There are hints of XRP recovery if yesterday’s price action is anything to go by. Even though XRP is down eight percent on week over week basis, the fact that there is injection of buy volumes around the main support line at 40 cents is positive. Already XRP is up three percent in the last 24 hours but we need to see bulls pushing above 60 cents and recent trading range if at all bulls are set to wrestle control from bears.
Let’s have a look at the chart:
From the News
We cannot reiterate the importance coin listing at any exchange. It doesn’t matter the exchange size, listing irrespective of the country almost always means a new set of supporters would likely invest and boost coin liquidity. Already, we have seen the effect on ETC listing on CoinBase, one of the most trusted and popular exchange in the US and UK. ETC Prices shot up immediately all thanks to CoinBase future listing. Exposure means liquidity amplification.
So, as we know, the fact that SBI Group, one of the biggest financial service group in Japan trading at the Tokyo Stock Exchange, decided to venture into crypto currency and focus primarily on Ripple, we interpreted this as positive. This comes after two years of continuous collaboration between the two financial companies and the effect on XRP prices is positive over the long term.
This is regardless of the lack of immediate impact on price as technical charts shows. Currently, users who had registered in October 2017 are allowed to trade via their Vctrade platform. Overly, this feature is good for XRP but the end game of SBI Virtual Currencies and its parent company is to on board the more than 4.7 million account holders on their individual stock trading account holders into cryptocurrency trading. After all, they are one of the largest securities trading platform in Japan.
While Ripple the company remains one of the largest cryptocurrency in the world on market cap, the top echelons of the company were discussing on changing the company’s logo. And they have, there is a new Ripple logo that you can view at Coinlib. The logo is meant to represent the multiplicity effect that companies would enjoy when they use their protocol.
Ripple (XRP) Technical Analysis
On a higher plane, BTC trend direction has a direct effect on almost all alt coins and it doesn’t matter their market cap. It is something that Brad, the CEO of Ripple always wish never existed but is positive that over time this coupling will fade. And, evidently from the chart the more BTC slide, the closer XRP prices move towards the main support line at 40 cents. That’s where we expect XRP to find support in this extended bear drive.
This is a stand we took because of how prices have been behaving in the past three months or so. As it is, if bear drive XRP prices towards 40 cents then that would mean all of April gains would have been reversed. After all, at current prices, XRP is down 90 percent from April highs.
While we hold on to a bearish stand advised by how price action are panning out in the weekly chart and the effect of last week’s bear candlestick which is setting precedence for bears, XRP is generally in a consolidation in the daily chart. Now, despite our bearish stand, it is like XRP is beginning to find support following yesterday’s events which saw rejection of lower prices beyond 45 cents as those high trading volumes show.
However, regardless of this, we need a confirmation and today’s events would either complement or reverse yesterday’s gains. If in any way buyers break above 60 cents then we recommend buys with stops at 45 cents with targets at $1. On the reverse side, any reversal of June 18 gains means we remain neutral and see what happens at 40 cents, our main support line.
Note: The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.