2019-1-30 17:05 |
Latest Ripple News
Many times, it’s incredibly hard to be right but very easy to be wrong. That’s the case, especially when making crypto predictions. We can go on and on about this but at the end of the day, we shall conclude that Ripple, the company, in one way or another influences the price of XRP—at least in the short-term.
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The argument is, there is a decentralization plan in place and their independence from Ripple Labs means they can operate in perpetuity even in the unfortunate event of liquidation. But here is the thing: Ripple is the owners of 60 billion worth of XRP and one of their solutions—xRapid use the coin as an on-demand liquidity tool ensuring there is a super-fast settlement.
Besides, the company continues to use their XRP stash to fund initiatives—like the recent Accelerator program complete with a volumes rebate and an adoption marketing initiative for enterprises. This begs the question, is XRP just another form of airdrop and an unnecessary tool that Ripple—the company can work without?
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After all, most financial institutions plugged into the RippleNet are reluctant to leverage xRapid with the exception of 13 companies including Mercury FX. Most banks use xCurrent and xVia. Unfortunately, both don’t use XRP and that can be a cause of concern for holders because demand is needed for prices to rise from current lows.
XRP/USD Price AnalysisMeanwhile, XRP is steady in the last hour and up 1.3 percent in the past 24 hours. This is bullish even if prices are trending 9.3 percent below last week’s close. At this pace, we expect a recovery and it has been made better by the rejection of lower lows in the last 24 hours.
Note that prices are finding support at the 30 cents main support line. This level is important in our analysis and as long as prices are held above this mark, buyers are clearly in charge. For confirmation of previous XRP/USD trade plans, it is critical for a double bar bull reversal pattern to print today.
That means the reversal of yesterdays losses and the confirmation of the double-bottoms of a potential W-pattern that can catalyze gains above Dec 2018 highs of 40 cents. Undoubtedly, if that is the case, the minor resistance level and buy trigger at 34 cents will be activated and risk-off traders can aim at 40 cents.
However, it is gains above 40 cents that will set the motion for a market-wide expansion that would possibly see XRP retest 80 cents by Q1 2019.
All Charts Courtesy of Trading View–BitFinex
Disclaimer: Opinions are those of the author. Do your Research.
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