- Ripple Prices under pressure but bullish
- Buy XRP using your credit card at Binance
- Transactional volumes are below average
Good news is Binance is opening up new demand corridors after finally allowing users to buy XRP and other cryptos using their credit card. Undoubtedly, this will help fuel demand and prop XRP prices that risk dropping below 30 cents.
Ripple Price Analysis
Fundamentals
The maverick founder of Binance, Changpeng Zhao has confirmed that indeed one can purchase XRP using their credit cards. If you remember well, buying digital assets via credit cards was something frowned upon by banks.
A friend of mine tried to buy xrp on Binance with a credit card last night and it wasn’t available yet. Checked this morning and it is now live. You can purchase XRP with your debit or credit card. 3 for $1 but not for long baby! #xrparmy #xrpcommmunity https://t.co/hP0c4VGGRd
— XRP and beyond (@XRPcryptonation) February 11, 2019
During the last leg of a bull run that saw asset prices more than quadruple, investors, as well as speculators armed with nothing more than a superficial knowledge of what they were getting involved with, didn’t hesitate to spend everything they had not to miss out.
While others sold their personal belongings including houses, others decided to use their credit cards. Unaware of how volatile prices were at that time, JP Morgan and UK’s Lloyd Bank took it upon themselves, barring their customers from buying crypto using their credit cards. That soon became the norm.
Nonetheless, Changpeng Zhao and Simplex are ready to change this narrative. Aside from fees which some say are “ungodly,” users can now buy XRP using their credit card.
Sorry Binance, I usually recommend your exchange. I cannot recommend your direct purchases with credit card. The fee is ungodly. That same BTC if purchased $4000 would yield $140 in fees! VS.. @UpholdInc at the same purchase and market rate would yield $42 in fees.
— Travis Pipoly (@ProjectsUnltd) February 12, 2019
Candlestick Arrangements
Meanwhile, prices are on a recovery path—that’s from what we can see. Even so, we shall take the cautious route and, in a wait-and-see approach, steady up for a massive, high-volume breakout above significant resistance and buy trigger line at 34 cents.
The level is a minor resistance line defining the tops of the double bar bull reversal pattern of Jan 13-14. It also marks the highs of Jan 30 while simultaneously flashing with the all-important 61.8 Fibonacci retracement level anchored on Dec 2018 high low.
From the chart, it is clear that we have a double bottom thanks to the rejection of lower lows in late Jan and early Feb. Since we are bullish, drawing guidance from price surges of late Sep 2018, the only time we shall consider taking buy opportunities is when there is sufficient evidence from the chart. That is when prices race above 34 cents as laid out in previous trade plans.
Technical Indicators
Prices are ranging inside Feb 8, high-volume bar. Coincidentally, the same bar is oscillating inside the conspicuous bar of Jan 30. With abnormal volumes of 49 million according to data streams from BitFinex, the only confirmation that will sync with our assertion is when prices print above 34 cents complete with above average volumes exceeding 15 million—our recent averages and 49 million of Jan 30.
Author: Dalmas Ngetich
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