technical analysis xrp

XRP Down 7.5%, Prices Could Freeze Because Of Ripple’s Goals

Avatar Dalmas Ngetich 1 week ago
  • XRP falls 7.5 percent week-to-date
  • Ripple game plan demands stable prices

Behind Ripple is a drive to change the status quo. The company’s goal is to dislodge SWIFT and improve livelihoods through cheaper transactions, with XRP. Therefore, it means XRP must be affordable, pouring cold water on the $589 talk. At the time of writing, XRP is down 4.5 percent.

Ripple Price Analysis

Fundamentals

It promises to be another display. An extravaganza where innovation shapes the sphere, ten years after Bitcoin became a breather. Bitcoin is, well, fair. The platform is global, decentralized, and has the backing of developers. Because of an inevitable “evolution,” traders and investors do gravitate to the asset drawing capital.

However, the rise of Ripple and their unwavering objective of slicing part of SWIFT’s market share is a magnet for investors. Analysts reckon that there is a gross undervaluation of XRP, with supporters expecting prices to surge to $589.

All the same, such expectations could be crashing because, by design, XRP is nothing else but a tool. Behind Brad Garlinghouse are three leading fintech solutions in xVia, xCurrent, and xRapid. The stability of XRP prices, of which Ripple owns a majority, will guarantee the success of xRapid.

Leveraging on xCurrent rails, the option is a route for settling transactions in seconds via trusted exchanges. Bitstamp, Bittrex, Coins.ph and Bitso are pioneers.  Therefore, it is evident that while investors are optimistically expecting a surge, XRP is by default capped. Banks and financial institutions wishing to use XRP for cross border transactions will opt in if the facilitator is affordable.

Candlestick Arrangements

Ripple XRP

Decoupling from Bitcoin (BTC), Ripple (XRP) is in a range mode. In the last day, the coin is stable, falling 4.5 percent from last week’s close. Regardless, the fact that XRP is trading above 40 cents is bullish.

From previous XRP/USD trade plans, the coin is in an uptrend. XRP is trading within a bullish breakout pattern after clearing 34 cents, testing 50 cents and correcting back to 35 cents in a retest. Because of this, there is an opportunity for aggressive traders to buy the dips while targeting May high of 50 cents.

On the other hand, conservative traders can wait for clear-cut opportunities. That will either print out if prices rally above 50 cents or drop below 30 and 34 cents as bulls crash out. Any breakout above 50 cents with an uptick of trading volumes could see XRP expand to 80 cents.

Technical Indicators

In light of the above, May 30th bear candlestick guides this trade plan. Any surge or fall below 50 cents or 34 cents should be with decent trade volumes exceeding 94 million of May 30thor better, 187 million of May 14th.

Chart courtesy of Trading View. Image Courtesy of Shutterstock
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