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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

There’s No Upside Resistance, Ripple (XRP) Bulls Aiming At 40 Cents

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

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  • Ripple prices trending within a bull breakout after closing above 34 cents
  • Banks are hesitant to adopt xRapid and instead use xCurrent

No doubt, Ripple Inc is proposing a novel and livelihood lifting idea that stands to shape remittance. However, with incumbents holding their ground, revamping their systems and plugging leakages, Ripple has much ground to cover. As they do so, Ripple (XRP) bulls are back and likely to close above 40 cents by mid-next week.

Ripple Price Analysis

Fundamentals

The global payment and financial landscape are unrivaled when it comes to testing new systems. They are cautious, and all they need are solutions that are secure beyond “any reasonable doubt.” Unfortunately, though, they are plagued by scandals and continue to soak in heavy fines especially from US and European regulators. The latest mega bank was Swedbank whose CEO had to face the sack because of the institution’s involvement in a money laundering scandal unnecessarily heaping pressure on their operations.

Regardless, while they are the main cog in global finance steadying economies, their failure to test new systems as Ripple’s solutions don’t make sense. As a real-time, global payment system, Ripple proposal is to replace SWIFT, an age-old messaging network that until recently, in the face of competition was unwilling to innovate and reduce lag time.

A handful of banks are part of the Ripple network with most utilizing xCurrent, an enterprise-grade solution that allows instantaneous settlement and end to end encryption of transaction between member banks. However, investors are tracking adoption of xRapid. Mired by regulatory challenges, once there’s clarification from the US, it would be all systems go.

Candlestick Arrangements

Ripple

At spot rate, Ripple (XRP) bulls are back and trading above 34 cents, our buy trigger line. That means, in line with our XRP/USD trade plans, buyers are in control now that today’s bar has a long lower wick and low resistance. As a result, risk-off and aggressive traders should look for entry opportunities in lower time frames.

According to our previous iterations, the only time risk-averse traders would be in control is when there is a satisfactory and comprehensive close above 40 cents, our next main liquidation level that has been capping gains in the last four months.

Therefore, as mentioned, the minor break above the 61.8 percent Fibonacci retracement level places our first target at 40 cents. That’s unless there is a counter bar wiping out gains of Apr 5 pinning back bulls to a 4 cents trade range.

Technical Indicators

Trade volumes are picking up and reflecting this observation is increasing volatility, and XRP bull bars banding along the upper BB. Since Ripple (XRP) is trading within a minor bull breakout after closing above 34 cents, participation is likely to pick up. That means any break above 40 cents would most likely be from a full ranging bar whose volumes exceed Apr 2’s 79 million. If that is the case odds are XRP will rally towards 60 cents and 80 cents.

Chart courtesy of Trading View

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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