- Ripple price steady and bullish
- Brad Garlinghouse’s pride, xRapid gaining traction
- Transaction volumes thin as XRP consolidates inside Jan 14 high low
Prices may be all over the place and consolidating inside Jan 14 bull bar but our last XRP/USD price analysis remain the same. As long as XRP prices trend above 30 cents, bulls have a chance to rally—thanks to increasing adoption of xRapid.
Ripple Price Analysis
Sometimes back, news had it that Ripple may be in advanced stages preparing to roll out a product called Convergence. By integrating xCurrent, xRapid and xVia, into one seamless format, clients would conveniently ride on a certified secure and fast network.
Though there was no official collaboration from Ripple endorsing comments from the Director of Talent Acquisition at Ripple, Jim Chauncey-Kelly, Ripple’s aggressive hiring campaign of last year revealed the company’s trajectory.
The story has since melted into the inter-webs with Ripple changing the structure of their homepage as well as launching a new xCurrent update allowing companies to integrate xRapid. Even if adoption was not as expected, this is progress, and in a recent interview, Brad Garlinghouse, the CEO of Ripple said:
“Not many months ago, the media was saying no one will use XRP, which made for good skeptical headlines. Today, you can’t say that as people are starting to use XRapid because it’s better, faster and cheaper.”
At spot rates, XRP is down 10 percent from last week’s close and steady in the previous day. All the same, our trading position is the same, and as long as a green candle prints above 30 cents, there is an opportunity for traders to profit from the expected rally. If prices fail to print higher today, then XRP would be stuck in a consolidation inside Jan 14.
In an effort versus result point of view, this is bullish and aggressive traders can seize this opportunity to load longs at spot rates albeit with tight stops at Jan 14 lows of 31 cents. That’s off the 78.6 percent Fibonacci retracement based off Dec 2018 high low.
Meanwhile, conservatives should wait for a full close above 40 cents—a breakout, before opening positions with targets as laid out in our last XRP/USD trade plan.
Volumes are thin, and that means the XRP/USD market is fragile. Guiding and cementing our short-term price preview is how transaction volumes print out. What we need to see are higher highs above 40 cents whose volumes exceed Jan 14’s 83 million.