Ripple (XRP) Technical Analysis July 11th

“We are Reshuffling the World Order” Asheesh Birla- VP, Ripple

The influence of regulators is good especially in a sector that is still new and developing. Besides, with regulation, investors’ interests are secured. However, is too much regulation negative? Well, Asheesh of Ripple thinks it is. He even said regulators are unknowingly imposing laws “killing” cryptocurrencies. Anyhow, let’s see what time has now that Ripple and XRP are splitting to please the SEC.

From the News

There is a “necessary’ decoupling going on right now. That of Ripple, the company that was incorporated six years ago and XRP, a product of Ripple Labs and it makes sense for Ripple especially. These two have been synonymous since XRP trading took root a couple of years ago. But as it appears, SEC’s position and selection criteria of what’s qualifies to be a security is driving a wedge between these two. The relation position was even emphasized by The Hatch Company, a PR firm which Ripple hired to drive their point home and complement Brad’s assertion.

Talking of regulators, Asheesh Birla the product VP at Ripple said it’s likely that they will regulate cryptocurrencies to “death”. So, to take measures now that they are a software company offering their client financial solutions, Ripple, the company, is prepping a large regulatory team to take on unfavorable country regulations. This is in line with their vision of on-boarding more than 1,000 new banks/companies to their fold in the next two years. As such, they want to make RXTP integration as smooth as possible and to remove all these bottlenecks that can impede adoption.

Ripple (XRP) Technical Analysis

Weekly Chart

Ripple Weekly Chart July 11
Click here to see the full size Ripple Weekly Chart July 11

Overly, XRP is down 80 percent from their ATHs at the time of this writing. That’s by all accounts a deep correction. Now, even as this depreciation happens, XRP prices are still testing 2018 lows meaning there is more room for sellers to explore and even test key supports printed last year. On a week to week basis, XRP is down eight percent and now trending below April 2018 lows at around 45 cents. As the chart shows, 45 cents doubles up as previous 2017 resistance now support and that’s why it is important for our analysis going forward.

Daily Chart

Ripple Daily Chart July 11
Click here to see the full size Ripple Daily Chart July 11

After yesterday’s declines, XRP did close below 45 cents effectively triggering our shorts. Remember, 45 cents is a strong support line and this breach is a classic break out pattern. Therefore, because of this, my recommendation is to trade with momentum meaning we shall look to sell on pull backs retesting 45 cents. Stops should be at 50 cents or July 2 highs while targets would be at 15 cents, a key 2017 support line.

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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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