Ripple (XRP) Prices Hinged on Regulation, Bahrain Take the Lead

Dalmas Ngetich

1 year ago

2 mins read

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Ripple prices accumulating
Expansion or contraction of Ripple (XRP) hinged at regulation, Bahrain taking the lead
Volumes more than double in the last three weeks, XRP struggling below 34 cents

XRP may be available for trading at CoinBase Pro, but questions on regulation continue to pop up. Bahrain is diffusing this uncertainty by regulating assets.

Ripple Price Analysis

Fundamentals

In part, Ripple (XRP) adoption is mainly dependent on regulation. Reasons? Well, it is because Ripple as a platform is a conduit for value transfer. Since they are cheap and efficient manner, Ripple solutions can open up the world in ways like never before.

Efficiency and cost saving will be amplified if adopting financial institution incorporate XRP via xRapid that a Dan Morgan, the Head of Regulatory Relations at Ripple Inc said the product is yet to go live despite being commercially available after launching during the super-hyped Ripple sponsored SWELL Conference where Bill Clinton gave a keynote calling for supportive regulation.

Because regulatory clarity is a top priority, news that Bahrain is taking the lead and regulating digital asset ought to be good news for XRP. We must remember that Ripple Inc has a foothold in the Middle East and as Sharia-compliant; it has the support of the Saudi Arabia Monetary Authority (SAMA).

Candlestick Arrangements

What we have in the daily chart is consolidation as buyers reverse losses of Feb 24. In a defined bull trend, buyers are still struggling to break out and trade above the first level of resistance at 34 cents. Just like 30 cents main support, 34 cents—the 61.8 percent Fibonacci retracement level– is our main buy trigger line.

Once buyers have the upper hand and break above it, the resultant buy frenzy could see XRP prices pumped above 40 cents where risk-averse traders would be free to buy on pullbacks with first targets at 60 cents—Dec 2018 highs and later 80 cents.

However, as long as this accumulation continues, our bullish hopes will be pinned on reaction at 30 cents and the rate of price expansion once our trade conditions are live above 34 cents and most importantly 40 cents.

Technical Indicators

Transactional levels are ballooning hinting of a possible accumulation (or distribution) depending on breakout direction. With averages at 37 million, any drive above 34 cents or below 30 cents must be at the back of high volumes exceeding 61 million of Feb 24. That will either reverse or confirm the bull trend of Jan 30 and Feb 18.

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.