Price Analysis as Ripple (XRP) Moves Sideways


Ripple (XRP) has continued to move sideways over the past couple of days as it remains one of the few digital coins which hasn’t made a fresh 2018 low during the selling frenzy in December last year.

The coin is currently trading around the $36 mark, with the market capitalization of around $14.80 billion.

It was announced yesterday that Ripple has surpassed 200 customers worldwide following the signings of 13 new partners.

“In 2018, nearly 100 financial institutions joined RippleNet, and we’re now signing two—sometimes three—new customers per week. We also saw a 350 percent increase last year in customers sending live payments, and we’re beginning to see more customers flip the switch and leverage XRP for on-demand liquidity. At the end of the day, our goal is to make sure our customers can provide excellent, efficient cross-border payments experiences for their customers, wherever they are in the world”, said Brad Garlinghouse, the CEO of Ripple.

Ripple currently operates in more than 40 countries.

Looking at the daily chart, the XRP doesn’t look very impressive at all. The price created the swing low around the $28 handle in December 2018 before rotating back higher to test the 61.8% Fibonacci retracement.

Graph 1. Ripple (XRPUSD) daily chart

In addition to the Fibonacci retracement, the confluence of 100 and 200 daily moving averages had pushed the price lower. Thus, it currently sits between the recent low and the upper level, marking the high of the most recent correction.

At this moment, any potential move higher will be measured against the confluence of daily moving averages, currently sitting just above the $40 mark. On the downside, the ascending trend line higher provides key support for the bulls.