- Ripple (XRP) adds 10.3 percent
- Brad Garlinghouse bullish on Bitcoin
At the backdrop of Facebook and its coin Libra, XRP is steady. While volatility is low and volume shrinking, a break above 50 cents is likely. Such a move will cement bulls of early May and catalyze a race for 80 cents or higher.
Ripple Price Analysis
Reiterating his previous stance, Brad Garlinghouse is once again reminding the community that he is a supporter of Bitcoin. As the first of its kind, Bitcoin did open the doors for further enhancement on its source code. Because of what it sought to fulfill, that is, building and launching a peer-to-peer payment system eliminating intermediaries, there is space for Ripple to innovate.
Acknowledging that there is “a lot of bullshit in blockchain and crypto market” and that Bitcoin isn’t going to fall as Ripple serves a specific niche, Brad is hopeful. In their bid to hasten transactions while remaining energy efficient as possible, their ledger is the base. Thus far, Ripple’s solutions have been successful.
Although not as popular as xCurrent, xRapid is gaining traction. However, the use of XRP will explode once there is regulatory clarity. Then again, the solving of middleware issues may sway rigid banks to upgrade to xCurrent version 4, which incorporates xRapid.
Presently, analysts are of the view that Facebook’s coin, which will launch in the first half of 2020, is a threat. Despite its significance, Ripple will likely be steady in their drive to replace SWIFT as a go-to platform for banks and financial institutions.
At the time of writing, XRP is steady, trading at 44 cents and up 10.3 percent in the last week. Technically, XRP prices are capped. In line with previous XRP/USD trade plans, it is ideal if bulls muster enough momentum for a high volume close above 50 cents.
Such an upsurge will let loose bulls of early May, setting the ball rolling for traders aim higher. The perfect target remains at 80 cents of Sep 2018 high. Note that XRP prices are largely oscillating inside Sep 2018 candlestick.
Since it is extensive and distinct with ultra-high participation, confirming or canceling candlestick ought to be with the same level of trade volumes.
As demand drop, diverging with prices, buyers have a chance in smaller time frames. Nonetheless, a signal for trend continuation is dependent on participation. Any surge above 50 cents ought to be with high trading volumes exceeding 94 million of May 30th.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
Author: Dalmas Ngetich