Volumes Up 5X As Ripple (XRP) Prices Break-out From a 3-Month, 4 Cents Range

Dalmas Ngetich

1 year ago

2 mins read

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Ripple price revival, up 12 percent
SWIFT competition increase, after Ripple now CIPS

After 20 million XRPs were stolen from BitHumb, exchanges should put in place measures to jealously protect their reputation as well as shield user funds. Yes, there are losses but there shouldn’t be wholesale condemnation as exchanges play a critical role of injecting liquidity in the market. Besides, as a fiat-crypto or crypto-crypto on-ramp, they help in drawing demand, spurring adoption which boosts penetration of assets as Ripple (XRP).

Ripple Price Analysis

Fundamentals

Exchanges are struggling with hacks and accusations of price manipulation. These, and several other obstacles like adherence to regulator stipulations, may bog down progress. However, what we must agree with is the fact that exchanges play an important role when it comes to liquidity. Listing at CoinBase, for example, often has a bullish effect. We saw that with ETC, and recently XRP, when prices rallied upwards of 15 percent recouping Feb 24 draw-down.

Even so, there must be an element of control to allow easy access with safety measures in place to prevent theft. Just the other day, hackers made away with 20 million XRP coins after breaching BitHumb in what the exchange said was a “spill.”

Meanwhile, there is increasing competition in the global remittance sub-sector. The multi-billion-dollar field is now saturated with startups as well as joint government projects keen on easing movement of value. Of the many, Chinese Alternative Global Payments System (CIPS) is laying out an infrastructure to by-pass SWIFT, another messaging network, which Ripple Inc is keen on replacing with their innovative, blockchain based solutions. CIPS connects several banks and corporation across China and Russia.

Candlestick Arrangement

Price wise–and like the rest, Ripple (XRP) is reaping benefits. After an extended period of accumulation, there is a revival correcting the undervaluation of Mar 26. At spot rates, XRP bulls are firm above the 61.8 percent Fibonacci retracement level of 34 cents.

Besides, with increasing transaction levels and the magnifying, positive correlation effect of Bitcoin, XRP is likely to close above 40 cents as buyers increase their long positions in smaller time frames.

Note that this is a classic breakout pattern and in line with our XRP/USD trade plans, aggressive traders should load up as prices cool off. Immediate targets will be 40 cents, 60 cents and later 80 cents of Sep 2018 highs.

Technical Indicators

There is an uptick of trade volumes—51 million, dwarfing those of Mar 21—17 million. As a result, our laid out trade conditions are now live, and every dip should be a buying opportunity with first, easy targets as aforementioned.

Chart courtesy of Trading View

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.

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.