Ripple Price Analysis: XRP a “Stable”, Range-bound

Dalmas Ngetich

1 year ago

2 mins read

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Ripple Price is surprisingly ranging within a 6-cents zone.
Bulls yet to break above the all-important resistance level at 40 cents
Kuwait House Finance Adopts Ripple’s Technologies
Bitrue avails four more trading pairs with XRP as base

Although participants are raving about Ripple (XRP), prices are stable and confined within a 6 cents trade range. Unless otherwise there are sharp gains above 40 cents, we shall recommend taking a neutral stand.

Ripple Price Analysis

Interestingly, XRP—a coin which we all saw erupt from 25 cents a while back, is close to becoming “stable.” XRP is up a mere three percent in the last 24 hours and virtually unchanged in the previous week against the greenback. At this rate, it is clear that prices are accumulating and founding the bases for the next upsides that would probably lead to a retest of Sep 2018 highs. In the meantime, fundamental developments are far and in between meaning technical candlestick formations are what traders use to fine tune entries in lower time frames.

Fundamentals

It seems like Binance came late to the XRP base party. Days after it listed XRP as one of the base pairs in their ALTS category, Bitrue traders have the option of trading four XRP base pairs in HOT/XRP, NT/XRP, NPXS/XRP, and PRO/XRP. It is no surprise because the exchange made XRP base on launch date and this was just a formality increasing options for coin traders.

🎉#2 Week of 2019 @BitrueOfficial 🎉

We're happy to bring to you: $HOT/ $XRP, $NPXS/ $XRP, $DNT/ $XRP, & $PRO/ $XRP! 4 NEW XRP Base-Pairs which shall arrive by end of the week! @Curis_Wang

👉https://t.co/i7RmZi2Lxh pic.twitter.com/WoOFc0Wh8L

— Bitrue (@BitrueOfficial) January 7, 2019

Further Ripple tailwinds flew in from the Middle East when Kuwait House of Finance said it would leverage Ripple’s technologies to process their cross-border fund transfer. Their announcement was ambiguous because we are yet to know whether this “cross-border, zero fees, Instant International Transfer remittance service” will be based off xCurrent, xRapid or whether it has upgraded to xCurrent version 1.4 where they can easily incorporate xRapid:

“KHF has started operating an instant cross-border remittance service using Ripple’s blockchain technology. The zero fees, “Instant International Transfer” service is available now in Saudi Riyal SAR where customers can make remittance transactions to beneficiaries at Al Rajhi Bank.”

Technicals

XRP prices are not only oscillating within a minor 6 cents zone but prices are ranging within Dec 28 high low. Although we are settled on bulls and looking forward to strong gains above 40 cents, we are resigned to staying neutral as this accumulation stretch.

Technically, candlestick formation hints of bulls thanks to events of mid-Dec 2018 but unless otherwise there are confirmations, we shall best trade in line with previous XRP/USD trade plan. In that case, only sharp gains above 40 cents accompanied by above average volumes would probably sling prices back to 80 cents. If not and XRP drop below 34 cents—Dec 28 lows and even 30 cents, chances are XRP will sink below 25 cents erasing Sep 2018 gains.

Technical Indicators

Volumes are low—way below the Dec 24 bulls—124 million versus 54 million average. As prices accumulate, the breakout bar volumes should exceed current transaction averages.

All Charts Courtesy of Trading View-Trading View

Disclaimer: Opinions are those of the author. Do your Research.

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.

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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.
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