XRP/USD Price Analysis: Ripple Bullish Development Set Ground for a Moon Sling

XRP/USD Price Analysis: Ripple Bullish Development Set Ground for a Moon Sling

XRP Price Analysis–Dec 5

Latest Ripple News

From inception, XRP and Ripple were created as tailored solutions for banks and financial institutions desirous of cost-cutting, efficiency, and speed. All those have been delivered through Ripple’s innovative solutions of xCurrent, xRapid and xVia. These three functions via the assurance of the RippleNet.

Read: Novogratz’s Galaxy Digital Reports $175 Million of Losses in 2018

Now, even after clipping part of SWIFT market share, delivering fitting cross-border alternatives for banks offering services in developing and emerging economies—remember Ripple has a partnership with Mojaloop and their objective is to ensure access of financial services to the unbanked in a cheap convenient manner—banks are still hesitant to update to xCurrent version 4–which offer an option for willing banks to integrate xRapid.

Also Read: How Blockchain Is Transforming STEM Education

Nonetheless, that didn’t extinguish the desire of the team to forge more partnership. With Xpring live and products as Coil and XRP Tip Bot already in operation and utilizing XRP, the team behind the former has announced that one of the leading online payment service providers in the Netherlands, Mollie plans to integrate and use XRP.

Mollie core objective is to find fitting payment solutions for their clients and with PayPal, Visa/MasterCard being their leading clients, the integration of XRP cements its reputation as a convenient alternative that is ready to shape and receiving widespread support across the board—from the White House to Environmental Conservationist and others.

XRP/USD Price Analysis

Weekly Chart

Technically, XRP/USD is bullish and even with recent drawdowns, the risk of drops below 35 cents and the likelihood of further declines as bears appear to step up, XRP is resilient. At spot prices, XRP is stable but up on a week over week basis reducing last week’s losses.

However, as laid out in the last XRP/USD price analysis, conservative traders should “ideally” be unloading this XRP but thanks to the long lower wick of this week (and the last two weeks) hinting of increasing demand in lower time frames, traders should stay put only selling once there are high-volume drops below Nov lows.

Otherwise, what we recommend is patience unless there are gains above 40 cents—our minor resistance level. If not and XRP drops below Nov lows, then we expect the bleed out to erase Sep gains and usher in sellers eying 15 cents or lower.

Daily Chart

As mentioned above, our sell trigger is just below Nov 25 lows at 33 cents, 2 cents away from 35 cents—main support line.

This is so because we are technically bullish and we shall fade the trend set by Sep bulls if and only if there is evidence as wide trade range backed by an uptick in volumes or market participation.

At the moment, we recommend patience and aggressive traders shall only ramp up once there are satisfactory gains above 40 cents. Thereafter, we shall trade in line with our previous XRP/USD forecast aiming at 60 cents—the conservative buy trigger line and later 80 cents.

All Charts Courtesy of Trading View

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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