Like most coins, Ripple and XRP are bullish. Not only are we seeing important partnerships that steels XRP and xRapid, XRP prices are also on a recovery path adding a massive 13 percent in the last day helping propel prices from 25 cents supports. Technically, this recovery might continue though XRP is within a bear trend as the weekly chart shows.
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Standard Chartered, UBS and more than 50 global banks are some of the main players making use of RTXP and several of Ripple’s products as xCurrent and xRapid. There are several demonstrations that have shown that using xRapid and XRP for example significantly helps slash cost of transaction.
While it’s perfect for supporters, users-financial institutions can either make use of xCurrent–a solution that doesn’t incorporate XRP or xRapid, a gross time settlement solution that make use of XRP. If more business make use of the latter then XRP acting as an on demand liquidity tool will definitely gain traction inching higher from current lows.
That is perhaps the reason why the company is trying hard to build an ecosystem around XRP and xRapid. Recently, Ripple said they have partnered with US cryptocurrency exchange Bittrex, Mexico’s Bitso and Philippine’s coins.ph with exchanges facilitating exchange from XRP to fiat and vice versa.
Since transactions are on-chain there is guarantee of speed, safety and above all savings especially for individuals working in the diaspora wishing to send funds to their families in the US, Mexico and Philippines.
In other news, Kuwait Finance House (KFH) did carry out their first XRP transaction via xRapid. The firm is one of the biggest largest in Kuwait with a staggering market cap of $8.2 billion and trading in the country’s stock exchange.
Before concluding that XRP is bottoming and that the bear trend is finally over, the weekly chart hints of a different ball game. First, we must acknowledge that periods of extreme volatility is often followed by stagnation in price as historical prices have shown from time to time.
This is why this week’s revival is nothing new and is common following deep price erosion that saw two main levels of support (at 40 cents and 35 cents) being broken. Considering this week’s gains, we expect XRP bulls to find resistance anywhere between 35 cents and 40 cents. On the flip side, surges above 50 cents or 55 cents invalidates our bearish projection.
If that happens then we shall have a nice double bar bullish reversal pattern in the weekly chart which would conclusively mean XRP buyers are back in contention.
In the top 10, XRP is one of the top performers adding 10 percent in the last 24 hours.
After yesterday’s encouraging bullish engulfing candlestick, a three bar bullish reversal pattern is the result. That means aggressive traders can begin loading up at spot prices. In that case, stops at Aug 17 lows at 28 cents and first targets at 50 cents is ideal.
On the other hand conservative traders can wait for bulls to close above 35 cents. Thereafter, they can take longs with targets at 50 cents and later 50 cents should buyers follow through.
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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