Fundamental developments as formation of SAIV, objectives of Coil to turn XRP from a facilitator to a medium of exchange and increase coin listings at various exchanges is bullish. Aside from this, Nigel Green’s comments cement our bullish stand. This is further solidified by candlestick formations of the last two weeks and the increasing capital flow to XRP. Investment in XRP rose to $311 from $239 million in the last week.
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The FX market is a huge market and Forex Choice, a Belize regulated FX broker is placing XRP in the middle of the high $5 trillion market. Forex Choice enable traders to buy and sell currencies straight from their XRP dominated wallet. Many brokers and funds across the world are reaping huge benefits as speed, efficiency and low cost of doing business when they incorporate XRP. Aside from Forex Choice, Forex.com, and NordFX are some of the brokers allowing their clients to trade the XRP crypto market.
Perhaps a stand out among funds is Arrington XRP Capital. Although they were recently subpoenaed by the SEC for the second time this year, they denominate their fund in XRP. In an interview, Arrington XRP Capital founder Michael Arrington said there are massive cost benefits when using XRP. This is because the fund can move capital and incur negligible costs. Hopefully, court cases and subpoenas will reduces with Ripple leading a lobbying group, the SAIV, to advocate for better regulation.
The tide is also changing. For so long, XRP has been known as a settlement tool but Coil is changing this narrative. By using InterLedger Protocol (ILP), Stephan Thomas’s Coil wants to make XRP a currency and an avenue where internet companies can use the coin to settle. Just like fiat.
XRP Price Analysis
A stand out in the last week is that long lower wick signaling rejection of lower lows and resumption of bulls in line with week ending Sep 23. Though we retain a bullish outlook expecting prices to move higher in Q4 2018, what we need to see is a strong move above 80 cents in days to come. Notice that prices are still trending inside that trend defining bullish engulfing bar of week ending Sep 23.
In our analysis, what is important is that reversals were at important Fibonacci retracement levels coinciding with our previous resistance now support levels at 45 cents and 55 cents. Because of that, we expect prices to surge above $1 and probably print $1.65 before the end of the year. This is technically possible when we make projection basing our Fibonacci extension levels at week ending Sep 23 high low. Because of this, we recommend buying on every retracement in lower time frames with stops at 55 cents.
From the chart, bulls are now trading above Sep 24 highs asserting their stand thanks to yesterday’s 10 percent gain. All things constant, we recommend trading according to the trend set out by Sep 18 bulls bouncing off main support at 25 cents. As such and as laid out above, our XRP trade plan today is to follow through by buying on dips in lower time frames with first targets at 80 cents and $1. Ideal stops should be at 55 cents.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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