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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Ripple (XRP) Underperforming In a High-Octane Market, is it Undervalued?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Altcoins Technical Analysis

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  • Ripple price in an uptrend, trading below 34 cents
  • Regulatory clarity will clear the air catalyzing adoption
  • Average transaction volumes are high, doubles in last month

Even though Ripple related news is scarce, increasing participation levels point to an accumulation. To that end, we expect today’s double bar bull reversal pattern off 30 cents to act as a base for further higher highs in coming days.

Ripple Price Analysis

Fundamentals

Progress is visible. They may be baby steps, but still, it is a step in the right direction. Of the more than 15,000 banks, 200 banks use the Ripple Net. What’s more? 13 out of these 200 banks leverage xRapid, a Ripple Inc option that leverages XRP as liquidity apparatus.

To the ordinary, this is miniscule incomparable to the behemoth in SWIFT. The banker’s network has more than 10,000 banks, is dominant and Ripple has a long way before they become the leading trusted player.

However, as an upcoming start-up, ranked one of the best to work for, their solution promise speed, efficiency and cost savings. It’s just about everything businesses—including banks, need at these trying times. As a result, we expect Ripple to onboard more banks and processors keen on being a step ahead of competitors once there is regulatory clarity.

Recent listing at CoinBase may boost our confidence that XRP is a utility. However, all cards lie with the US regulator or an agent of the commission. Their comment will clear the air leading to an influx that will undoubtedly push XRP prices higher.

Candlestick Arrangements

Ripple

In a determined trend, every low should be a buying opportunity. However, unless otherwise bulls build momentum and drive prices above key resistance levels, then we shall maintain a neutral but bullish outlook regardless of our forecast.

From our chart, and as mentioned in previous XRP/USD analysis, 34 cents—the 61.8 percent Fibonacci retracement level of Dec 2018 high low is our next buy trigger line. It is after prices break and close above this 4 cents consolidation that XRP stands to rally with first modest targets at 40 cents.

Breakouts will be consequential and will open the doors for 60 cents and later 80 cents as bulls take charge. Candlestick arrangement point to bulls and in line with surges of Feb 25, odds are north is the path of least resistance.

Technical Indicators

Volumes reveal liquidity and demand. In the daily chart, Feb 24 bear bar stands out. It has high trade volumes—61 million against averages of 28 million. Because of today’s double bar bull reversal pattern, any bar that drives prices above 34 cents must be at the back of high trading volumes—above 28 million and even 61 million.

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Dalmas Ngetich
Dalmas Ngetich

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.

Read more

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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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