Regardless of XRP rejection of sell pressure in the last day, gains aren’t that impressive. As far as that is concerned, XRP is by all accounts stable though we might see further gains as the day progresses. Considering the XRP technical set up and chart formation, we shall hold a neutral to bullish stance as long as XRP prices are trending above 40 cents. Should there be a collapse, then we might see a collapse as hinted in our previous XRP trade plan.
XRP in the News
The cryptocurrencies market is evolving and as it does, some activities that were reserved for traditional securities trading are now finding footing in cryptocurrencies. Sometimes the trigger has to be FOMO but often, it is just expediency and avoidance of direct exposure-a fact that is so common with hedge funds and other institutional investors. So, because of this not only do we expect EFPs to be a common thing but other cryptocurrency futures aside from Bitcoin would be mainstream
As evolution meets speed, the founder of TechCrunch and XRP Capital, Mike Arrington says XRP is not only fantastic and efficient but it is also the best way of moving international payments across the globe.
Using Ripple’s products effected through their RTXP ledger has been demonstrated to be cheap and cost saving for companies. XRP Capital is perhaps the only $100 million hedge fund that is dominated by XRP and though the company claims to be well diversified, the majority of its fund is invested in Bitcoin, Ether and even fiat as USD. According to the founder, the company has invested between $3 and $4 million on XRP and are well insulated against potential market fluctuations common in cryptocurrencies.
The list, which we also use on our XRP validator, now has 13 Ripple & 6 independent validators.
— rabbit (@RabbitKickClub) July 24, 2018
In the meantime, Ripple’s decentralization strategy is in progress. From a recent tweet, it seemed as if Ripple has added two more independent validators to their unique node list (UNL). By doing so, there are now 13 Ripple and 6 independent validators.
The end game here is to drop the number of Ripple controlled validators to 10 reducing their power to pass an amendment without opposition. At the moment, Ripple is below the 80 percent support threshold needed to effect changes on the Ripple ledger core consensus.
XRP Technical Analysis
Here, XRP prices are pretty much static and exhibiting signs of accumulation. Remember, if anything this is the fifth week of horizontal consolidation with XRP prices moving within a 10 cent range with strong supports at 45 cents.
As reiterated in our previous analysis, bears are in charge despite recent attempts of higher highs in lower time frame. Now, before say buyers take charge, we need to see strong bull pressure spikes from 2018 lows. The end result should be a clear three bar bullish reversal pattern triggering our XRP buy triggers in the daily chart. Afterwards, we can begin searching for long opportunities in lower time frames.
If anything, we still retain a bearish view as mentioned in the weekly chart. Since XRP price are moving inside a bearish break out pattern initiated by June 22 break below 50 cents, XRP bulls have to build enough buy momentum and break above this immediate resistance before we engage longs in lower time frames.
However, for risk-off traders, they can begin loading at current spot prices with stops at July 24 lows at 40 cents with first targets at 70 cents.
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.