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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

SEC’s New Decision A Reprieve, Ripple (XRP) Falter

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
technical analysis xrp

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  • XRP slides 9.1 percent
  • Ripple overly successful despite few banks adopting xRapid

The SEC is bending for innovation’s sake, and that’s great. Cryptocurrency and blockchain are complex topics, they are a blend of different fields and all of a sudden are disrupting. Ripple may benefit, but clarification on the regulatory status of XRP will propel prices higher.

Ripple Price Analysis

Fundamental

Blockchain and crypto, in general, is an innovation competition. It’s all about who will devise the best solution, an option that will take on existing legacy system(s). Thus far, there are thousands of projects that seek to dethrone Ripple and Bitcoin. While Bitcoin is the most capitalized, Ripple has grand visions.

From first glance, it may seem insurmountable considering their goal of clipping SWIFT’s market share. However, in recent years, Ripple has been scoring small victories. Of the many, their aim of on-boarding banks and financial institutions to a faster network that is transparent and encrypted is bearing dividends.

Although not many banks are synced and not ready to upgrade to the latest version of xCurrent, the fact that they are listening to what Ripple has to offer is a big plus. Even so, it may take time before there is a full switch to xRapid.

The option uses xCurrent rails while incorporating XRP, a coin that is facing regulatory challenges in the US. It acts as an on-demand medium of exchange; a liquidity tool which, when fused with Cobalt, will see transactions settle in a second or less.

Candlestick Arrangement

Ripple XRP

Trailing Cardano, EOS and Bitcoin Cash, XRP is down 9.1 percent from yesterday’s close. Even so, XRP is trading within a bullish breakout pattern but under pressure after yesterday’s rout. However, and in line with previous XRP/USD trade plans, it is essential that the race to 60 cents be at the back of increasing trading volumes.

From what is visible in the daily chart, momentum is shrinking as participation taper. That is derailing the rally, delaying the up-thrust and desired clearance of May high. If anything, any blast above 50 cents will cement buyers. After that, it will set in motion the next wave of higher highs following the bounce from the 61.8 percent Fibonacci retracement of May trade range.

At the moment though, the middle Bollinger Band (BB) acting as flexible support no longer holds. Odds are therefore stacked against buyers. If today ends up bearish, XRP could slide back towards the 61.8 percent Fibonacci retracement of May trade range or worse lower to 30 cents.

Technical Indicator

Anchoring this trade plan is the breakout bars of May 14th and 15th. Their average trade volume is around 150 million. Any breach above 50 cents or drop below 43 cents ought to be at the back of high trading volumes exceeding 150 million. That will confirm buyers of Sep 2018 or nullify this trade plan.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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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

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