Technical

Ripple Price Analysis: XRP Price Surge Capped at 40 Cents

Dalmas Ngetich | December 20, 2018 | 3:00 pm
technical analysis xrp
Technical

Ripple Price Analysis: XRP Price Surge Capped at 40 Cents

Dalmas Ngetich | December 20, 2018 | 3:00 pm

Latest Ripple News

If anything, Ripple is right on track and in a decade or less, it may be a force to reckon in the remittance sector. That’s save all the criticism forcing company executives to defend the platform and for the umpteenth time reiterate that Ripple and Ripple Labs are two separate entities. The demise of Ripple as a company fronting xCurrent, xVia and xRapid won’t cause XRP trading to come to a gripping halt.

In a recent AMA session with the head of Marketing at Ripple, Monica Long, Brad Garlinghouse—the CEO of Ripple said:

“There is a whole bunch of base layer reasons for that. One of the most important I think is … if Ripple the company shuts down, XRP trades on over a hundred exchanges around the world and XRP will continue to trade.”

Here’s the Video:

No doubt, it shall be a blow if the US SEC classifies XRP security forcing participants to file their trades. However, their positive relationship with the White House and their priority on blockchain education might be the shield against the regulator’s wrecking ball.

Ripple (XRP/USD) Price Analysis

Ripple Price Analysis

Perched at second, XRP is up 24 percent against the USD in the last week but pretty stable in the last day. While the community is excited now that the market is bottoming up and registering impressive gains as bulls clear several resistance levels, it is highly likely that prices consolidate below 40 cents, retrace towards 35 cents or even 33 cents before bouncing back and closing above 40 cents. All these are from candlestick arrangement.

Notice that though Dec 20, 1100 HRs bull bar did print at the back of strong volumes, bulls are yet to print and close above yesterday’s high at 40 cents. From previous XRP/USD analysis, the 40 cents mark is essential resistance level, and for bulls to be truly in charge, then we need to see prices rally and close above it at the back of above average—preferably above 26 million.

After that, traders can load up on every retracement with stops at Dec 20 lows of 36 cents and first targets at 60 cents and later 80 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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