XRP Price Analysis—Oct 1
Market influencers are positive that XRP is now bullish and their comments are being taken seriously by investors. By close of Sep 30, XRP was up 10 percent but weekly gains were stable and likely to edge higher going forward. Considering how fundamental developments are complemented by candlestick formations, we place our first targets at 80 cents and later $1.65.
Latest Ripple News
Obviously, the pump from 25 cents to 80 cents didn’t go unnoticed. Not only did it remind veteran investors of last year pump but it also drew a lot of new investors thanks to the FOMO effect. In crypto forums, it’s not rare to see new investors asking for ways to buy XRP and they have every right to. After all, with Robinhood, Uphold and Changelly availing easy and secure options, the added liquidity pad prices and is perfect for early investors who saw their portfolios sink by 95 percent.
All in all, the renewed excitement is nothing new and as it jolts the market, coin specific news shall help spur further growth. It’s along this line that Nigel Green, the CEO of deVere Group thinks it’s a “no-brainer” for XRP to print $1 by the end of the year. The fund based in Dubai has more than $10 billion under management and its founder has been on the forefront issuing his two cents for the better part of the year.
In a statement, Nigel said the renewed interest in cryptocurrencies mean “XRP will continue to gather the most momentum in this period”. He asserts that this momentum will primarily stem from XRP problem-solving abilities, features and technologies that help businesses in cost-saving, efficiency, and safety.
This is on top of Ripple’s ambition of becoming an international facilitator for global remittance especially for emerging economies in Africa, Asia, and Latin America. It’s in these emerging economies that Ripple is fronting the use of yet to be launched xRapid. This solution uses XRP for settlement.
XRP Price Analysis
Here’s the thing: XRP is straight out bullish confirming Nigel Green’s “No-brainer” comments. Notice that prices did correct last week retesting the 50 percent Fibonacci retracement levels before bouncing back in line with the week ending Sep 23 bulls. This week, we expect prices to follow through racing towards our first targets at $80 cents and $1.
Needless to say, prices are still oscillating inside momentum shifting bullish engulfing bar of the week ending Sep 23. And as long as prices are inside this bar, buyers stand a chance of loading on every pullback in lower time frames.
After all, the long lower wick of last week hints of underlying momentum and the shift of sentiment from bearish to bullish.
Because of restricted movements, the Fibonacci retracement tool still defines price movement. After retesting the 55 cents levels and hitting our maker limits, XRP prices did recover in line with Fibonacci retracement dicta. At the moment, prices are up two percent but angling for more.
In our view, these upsides will continue and it’s less likely that prices will retrace. That’s why we recommend loading at current prices with stops at 50 cents. Targets remain constant at 80 cents and later $1.
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.