Ripple (XRP) Price Analysis: Uptrend Strong, Banks Will Pump or Crash Prices
Today’s Ripple (XRP) News
There are two things that are unique about Ripple Inc. Their core objective is to roll out solutions that advance efficiency as well as cost savings. The second differentiator is of course their will to collaborate with the “system”, that is law makers and regulators, from the jurisdiction they operate from.
Already, we know that the company’s executives have a warm relationship with the White House, who are concerned about Bitcoin mining energy inefficiency and the centralization in China, and are doing their ground work trying to understand what crypto is all about. Then, the former chief strategist of Ripple Inc, Cory Johnson said:
“There’s clearly a lot of homework going on. The White House, in particular, seems to be thinking about what it means to have 80 percent of bitcoin mining taking place in China and a majority of Ether mining taking place in China.”
Evidently, their willingness to collaborate guarantees their existence. Although it may take decades before they replace the SWIFT network, known to be expensive but updating their systems in light of new competition, the knowledge that banks are here to stay given their role in global finance is somehow a plus for Ripple.
All that is needed now is to streamline processes, bring on-board more central banks like they did with SAMA who then convinced multi-billion SABB to use RippleNet. After that, given the advantages of XRP subject to decentralization and regulatory clarity, many will opt for speed and cost savings presented by xRapid. That support from banks will inevitably pump prices benefiting investors.
Ripple (XRP) Live Price
1 XRP/USD =$0.2464 change ~ 2.46%
XRP/USD Price Analysis
At spot rates, Ripple (XRP) is up 2.1 percent but there are more upsides that downsides. It’s easy to see why. Note that there is consolidation inside May 14th and 15th high lows and from an effort versus results point of view, this is overly bullish more so if prices are maintained above our first level of support, previous buy trigger, at 34 cents. For trend continuation it is essential that prices edge higher.
After that buyers can follow through with higher highs above 40 cents, closing above May 16th over-extension as traders aim at 60 cents in line with our last XRP/USD trade plan. Already, prices did react from the 61.8 percent Fibonacci extension level of the last leg up high low.
According to Fibonacci retracement rules, reaction from this level hints of strong underlying momentum and possibilities of an extension above recent highs of 50 cents which is wholly supportive of our overall trade plan.
Therefore, while traders can ramp up, loading on dips in smaller time frames with stops at 34 cents, conservative types can wait for a close above 50 cents subject to a breach of this resistance line with high transaction volumes exceeding 187 million of May 14th. Only then will there be passes for 60 cents and 80 cents as set by our bar of Sep 2018.
All of Today's Ripple (XRP) Price Analysis, Chart Forecasts and Industry News
All Charts Courtesy of Trading View—CoinBase
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.