Ripple Price Analysis–Jan 9
Latest Ripple News
At current prices, Ripple—the company behind xCurrent, xRapid and xVia is valued at around $20 billion and impressively weaned from a venture capitalist who bankrolled most of Silicon Valley companies like Lyft valued at around $15 billion.
For the uninitiated, this is unusual and for those who lost it when digital asset prices tanked back in 2018, Ripple has to deal with multiple court cases with plaintiffs arguing that XRP, the native currency, and digital coin was marketed under the pretext that there was expectation of profit once asset prices soar to new highs.
Now, despite the milestones made, Brad Garlinghouse, the CEO of Ripple and an influential figure in matters XRP and Ripple, always has to be on the defensive, re-stating their position while perpetually clarifying to investors and critics alike that Ripple and XRP are two distinct companies that are independent and with different mode of operation.
That’s albeit Ripple owning 60 percent of the total XRP in circulation and financing their operation by liquidating their stash on a regular basis. While they can liquidate a given amount of XRP and make this figure public for stakeholders and other coin holders, check and balances exist diluting their powers just in case they decide to offload large quantities to the detriment of other holders and of course, coin prices.
Ripple Price Analysis
So far, XRP is up 0.9 percent in the last week and from candlestick arrangement, Ripple bulls are obviously in control. Aside from this near stable gains, XRP is stabilizing against the USD, ranging horizontally within a smaller 6 cents and a larger 10 cent range with limits at 40 cents, 34 cents and 30 cents respectively.
At the same time, XRP is confined within Dec 28 high low and since it is a bull bar, recent consolidation mean that this is an accumulation that will likely result in an up-thrust in line with the general trend in the crypto space. After all, XRP is lagging against other coins as ETH, Bitcoin, and miles behind Tron (TRX) whose leader is ambitious rolling out products and lining up partnerships in a bid to displace ETH from second.
Therefore, all things constant, our last XRP/USD trade plan will hold true and as long as the consolidation continues, the best trading plan is to avoid initiating positions because any dip below 30 cents can easily amplify losses as prices tank to 25 cents or lower.
The best approach is to wait for clear, high volume breaks above 40 cents—42 cents level or the 61.8 percent Fibonacci retracement level based on Sep 2018 high low.
Assuming there are gains above 40 cents and our trading conditions are met, our XRP/USD trade plan will be as follows:
Buy: 40—42 cents
Stop: 37 cents
Target: 60 cent, 80 cents
All Charts Courtesy of Trading View-Trading View
Disclaimer: Opinions are those of the author. Do your Research.Leave a comment