Latest Ripple (XRP) News

Ripple Price Analysis: Is XRP Losing Steam, Re-tests 30 Cents for the Umpteenth Time

 

Latest Ripple News

Here’s what will happen if any of us is given a choice: many will vote for change. Faced with a dilemma of opting for expediency or maintaining a time-tested status quo, banks are not bulging and ready to defend their turf. At the back of their defense are the original members of a rigid SWIFT network that until recently was maintained as it was.

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Although it somehow increased efficiency, it is still bogged down by technical challenges as messages tend to “disappear” from time to time. On the other hand, we have a new, digital but reliable system. We are in the earlier stages of a possible revolution and faced with regulatory headwinds and claims of anti-decentralization despite the presence of a properly executed decentralization strategy, Ripple Inc is fronting three of their main solutions.

Both—xCurrent and xRapid—are efficient but not as widely adopted despite what they bring on the table: speed, efficiency, and cost-cutting. The global remittance service proved without reasonable doubt that when xRapid is employed on a large scale, then there are cost-cutting benefits that the network tags along.

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However, even with negligible costs and seamless experience that the end user stands to benefit, it all zeros in to whether the native currency, XRP, is a security or not. Part of it was debunked after the addition at both CoinBase Pro and CoinBase. With a fading CoinBase Effect, prices are flat and it is only when comments from the SEC flows in clarifying the state of XRP that might jolt prices above key resistance level ushering in bulls.

XRP/USD Price Analysis

Meanwhile, our Ripple (XRP) charts are flat. With stagnating prices and a 4 cents trading range, bulls have the upper hand. From the look of things, our bullish outlook will quickly be thrashed more so if XRP collapse and close below 30 cents.

Clearly, the inability of bulls to close above our trading range is a cause of concern and as long as Feb 24 bears have an influence on price action, it is likely that sellers will unwind gains of Feb 25, build momentum and drive prices below 30 cents complete with high trading volumes.

After all, prices are trending within a tight trade range with upper and lower limits set at 30 cents and 34 cents. As historical price pattern reveals, the longer the accumulation, the stronger the breakouts and it is a surge past 34 cents that will validate and cement our projection.

If not, any drop below 30 cents could see a meltdown towards 25 cents and even 18 cents by Q2 2019. It’s not what many want and only a shift of momentum driving prices above 34 cents while confirming bulls of Feb 7-8 will calm nerves.

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.