Ripple Price Analysis: XRP Set For 40 Cents, Ripple Founder Bullish
Latest Ripple News
2018 was a testing year for coin holders. The bear market wrecked the space and with the anchor coin, Bitcoin, dropping 75 percent, altcoins followed suit. The damage was severe in Ethereum (ETH), and their losses saw XRP replace it as the second most valuable coin. This is despite XRP falling a massive 84 percent from 2017 peaks.
Regardless, there is optimism, and while the price is just but one of the many metrics used to gauge overall performance, bulls are confident strongly believing that digital asset prices will snap back after cooling off the whole year. Leading this bull pack is none other than Jed McCaleb, a crypto influencer who contributed towards the development of Ripple. In fact, Jed’s XRP liquidation in Q2-3 of 2018 did fuel the sell-off.
Read: Jed McCaleb: It’s Not a Bear Market, Crypto Is Just Calming Down
However, the tide seems to be changing, and in a recent interview with Yahoo Finance, the Stellar founder said the market is way up and found it funny when people say the crypto market is down. In his view, the crypto market as a whole did retrace from 2017 peaks, but on a general perspective, the market is up:
“It’s funny when people say crypto is down. In my view, it’s still way up. It’s down from the peak, but on the whole, it is way up. We don’t focus on the price that much, it doesn’t matter to us too much. When prices are up, it does mean more people are interested, and you have the cash to do more things.”
Ripple (XRP) Price Analysis
In the last day, XRP is struggling against liquidation but up 0.4 percent in the previous hour. In line with our previous XRP/USD trade plan, we recommend aggressive traders to load on every dip as long as prices are trending above 34 cents.
It is our immediate support line and marks the base of the new up thrust of Dec 28. Notice that because of this near horizontal consolidation, our last trade plan is valid. There is the resistance of lower lows at the 61.8 percent Fibonacci retracement level anchored on the 6 cents trade range of 40 cents and 34 cents.
Since our overall outlook is bullish, every dip is a buying opportunity, and this is our short-term XRP/USD trade plan:
Buy: 40 cents, Spot Price
Stop: 37 cents, 34 cents
Target: 55 cents, 45 cents
All Charts Courtesy of Trading View
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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by Dalmas Ngetich on January 01, 2019 at 08:30PM