Ripple (XRP) Technical Analysis

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Not only is Ripple providing solutions to banks but they are walking the talk implementing their decentralization strategy. As it stands, Ripple (XRP) buyers are keen on reversing May-June losses and are up seven percent in the last 24 hours. Odds are they might add their gains today.

From the News

Just to put this across: Ripple could be after all the savior of banks. Do you know that the more than 30,000 banks spread across the world need about $27 trillion of liquidity in between them just to process cross border payments? That’s huge and in any case, we have solid statistics that practically show that Ripple’s liquidity tool, the XRP can be global banks savior. As a matter of fact, XRP has a unique property simply because it settles almost instantaneously meaning it can literally “teleport’ value between two financial institutions that utilizes xRapid and XRP in that manner.

If we quantify costs, XRP can save up-to 70 percent of the initial costs lost through friction in current bank set-ups.  This might be the reason why Brad Garlinghouse, the CEO of Ripple and the main advocate for Ripple is upbeat talking of “most” global banks using their infrastructure by end of 2019. By all measures, his assertions and confidence isn’t far-fetched more so if we consider the number of partnerships, programs and community developments that Ripple has initiated thus far.

On the development front, Ripple is implementing their decentralization strategy and a few days ago, they added four third party Validators to their Unique Node List (UNL). This means, in line with their May 2017 declaration and “independence” drive, Ripple needs to add 13 more Validators to their network to achieve total decentralization cancelling out Ripple Lab hold of the XRP validation network. Of course, this is good news and with it talks or even rumors of decentralization would fade.

Ripple (XRP) Technical Analysis

Weekly Chart

Ripple Weekly Chart by Trading View

Taking a cautious approach whilst trading will almost definitely guarantees buying at peaks or selling at bottoms and that’s why, at current XRP prices, patience is indispensable. Yes, XRP buyers might be jumping in right at support as July tags with it buy pressure but by all accounts, this week is but a confirmation week.

That’s if last week’s pin bar was a foundation for buyers to spring boarding back to April high. Judging from price action, XRP prices are stable. Now, before we jump in, we need to see strong volumes by this week’s close and perhaps a close above week ending June 24 at 50 cents.

Daily Chart

Ripple (XRP) Technical Analysis

Ripple Daily Chart by Trading View

For the first time this year, we might after all be witnessing the early stages of a bottoming market. Here’s why: First, XRP bears were slowing down prior to this up-surge, failing to break below the main support line at 45 cents. Secondly, yesterday’s strong bullish candlestick was accompanied by volume spikes exceeding previous averages.

Then again, this rejection is happening at key support line and confirming a double bar bull reversal pattern that printed on June 28-29.

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.

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