XRP Price Analysis: More companies are Using xRapid, Bullish for XRP

XRP Price Analysis: More companies are Using xRapid, Bullish for XRP

XRP Price Analysis–Oct 22

Straight from CobinHood listing XRP and the Bill and Melinda Gate foundation initiative of making use of RippleNet and Coil as they deploy Mojaloop, it’s clear that Ripple—and by extension XRP is on the right trajectory. As such investors would be the direct benefactors. XRP is up 14 percent in the last week and prices trading in line with our previous XRP trade plan.

Latest Ripple News

Ripple and XRP backers are working towards making their products global. There is no best way of advocacy that making this same tradable asset, XRP, accessible in different exchanges including Popo Chen and Wei-Ning Huang’s CobinHood. The exchange is popular because fees are nil. Furthermore, being an exchange that lists other common digital assets as Bitcoin, they offer ICO advisory and cryptocurrency custodial service. Blockchain startups that are advised by this exchange are guaranteed automatic listing and this is extremely beneficial for startups that seek immediate liquidity and price stability.

In the meantime, should a user decide to move their crypto holdings from CobinHood cold storage, then the exchange charge minimal fees as an incentive to miners—Proof of Work coins because they have no plans of benefiting from withdrawal fees unlike most crypto exchanges or facilitators. Besides announcing their listing of XRP/BTC and XRP/USDT trading pairs, the feeless exchange is introducing a 3X margin trading for BTC/USDT, ETH/USDT and COB/ETH pairs and peer-to-peer (P2P) funding.

In related news, Ripple objective of driving towards the wider adoption of XRP and xRapid, the company announced their partnership with Viamericas, a large remittance company, and Western Union competitor with more than 76,000 payout locations.

The partnership means XRP will be in use, and as noted by Cory Johnson, the need for an efficient, effective, secure and cheap solution that reduces friction especially in emerging economies is of prime importance. This is why they might end up doubling down their effort in pushing for XRP adoption in service providers providing cross-border channels in SE Asia, Europe, Africa, and the Middle East.

XRP Price Analysis

Weekly chart

On a weekly basis, XRP is up 14 percent as statistics indicate. However, that is not important because what we are after is the strength of buyers which are marked by the level of market participation. While recent lower lows were accompanied by declining volumes, buy momentum is building as they maintain prices around our ideal buy zone between 50 percent and 78.6 percent Fibonacci retracement level. These levels coincide with our important reaction points at 40 cents and 55 cents on the upside and that is why we recommend buys for conservative buyers once we see prices edge past 55 cents triggering bulls aiming at 80 cents and later $1.

Daily chart

Back to the daily chart and our buy zone is clear. As it stands, prices are still oscillating within Oct 15 high low meaning from an effort versus result scenario, bulls stand a chance. Like in our last XRP price analysis, we recommend risk-off traders to ramp up at stop prices with stops at 40 cents—previous resistance now support, with first targets as aforementioned above.

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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