Home Price Analysis Ripple Price Analysis: XRP Struggles, Stable Above 30 Cents

Ripple Price Analysis: XRP Struggles, Stable Above 30 Cents

Latest Ripple [XRP] Price Analysis

The intermediation business is lucrative. It is not hard to guesstimate how much banks rake in from fees. Approximated to be in billions, the oldest members of the SWIFT network—a web of banks formed around four decades ago to go about and improve the then on-existing efficiency and fragmentation, are therefore monetarily incentivized to resist change. If anything, they will continue to do so as long as they can despite new technologies sprouting promising change and dis-intermediation.

Fortunately, technologies like Ripple charge undetectable fees that can help stimulate a plateauing economy. It goes without saying that the global economy, decades of ups and downs is stagnant and although we cannot bin the contribution of current global payment system, as rigid and expensive as they are, can be attributed to past growth and their mistakes is what founds the current system.

Now, faced with a dilemma and a sweeping, irresistible wave, the world must either change and expand or continue relying on old system and stagnate. Ripple promises to change the status quo. Many times, we have heard talk of how cheap their network is.

Allowing for satisfying and transparent experience for the end user, the customer, conversion and subsequent expansion faces headwinds of regulatory uncertainty and resistance to change from the old guard.

Only time will tell and if Ripple demonstrates resilience and cost cutting, proving without reasonable doubt that XRP is indispensable, then the moon will be where prices will be lodged at in the long-term.

XRP/USD Price Analysis

ripple xrp price analysisAt the time of press, Ripple [XRP] is trading at 31 cents and is obviously under a lot of sell pressure. While we continue to hold a bullish outlook on this pair, the failure of bulls to confirm bulls of Feb 25—despite their successful reversal of Feb 24 losses, is negative—in the short-term, for buyers. Going forward, we would like to see resistance of lower lows and since 30 cents is an important support level, it is critical that Feb 24 losses are not confirmed.

34 cents, like in all our analysis, is our risk-off buy trigger level. Because it marks the upper edge of our trading range, it is only time that will prove bulls of late Dec-2018 valid more so if the accompanying bull bar is wide-ranging complete with high transactional volumes complementing the double bar bull reversal pattern of Jan 29-30 and Feb 7-8.

After that, we shall maintain our optimism that 80 cents will be retested by end of Q2. However, if there is a meltdown below 30 cents, our medium-term bullish outlook will be null and traders can exit trades as XRP prices will likely drop to 25 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.

Alfonso Martínez
Cryptocurrency enthusiast since 2015, a lover of blockchain technology and everything around her. He joined the Crypto Economy team in 2018 as a content editor specializing in SEO. He is also responsible for the Social Networks of the platform.
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