2018-10-22 16:44 |
Ripple has no intention of partnering with XRP and as prices consolidate within a tight 15 cent range with clear caps at 55 cents, we recommend traders to buy XRP on every undervaluation with first targets at 80 cents and $1 as per our last XRP trade iterations.
Latest Ripple NewsThe announcement that Ripple would be attending this year’s Society for Worldwide Interbank Financial Telecommunication (SWIFT) conference was received with mixed reaction. Well, it didn’t make sense from a neutral’s perspective that Ripple, a competitor that has made it clear of their desire to dislodge the incumbent would attend and even deliver a speech.
Like Ripple, SWIFT is a network that enable participating financial institutions to send and receive financial transaction information is a secure, reliable and standardized environment. SWIFT connects more than 11,000 financial institutions and doesn’t perform any clearing or settlements of funds. It simply acts as an information conduit and has been offering the same services since 1973.
Though popular, it is expensive and characterized by high latency and that is why many were expectant of a partnership between Ripple and SWIFT during this Sibos conference but this was quashed by Marcus Treacher, the Global Head of Strategic Accounts at Ripple. In a tweet he said Distributed Ledger Technology is promising but realizing its potential is “years away”.
This in spite Ripple drive of increasing inter-connectivity across different financial institutions and payment providers across three continents. Remember, just recently, the company launched xRapid and so far, four companies including Viamericas whose chairman, Paul Dwyer, is the head of Money Services Business Association (MSBA). This group work directly with the SEC.
XRP Price Analysis Weekly ChartBack to price action and nothing much can be gleaned from recent XRP price movements. For once, XRP is technically bullish all thanks to the events of week ending Sep 23 when prices rocketed 150 percent printing 80 cents at one point. Though the correction was expected because of sharp expansion that caused a mis-price, the follow through consolidation is what is energy sapping and even shaking off weak bulls.
All things constant, XRP is trending inside our ideal buy zone with clear boundaries at 55 cents coinciding with the 50 percent Fibonacci retracement level anchoring on Sep high low. We retain our previous XRP trade plan and expect conservative, risk-off traders to load traders at spot with first targets at 80 cents and later $1.
Daily ChartThe 14 percent weekly gain isn’t reflected on the daily chart and instead what we have is flat, ranging type market with prices moving within a tight trade range. All things constant, we retain our previous outlook recommending risk off traders to buy at spot prices with stops at around 40 cents—our last resistance now support.
As aforementioned, we shall maintain a positive outlook but should there be depreciation below our main support zone of 35 cents and 40 cents then we shall revert back to neutral as we exit out bullish outlook.
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.
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