Ripple Price Analysis: XRP Bullish as Ripple Company make StridesJanuary 9, 2019
- Ripple Price ranging within Dec 28 high low
- We expect breakouts above 40 cents to be strong
- Ripple company progress is solid
At spot rates, Ripple (XRP) is ranging against the USD and up 0.4 percent at the time of press. These gains are modest, but as long as XRP is above 30 cents, price rallies towards 80 cents are on the cards.
Ripple Price Analysis
In the last day, XRP is up 0.4 percent and moving horizontally inside a 6 cents range. Because of Sep 2018 upsides and current accumulation, we expect strong breakouts above 40 cents.
Even with this, we recommend patience urging conservative investors and traders not to load up at these discount prices until after there are robust and high-volume upswings forcing prices above the 61.8 percent Fibonacci retracement of Sep 2018 high low. Only then should they load on every dip in lower time frames as favorable fundamentals buoy the digital asset.
A Mckinsey report estimates that by 2020, the global payment will be a $2 trillion business top the $5 trillion mark in five years. It is for this reason that XRP supporters are raving, optimistic of the progress made by Ripple and how XRP is turning out to be—a store of value in times of extreme market conditions like of late 2018.
Still, Ripple has a long way to go before blowing trumpets. In a space dominated by banks armored by years in operation and distinct competitive advantages because of their physical locations, Ripple has to up their market forcing defection of any of the 10,000 banks plugged to a system forged out of necessity 40 years ago.
At the moment, official figures place partnering banks at 200 with just a handful making use of XRP to meet their liquidity demands. However, crypto as a whole is an emerging concept, and in years to come, the advantages of this fast network will finally radiate.
As aforementioned, it’s only a matter of time before volatility resumes. While patience is encouraged, aggressive traders can buy at spot prices. First targets will be at 60 cents and later 80 cents. Because of price depreciation of the last two months, 80 cents is pretty ambitious. However, it is not far-fetched as Sep 2018 bulls retested those levels. Unless otherwise our XRP/USD trade conditions are met, the majority of traders should hold their guns on the sidelines and wait for clean breaks above 40 cents.
Trading volumes are light, and a ranging market reflects this lack of participation. We recommend patience. Any up-thrust above 40-42 cents propelled by high volumes exceeding recent averages of 24 million or 123 million signal trend continuation meeting our trade conditions.
All Charts Courtesy of Trading View–BitFinex
Disclaimer: Opinions are those of the author. Do your Research.
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