Ripple Price Analysis: XRP Find Support as Bears Slow Down
- Ripple price 3 cents from the primary support
- Exim bank set to adopt the xRapid system by the end of March 2019
- Transaction volumes low but XRP is technically bullish
Over and above everything, Sep 2018 rally guides our medium to long-term price projection. In the short-term, price drops below our support line at 30 cents could see XRP tumble below 25 cents invalidating our bullish stand. Before then, we recommend patience with an upbeat outlook.
Ripple Price Analysis
At current rates, XRP is down 11.6 percent from last week’s close against the USD. Even if sellers appear to be in charge over the short-term, we shall retain a bullish outlook over the long term as laid out in our previous XRP/USD trade plans. Then, we said XRP rally depend on solid fundamentals as well as favorable technical candlestick arrangements.
From candlesticks, bulls must first build momentum and drive prices above 40 cents at the back of high volumes. Coincidentally, 40 cents mark the 61.8 percent Fibonacci retracement level of Sep 2018 high low.
Fundamentals
After a year of turmoil, Ripple’s “Frictionless Experience” campaign seems to be working. With steady XRP prices and banks–more so those from SE Asia willing to experiment, there is conversion.
True to Brad Garlinghouse’s projections, last week’s announcement that 200 banks are actively using the RippleNet Ledger is precisely what the community needs to hear.
We expect the list to expand by Q1 2019 after Europe’s Exim bank announced their intentions of using XRP as a mode of interbank fund transfer. The announcement is massive for Exim Bank, a key player in the banking sector with a presence in more than 80 countries.
Candlestick Arrangement
Despite a 3.3 percent drop in the previous day, bulls might turn around this decline more so if they reject losses below 30 cents—our main support trend line. Drops below this level will reverse gains of late Dec. Besides, it shall simultaneously trigger sellers into action who may then fuel further losses towards 15 cents.
Overly, our trade plan is simple. We maintain a bullish outlook. Up-thrusts above 40 cents shall trigger bulls aiming at 80 cents or Sep 2018 highs. Before then, we recommend staying on the sidelines although with an upbeat outlook.
Technical Indicators
Transaction volumes are low. With averages of about 26 million, price spikes should be at the back of high trading volumes. Ideally, this movement should reverse losses of the previous three days igniting a rally thrusting XRP above 40 cents.
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by Dalmas Ngetich on January 14, 2019 at 08:30PM