Latest Ripple (XRP) News
Ripple Inc is a blockchain start-up behind a multi-billion coin currently changing hands at around 30 cents. Therefore, company honchos are placed at a microscope and for every move they make, pundits are there to make conclusion—bad or good that inevitable affect the short—or long-term trajectory of the underlying asset.
Case in point, Ripple Labs, XRP. It is the third most liquid coin and a tool, a medium of exchange facilitators for firms that would rather leverage xRapid over xCurrent and xVia. Still, the coin is down 90 percent from 2017 peaks when it tested $3.3 a piece before sliding to current levels thanks to sense prevailing and well, the drop of Bitcoin (BTC) prices, a coin that Brad Garlinghouse says could directly affect XRP valuation thanks to their direct correlation.
Regardless, that is not preventing executives from making divesting through liquidation in a transparent ledger. Just recently, David Schwartz, the CTO of Ripple Inc, was accused of unloading XRP—his private stash at a time when the coin was reeling from relentless bears. A Twitter user, Hlnoooo, said this was “bearish” and a “biggest warning” since the beginning of 2017.
Nonetheless, it should be understood that this is not the first time Schwartz has been liquidating. He sold his first at 40 cents and when at the peaks of 2017 rally when prices surged to $3.3 as shown from his transaction activity: https://bithomp.com/explorer/r3gRpQRDdu7pzPhM9nDmXMgskbJ6vwTDbB
XRP/USD Price Analysis
Retailing at 30 cents from major exchanges, Ripple (XRP) is under pressure. From the chart, it is clear that sellers are firmly in control, driving prices back to important support levels. Because of this, XRP prices are ranging against the USD and as it is, prices are back into a 4 cents consolidation with clear caps at 40 cents on the upside and 30 cents on the lower end.
Even so, we shall maintain a bullish outlook expecting prices to bounce off from this level like it did on Jan 30. If bulls flow back, then it is likely that bulls of Sep 2018 will flow back and from an effort versus result point of view—note that prices are ranging within Sep 2018 bull bar–, buyers stand a chance. However, it would be until after there is a strong close above 40 cents that traders can ramp up on dips with modest targets at 60 cents or Dec 2018 highs or even highs of 80 cents.
Ideally, what would confirm a shift in momentum will be high transaction volumes exceeding recent averages of 20 million or even Apr-2 volumes of 79 million. On the flip side, any drop below 30 cents or Jan 30 lows invalidate this upbeat stance, allowing sellers to flow back driving prices to 25 cents or even 15 cents.
Chart 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.