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Latest Ripple News
Dominating the headlines is news of Cory Johnson’s departure from Ripple. Hired specifically to drum up support for Ripple and to “try and explain, listen and set strategies to make it easy for Wall Street and the world of finance to understand” what Ripple represents, the Chief Marketing Strategist position has been scrubbed because of “changes in market conditions.”
This was unexpected and comes at a time when the community was beginning to reap benefits of their incessant shills. To begin with, Binance—the world’s largest crypto exchange by trading volumes recently announced their support for debit and credit card deposit via Visa and MasterCard which is positive.
Through Changpeng Zhao, the exchange said it was also ready to partner with Ripple. As an exchange that deals primarily with exchange of value, it is no secret that the collaboration will involve xRapid. Although this is speculation because no specific details were explicitly laid out.
XRP/USD Price Analysis
Back to our chart, the path of least resistance is upwards. Bulls are in control and that has been the case in the last four months. Guiding our projection are events of late Sep 2018. Between Sep 18 and 21, XRP prices rallied, expanding from 25 cents to highs of 80 cents.
With sharp expansions, prices cooled off correcting 95 percent and XRP is now 5 cents away from Sep 2018 lows. In an effort versus result point of view, this is bullish. When we zoom in and analyze candlestick arrangements in details, buyers are in charge. Supports remain at 30 cents and it is from this level that prices have been consolidating, rejecting lower lows on three separate occasions—mid-Dec 2018, late Jan 2019 and on Feb 4.
All of these bars have wide trade ranges are bullish and accompanied by above average volumes. We can confirm that—Dec 17—52 million versus 28 million, Jan 30—59 million against 17 million and on Feb 4 when prices rallied with 35 million against 24 million. Here, we can see that prices are dropping as market participation levels dip.
However, since we are bullish, we expect an up-thrust as 34 cents as prices recover. The level is our minor resistance level marking the 61.8 percent Fibonacci retracement level of Dec 2018 high low. Ideally, what should accompany this rally above 34 cents is a wide range, bull bar with volumes exceeding averages of 14 million. Once our trade conditions are live and prices are trending above 34 cents, risk off traders can aim at 40 cents and later 60 cents.
BitFinex Data Streams Courtesy of Trading View
Do your due diligence. This not Investment Advice.