Will Ripple (XRP) Drop to 34 Cents? xRapid and Building Determiners

Dalmas Ngetich

Last Updated: June 11, 2024 9:14 pm

2 mins read

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Ripple (XRP) up 14 cents in the last week
Building and strategic partnership will drive adoption helping support Ripple (XRP) prices

Chris Larsen is part of the IMF Advisory Board, remains the co-founder of Ripple and recently donated $25 million in XRP at the San Francisco State University. Whether that will elevate Ripple Inc profile, we are not yet visible but what is clear is that Ripple (XRP) buyers are back.

Ripple Price Analysis

Fundamentals

Not surprising, Ripple is actively building and on the other, they are striking partnerships, and financial institutions can leverage on their network for cost cuttings and efficiency. And this is understandable. As a network that seeks to dislodge the incumbent in SWIFT, it must go the extra mile, and that means being aggressive in their negotiation, on-boarding new members and be regulatory compliant.

They have been successful in the first two, and now that some of Ripple’s key members as Chris Larsen are working with global players like the IMF, we expect the company to prioritize compliance over everything else.

After all, for the adoption of xRapid, a solution that makes transactions faster and more efficient, more so after the launch of Cobalt, there should be clarification on whether XRP is a utility or an investment contract.

Last week and as a show of good will, Chris Larsen and his wife donated $25 million worth of XRP at the San Francisco State University, funding which will go towards supporting students as they become “changemakers of local and global entrepreneurial and fintech ecosystems.”

Candlestick Arrangements

Thus far, Ripple (XRP)’s performance is average, adding 14 percent in the last week. However, we expect XRP bulls to flow in now that the third most valuable asset is trading within a bullish breakout pattern against the USD. All this is visible from candlestick arrangements.

Not only are bulls back trading above the 61.8 percent Fibonacci retracement level of Dec 2018 high low but the coin’s direct correlation with Bitcoin had a lifting effect on the currency. Even so, XRP bulls have much ground to cover, and it is after when prices rally above 40 cents breaking out of the five-month consolidation is when risk-averse traders can get in, ramp up in smaller time frames and even aim at 60 cents in line with our last XRP/USD trade plan.

Before then, risk off traders can search for dips with targets at 40 cents.

Technical Indicators

Participation is medium, and despite volumes surging 4X from Mar 26 on Apr 5, bulls are struggling to print higher highs. However, that doesn’t mean buyers are in control.

Any break above 40 cents must be with an uptick in volumes exceeding 79 million of Apr 2. That will confirm buy pressure of Jan 30 and late Sep 2018 besides reaffirming the strength of 30 cents as a reliable support line.

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.