Latest Ripple News
Even with falling prices, infrastructure and liquidity funnels continue to sprout. And it is a no-brainer why they are needed. The more the channels for investment and/or use, the steadier the price and as well as breadth and depth. This is why the proliferation of crypto fiat on-ramps is of interest in this space as it is easier for many to buy rather than mine coins as BTC before converting them for other liquid coins as XRP.
It is for this reason that the entry and launch of a crypto—fiat trading platform by the Japanese crypto exchange Bitpoint should be exciting. The exchange with an operating license from Tokyo shall operate from Panama and verified users can deposit, trade and withdraw their proceeds through wire transfers.
Meanwhile, Charlie Shrem’s firm, CryptoIQ has published a hard-hitting and a rather blunt article: “XRP is a Security, but Ripple Doesn’t Want You to Know”. The post made some startling accusations further reiterating what the community is worried about. Though XRP is the second most liquid coin in the space, its future depends on whether the US SEC classifies it as a security or utility.
If the latter is the case then it would be in line with Brad Garlinghouse repeated explanations that XRP is separate from Ripple—which is a centralized company and buying XRP isn’t owning shares or expecting profits from Ripple’s revenue.
XRP Price Analysis
In the deep of this bear market, XRP/USD is stable and down 11 percent in the last week. Even with this, our previous XRP/USD trade plan is valid and unless there are drops below Sep 2018 lows of 25 cents, we shall retain a bullish outlook on this pair expecting bulls to reverse the last few week’s losses.
For that to hold true then there must be positive momentum that will thrust prices above 35 cents—our immediate resistance. This could kick-start reversal of Nov losses perhaps driving prices above 40 cents ushering in the next wave of bull pressure towards 55 cents and 60 cents.
XRP/USD 4HR Chart
Because we are still bullish on XRP/USD, we shall be searching for bullish opportunities in this time frame.
And in that line, Dec 8 2300HRs bull bar is of our interest. Note that aside from being of high volumes—23 million versus 9 million average, it is bullish and XRP/USD prices are still oscillating on its 5 cents range. The upper limit is at 33 cents with clear supports at 29 cents.
Therefore, before we trade this pair, there must be a breakout above resistance at the back of strong volumes. First targets will be at 40 cents and later 60 cents. If not and prices drop below Dec 8 lows of 29 cents, then odds are XRP will sink below 25 cents and even test 15 cents by the end of the year.