- Ripple price stable above 30 cents
- Ryan Zagone concludes lack of regulatory clarity impedes institutional adoption
- Average volumes decrease from 30 million to 24 million in three days
Technically, XRP is bullish above 30 cents and 25 cents. As such, as long as prices accumulate above 30 cents, we expect a breakout lifting price above 35 cents to 40 cents in the next few days.
Ripple Price Analysis
Fundamentals
Strides are being made, and one of them is the Euro Exim bank decision to integrate xRapid. While it is good news as it is the first bank ever to see the advantages of XRP and xRapid, we shouldn’t be ahead of ourselves.
Euro Exim though a bank with “”Class A” international banking license from Financial Services Regulatory Authority (FSRA) of St. Lucia” and practice “due diligence, full compliance and operational excellence” in all their process is a small financial institution with net assets of £511K, debt of £180.2K and a liquidity ratio of 1.38. As a small company, it employs 5-9 people and is roughly seven years old, found on Feb 7, 2011.
Candlestick Arrangements
All the same, markets are scant, and with declining volumes, XRP/USD price action is mostly consolidating within tight trade ranges. As a result, our last XRP/USD trade plan is valid, and still, we maintain our position that as long as prices are trending above 30 cents, bulls have a chance.
Note that despite steep losses of Jan 10, sellers are yet to press lower and with each passing day of low volatility and consolidation, there are high chances that prices will explode. Because of our stance, we expect bulls to edge higher, print above 34 cents and later 40 cents complete with abnormal volumes.
Only then—when XRP prices are trending above the 61.8 percent Fibonacci retracement level, will buyers fine-tune entries in lower time frames with modest targets at 60 cents. Meanwhile, there is an opportunity for aggressive traders to profit. Once prices rally above Jan 14 highs or the 50 percent Fibonacci level of Dec 2018 high low at 35 cents, traders should aim at 40-42 cents with tight stops at 31 cents.
Technical Indicators
Volumes are low. For our trade conditions to be valid, then there should be a sharp spike in market participation levels above current averages of 24 million.
Perfect volumes lifting prices from spot rates to above 35 cents should exceed Jan 14’s 83 million or at least double current volumes—24 million.
The post Ripple Price Analysis: XRP Demand Builds Up in Lower Time Frames appeared first on NewsBTC.
* First published on newsbtc.com
