Ripple (XRP) Medium-Term Trend Is Set, 80 Cents Likely

technical analysis altcoins

Several analyses show that xRapid is cheap and fast. As such, it is likely that once there is regulatory certainty around XRP, more banks will shift towards xRapid supporting Ripple (XRP) prices.

Ripple Price Analysis

Fundamentals

Many proposals will see banker’s profit slashed. One of them is the proposal to shift away from the high-latency messaging network in SWIFT towards a time-saving, cost-saving and the transparent system powered by RippleNet. With xRapid–and through economies of scale, adopting firms can save up to 70 percent should they incorporate the solution.

In a report, Ripple Inc concludes saying:

“Respondent banks that use Ripple with XRP as a bridge currency can save up to 42 percent on costs today, and up to 60 percent as XRP gains usage and volatility decreases. To accelerate market thickness and reduce volatility for XRP, Ripple will soon introduce an XRP incentive program to rebate market makers who provide liquidity through XRP algorithmically.”

This observation sync well with similar analysis that prove that xRapid, a solution that leverage XRP as a medium of exchange and xCurrent rails for functionality is super-fast benefiting the end user. Yesterday, Mercury FX, a payment processing firm that makes use of xRapid, said a customer saved $30k using their rails.

“We just saved a client 30k on moving the cash from selling his house in Australia to the UK. That’s a huge saving compared to what he’d get from the banks – and goes a long way toward paying Stamp Duty on the house here! #yourewelcome”

The processor’s comment re-affirms similar findings by several observers:

And,

Candlestick Arrangement

After three or even four months of accumulation, Ripple (XRP)–like most assets, is up reversing last year’s losses as the market thaws. However, a key observation in this resurgence is the strength of bulls and the confirmation of week ending Dec 23 gains now that we have a three-bar bull reversal pattern with a long trough.

Although volumes are on the rise, we shall only confirm bulls if this week’s bar is wide-ranging with high volumes above 390 million–of the conspicuous bull candlestick of late Dec 2018. If that is the case, then we shall have a classic bull breakout realigning with the trend-setting bull bar of the week ending Sep 23. In that case, it is likely that Ripple (XRP) could retest 80 cents.

Technical Indicators

Relative to last week, XRP transactional volumes are high and what we have instead is a double bar bull reversal pattern. Anchored by above average volumes, buyers are in control.  Therefore, every low is technically a buying opportunity.

Chart courtesy of Trading View

 

 

Exit mobile version