Home Price Analysis Ripple Price Analysis: XRP/USD Range-Bound, Accumulation Ready for 40 Cents?

Ripple [XRP] Price Analysis: XRP/USD Range-Bound, Accumulation Ready for 40 Cents?

Latest Ripple [XRP] News

At core, Ripple’s objective is to eliminate friction, setting up the necessary infrastructure for financial institutions to leverage as they inch closer towards creating this invaluable web 3.0, the internet of value. To make this a reality, company officials are globe-trotting, pitching their solutions to interested parties—mostly banks– and their efforts are now paying dividends.

Aside from the many banks—upwards of 200– that have so far plugged into the RippleNet and more that are experimenting and leveraging on xRapid—a solution that make use of the native coin XRP, Ripple is actively supporting various humanitarian causes donating $80 million in 2018 alone. That’s not all they are now collaborating with leading universities helping student explore the infinite possibilities of blockchain.

UC Berkeley is a beneficiary and the University Blockchain Research Initiative [UBRI] would be shaping in years to come. Overly, this drive will be beneficial for the blockchain ecosystem—not XRP only and will help contribute talent that will advance the use cases of XRP and the quick realization that money is evolving.

At the forefront of this evolution are digital assets like XRP that not only introduce efficiency and speed but involve security and cost cutting. However, the only obstacle that can stall widespread adoption and use cases is over-regulation—and Ripple is working hard on that front, collaborating with different regulators smoothing out kinks that would otherwise impede implementation and/or adoption of their solutions.

Ripple [XRP] Price Analysis

Daily Chart – XRP/USD

Price analysis Ripple XRP

With a market cap of $11.75 billion at the time of press, XRP is the second most valuable coin in the space. But like the rest, there has been no exception and the coin is battered, dropping below previous support now resistance at 40 cents.

Anyhow, we still retain a bullish outlook on this pair and XRP as a matter of fact it is stable in the last day though it pretty much confined within a tight trade range. Everything else constant, our last XRP/USD trade plan is valid and until after there are solid gains above 40 cents, bears are in control.

If not and there is de-valuation that sees the coin drop below 25 cents, then XRP could end up finding support at 20 cents or 15 cents.

4HR Chart – XRP/USD

Charts XRP/USD

As mentioned above, XRP/USD is oscillating within a 4 cents range defined by Dec 8, 2300HRs high volume bar. Of course, after 11 months of lower lows, the path of least resistance is southwards and with every low, XRP draws closer to the main support line at 25 cents—Sep 2018 lows.

If anything, we remain upbeat about this pair but not until after there are solid and preferably high-volume rally above Dec 8 highs at 34 cents. No doubt, this will trigger the first wave of bulls aiming at 40 cents with stops right at 31 cents.

As such, this is our XRP/USD trade plan assuming there is a shift of momentum and bulls edge higher:

Buy: 34 cents, 40 cents

Stop: 31 cents, 34 cents

Targets: 40 cents, 60 cents

All Charts Courtesy of TradingView

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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