Latest Ripple [XRP] News
On one hand, Ripple is working hard towards creating this secure, cheap and efficient cross-border payment system that brings together banks and processors yet on the other, its decentralized, blockchain based nature is hampering complete adoption. Blockchain projects work under the guise of freedom, cutting out third parties including regulators.
However, regulators are standing firm and forcing projects to work within laid down laws as spelled by the territory they are operating from. It is these laws for example that are forcing some would be financial institutions from using XRP. A case in point is Ramessa Online, a Brazilian based payment processor, that are clear that they will only shift to xRapid and use XRP once there is better clarification on the state of the digital asset mostly from the US SEC.
Although the US SEC are adamant, only stating their position on Bitcoin and Ethereum, their lack of stand on XRP is a source of uncertainty for many. Critics claim that Ripple and RippleNet can operate without XRP. Indeed, it is true.
As we can see xCurrent and xVia are fully functional without XRP meaning to some degree, XRP—which Ripple Inc use to fund projects as well as make donation from, may after all be a form of an airdrop or an incentive. All the same, the subject remain sticky and all long as XRP remain in the shadows with claims of centralization resurfacing, there will be some down pressure on the asset’s price.
XRP/USD Price Analysis
Prices are tepid despite surges of Feb 8. Because of their relative stability over the weekend, XRP is now back to third with a market cap of $12,547 million at the time of writing.
We shall maintain a bullish outlook on prices and given the direct correlation between BTC and XRP prices, expansion of the former means XRP is undervalued and poised to rally in coming days. After all, our previous XRP/USD trade plan is valid as long as prices are trending above the all important first support layer at 30 cents.
From an effort versus result point of view, the accumulation inside Sep 2018 high low and the laxity of bears to drive prices below 25 cents four months after prices surged to 80 cents is extremely bullish. However, before we recommend longs, prices must first close above 34 cents confirming not only bulls of Feb 8 but those of Dec 17 and Jan 30 as prices snap back to trend as laid out by trends of Sep 18-21.
It will be these gains that will not only trigger bull participation but mark the double bottoms of Dec 16 and Jan 30. First targets will remain at 40 cents for risk-off traders and 60 cents for risk averse traders joining in after prices break above 40 cents.
All Charts Courtesy of TradingView—BitFinex
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.
