XRP Price Analysis: Libra Catalyzes Ripple’s Contract Activities Causing Breaks Above A Bull Flag
Today’s Ripple (XRP) News
Confident as always, Brad Garlinghouse, the CEO of the global payment platform with lofty ambitions, Ripple Inc, said he is not threatened by Facebook’s prospects. Designed to cause a paradigm shift and change the way remittance is done while simultaneously cutting out the middle man raking in billions in revenue and millions in profit, Libra’s use will be seen upon launch in a tentative date next year.
All the same, the media attention around what Facebook’s involvement is to the world of cryptocurrency and specifically Ripple’s XRP is dominating headlines. It is general consensus that Bitcoin would largely benefit from this new found media attention that places blockchain in “investment light”, highlighting the benefits of cryptocurrencies especially now that the world is demand cheap, instantaneous and transparent fund transfer activities. Of the many coins out there, Ripple Lab’s XRP is a standout.
Although critics are of the view that Ripple’s platform can operate without XRP, its use as a bridge currency tags with it added benefits as a speed, efficiency and cost savings. On small scale, the benefits may not be as significant as gleaned after Western Union’s first piloting session, however as Asheesh Birla aptly put it, XRP is massive when the firm is using the asset on full scale, running full throttle.
Then, savings can be as high, saving costs by up-to 70 percent. A challenge now is to translate these figures into partnership. Facebook, according to Brad, is stirring the water and in his speech recently, he said he will gift David Marcus some champagne as their announcement literally catalyzed contract activities.
XRP/USD Price Analysis
1 XRP/USD =$0.2464 change ~ 2.46%
Currently, XRP is lodged at third, trading 8.3 percent higher from this time last week. Buoyed by increased contract activity, XRP bulls are expectant. Despite this excitement, XRP prices are largely range bound, trading below 50 cents.
Even so, from candlestick arrangement, there is a window for aggressive traders. Keen on capitalizing on corrections, XRP prices recently broke above the bull flag inside May 2019 high low. Note that the breakout was at the back of high trading volumes exceeding those of May 30th at 94 million.
Therefore, at 113 million, June 22nd wide-ranging bull candlestick is leading this trade plan. It has the conviction of buyers and by volumes surpassing recent averages and breaking lose from the bull flag, buyers should capitalize on the general cryptocurrency bullish vibe of which XRP is lagging.
On the reverse side, conservative buyers can wait for better signals. That means, any surge and close above May 2019 highs is the foundation necessary for the next wave of XRP bulls aiming at 80 cents.
The 80 cents mark is the peak of Sep 2018 bull bar which is defining this trade plan’s stance. It is also the ideal target for traders assuming bulls flow back, building on the recent correction and rejection of lower prices.
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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.