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At spot prices, XRP may be down to third but the coin is still the most liquid with a market cap of $15 billion at the time of press. Of course, declining ETH pricesāfueled by the government crackdown on ICOs and penalizing founders of exchanges creating a marketplace for ERC tokens meant reduced circulation and low liquidity further preventing investment in the space.
Read: Kraken Says Rippleās Coin XRP Name Is Creating Confusion Among The Crypto Community
Drying liquidity, cautious investors and shock-absorbing XRP meant a flight to stability after that sharp expansion from 25 cents in mid-Sept 2018. Now that XRP is down to third even with Binance making its base for some pairs as TRX, the slip shouldnāt be a reason for doubt for whatās in store at Ripple. If anything, Rippleās three solutions will see continued adoption from financial institutions and finally, a slice of the cross-border remittance market dominated by SWIFT which will definitely pump prices above $1 to new heights.
Also Read: South Korea Submits Six Cryptocurrency-Related Bills To The National Assembly For Market Regulation
At the moment though, regulatory clarity is a major impediment preventing widespread adoption and will continue to be even if the network settlement is super fast with negligible fees.
Gemini and CoinBase are two USD based exchanges that are rigidādemonstrating the importance of the āutilityā complianceā, failing to list XRP because of the known riskāand luggage, associated with availing a potential āsecurityā too aware clients.
Ripple (XRP) Price Analysis
The trend was set in September and to reiterate what I have mentioned, bulls are in charge and that assertion will hold true as long as prices are held above 25 centsāthe base of Sep 2018 rockets.
There has been a retracement to 30 cents but since every low is technically a buying opportunity, candlestick arrangements in the daily chart direct longs on pullbacks in the direction of Dec 17 high volume bull bar. That is why despite these attempts of lower lows, aggressive traders should buy at spot prices with firm stops at Dec 28 lows of 33 centsā35 cents zone.
On the other hand, there are better trading opportunities for conservative traders once prices edge past 40 cents-42 cents resistance zone. Itās easy to see why. Events of the last 14 days could as well be a correction after the meltdown of November to mid-December.
This is why for bulls to be in charge then bulls must rally above the 61.8 percent Fibonacci retracement levelā40 Centsā anchored on Sep 2018 high lows. Failure would instead trigger the next wave of sellers that may see XRP print 15 cents or lower by Q1 2019.
This is our XRP/USD trade plan:
- Buy: 42 Cents
- Stop: 33 Cents
- Target: 60 Cents
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and arenāt investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.