’s Libra-and their baptism by fire. Besides-and this is bullish, investors are more aware of what they are getting involved with.
Presently, Ripple’s benefits are beginning to be felt. Aside from investing in promising companies as Coil and Wietse Wind’s Lab, sinking over $500 million, their funding of MoneyGram is a milestone. While it was a necessary intervention, MoneyGram will incorporate xRapid in their operations.
Additionally, the non-utility patent by the mega-bank in BoA dubbed “Real-time net settlement by distributed ledger system” could see the banking giant use xRapid after their citation of Ripple and possibly Siam Commercial Bank (SCB) of Thailand.
Even though prices are yet to recover, market maker demands of XRP and complete decentralization from Ripple could see the third most liquid coin shift upwards as market forces play in.
XRP/USD Price Analysis
1 XRP/USD =$0.2464 change ~ 2.46%
At the time of writing, XRP is under immense pressure. In the last week, the coin is stable, adding 3.1 percent despite flickers of bears in the last day. Clear supports are at 30 cents or Q1 2019 main support line.
Bullish as it may now that prices are largely ranging inside Sep 2018 bullish and the leading candlestick, XRP bears could as well force prices below 30 cents crashing bullish sentiment.
Overly though, it is vital that XRP prices break out from the 10 cents trade range with limits at 30 cents and 40 cents respectively.
Assuming prices print higher, surging past 40 cents as the breakout bar differentiates itself from the rest with high trading volumes exceeding 187 million of May 14, buyers of May will be confirmed. As a result, the resulting enthusiasm could see spark demand for XRP, pumping prices to 50 cents and later 80 cents.
Before then, the current setup is bullish for aggressive traders. As long as prices are trading above 30 cents, every low is a buying opportunity with buyers aiming at 40 cents. If the aforementioned trade conditions are fulfilled, then they can add to their longs as they aim at 80 cents.
Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk. Do your due diligence.