XRP Under Immense Sell Pressure, Ceiling at 34 Cents

XRP Under Immense Sell Pressure, Ceiling at 34 Cents

Aside from digital assets higher highs in the last few days, what has been dominating headlines in the last 36 hours or so is news of Cory Johnson’s departure from Ripple. Drafted one year ago, the Chief Marketing Strategist was carved out for the talented Cory Johnson.

He is an astute entrepreneur, a founder of the TheStreet.com as well as a Journalist with Bloomberg before he joined Ripple. His express duties were “to try and explain, listen and set strategies to make it easy for Wall Street and the world of finance to understand what we’re doing” and he was pretty successful in his work.

During his tenure, Ripple increased the number of the partnership while together with other executives helped assert the company’s stand on why XRP was not decentralized. In a statement confirming his exit, Tom Channick, a Ripple spokesperson said:

“Cory’s last year at Ripple was a success in representing the company to investors, press, and regulators. Cory helped Ripple with strategy internally and overall industry education. But due to changes in market conditions, we’ve chosen to eliminate the role of Chief Market Strategist.”

Now that the position has been vacant with Ripple confirming the scrubbing of his position because of “changes in market condition”, we can only stay on the sideline and watch the next course of price action.

XRP/USD Price Analysis

Despite the worry around Cory’s exit, XRP prices are robust, shocking in sell pressure of the last few days and adding 1.8 percent in the last day. At this rate, it is clear that buyers are rejecting lower lows and the more prices are trending above important support line at 30 cents, it is likely that bull momentum will build up driving prices towards 40 cents and later 60 cents in line with our previous XRP/USD price analysis.

Still, our strategy will remain as before. Maintain a bullish outlook on price and while at it, only initiate long trades once prices rally above 34 cents triggering risk-off positions with first targets at 40 cents. Chances of our trade plan going live are highly likely. Note that there are two huge bull candlesticks springing from our first support level at 30 cents.

Accompanying these bars are above average volumes and the resulting pattern is a double bar bull reversal pattern mirroring those of late Sep 2018 as well as mid-Dec 2018. Unless otherwise there are drops below 30 cents erasing the progress made in the first week of Feb, we retain a bullish outlook.

All we need are strong gains above 34 cents and later 40 cents. The aftermath of such rallies will easily see XRP retest 60 cents—Dec 2018 highs or 80 cents—Sep 2018 highs which are our ideal bull targets.

All Charts Courtesy of Trading View—BitFinex

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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