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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ripple (XRP) Down 7%, Bulls Fail to Break Above a Key Moving Average

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

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  • Ripple (XRP) is down 7.4 percent from last week’s close
  • Kenny Li, the CEO of Worthyt, said people are willing to trade the security of decentralization for speed and convenience

Ripple Price Analysis

Fundamentals

Blockchain is altering the way payments are done. Introducing speed, efficiency, and slashing costs, countless applications can be built on top of this distributed ledger. Ripple is one of the many companies that is taking on traditional behemoths by leveraging on the transparency of blockchain.

Together with Facebook’s Libra, they are challenging the status quo, forcing mainstream players to innovate for them to stay competitive. The Society for Worldwide Interbank Financial Telecommunications (SWIFT) has already tested a cross-border payment system between Australia and Singapore that will see transactions settle almost instantaneously.

With speeds rivaling those of Ripple’s xRapid, Kenny Li of Worthyt, weighed in on the significance of transaction speeds saying:

“I do think that people care about speed, definitely. Speed and convenience are more important, even in the blockchain space. That’s why people are willing to trade the security of decentralization and ownership with the convenience of speed on centralized exchanges. So, I do think that the fast ones will win.”

Candlestick Arrangements

Ripple XRP

Mostly consolidating, XRP prices are down 7.4 percent in the last week but relatively stable in the previous day. Besides, prices are reacting from the 20-day moving average, the flexible resistance. Nevertheless, in line with previous XRP/USD trade plans, every dip is another buying opportunity for aggressive traders.

It is worth noting that this condition applies as long as prices trend above 30 cents. The level is Q1 2019 support and a vital reaction point in H1 2019.

Unless otherwise there is a slide below this mark, buys should aim at 40 cents. Even so, considering the lack of enthusiasm, conservative traders should avoid participating until there is a firm breakout above 40 cents or below 30 cents.

If the former is the case, then XRP could surge to 50 cents and later 80 cents as bulls flow back in a trend continuation phase.

Technical Indicator

In light of the above, July 10 bear candlestick leads this trade plan. If bears are indeed in control, then the meltdown below 30 cents ought to be with high trading volumes exceeding 50 million of July 10. Conversely, support and rejection of lower lows at 30 cents, with high participation, will confirm buyers of Sep 2018, the primary trend defining bar.

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

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

Ad discliamer

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