XRP Price Analysis–Nov 7
Overly, we remain net bullish following the shift of trend during the third week of Sep. Though prices did correct, our recommendation to buy on dips is now paying off thanks to yesterday’s break above 55 cents.
Latest Ripple News
There is a narrow $100 million market cap difference between XRP and Ethereum. This may be the cause of the flip-flopping, as XRP and ETH struggle to maintain their place as the second most valuable digital currency in the space after Bitcoin—the granddaddy of crypto controlling a massive 51 percent of the total crypto market cap. Anyhow, with increasing partnership and adoption of XRP by financial institutions and individual companies as Coil and Omni, resulting demand will no doubt lift prices. That is exactly what is happening.
Though the altcoin market is on an upward trajectory as bulls gear towards reversing 2018 losses, talks of SBI Group—which is by the way one of the largest banks in SE Asia and Japan, pushing towards creation of a project that will see the massive use of XRP by members of the R3 Consortium is notable.
Notice that the consortium is made up of key players of the banking sector and even as they strive to create systems that will see creation and consequent adoption of enterprise-level blockchain solutions, the inclusion of XRP in any way is beneficial for the end user.
At the same time, Ripple attendance of Sibos Conference, organized by SWIFT, fueled rumors that SWIFT’s new GPI, an upgrade global payment system, shall integrate XRP. This “unfounded” rumor has been dismissed by SWIFT’s spokesperson says there are no plans by the company to use XRP in any way. Instead, SWIFT GPI upgrade will see the inclusion of real-time, transaction tracking capabilities.
XRP/USD Price Analysis
All along, we have been recommending traders to buy on dips thanks to the conspicuous week ending Sep 23 bull bar which ignited a wave of XRP/USD buys.
Though prices did sink in the aftermath of the snap expansion, it did gift traders another opportunity to load up at a discount. Clear reaction points were at 35 cents-40 cents support level while first targets were at 80 cents, $1 and later $1.65 per Fibonacci extension tools.
From previous XRP/USD price analysis, buy trigger lines were at 55 cents, the upper limit of our buy zone demarcated by Fibonacci Retracement levels anchored on Sep high low. Since price is now trading above this level, we suggest all types of trades to buy at spot prices in lower time frames.
Rumors of SWIFT integration did cause XRP/USD prices to expand 21 percent before slowing down to 20 percent in the weekly chart. But the effect was clear despite the retracement. A bullish breakout pattern had been printed as prices rallied above the 55 cents mark or the upper limit of our buy zone. All in all, our previous trade conditions are now live. As such, traders should load up at spot prices. Safe stops will be at 50 cents while immediate target is at week ending Sep 23 highs at 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.