On June 6, author and chartist Peter Brandt (@PeterLBrandt) took to Twitter to share his bullish view on Ripple’s price action. In his tweet, he mentioned two cryptocurrencies flashing bullish signals against Tether US (USDT): Litecoin and Ripple. While he did not specify the targets for Litecoin, he emphasized two target prices for Ripple, which are 0.5688 and 0.6260.
Trader Peter Brandt sees bullish signals for XRP. | Source: Twitter
Peter Brandt is one of the most respected figures in the crypto community on Twitter. While he runs a paid group on his website, he shares some of his insights with his followers. His account has been active since February 2011 and he has amassed over 281,000 followers.
THE RIPPLE ULTRA BULLISH SCENARIO
In trading and investing, there’s a saying that goes, “the longer the base, the higher the space.” This means that the more time an asset spends in accumulation or base building, the higher the bullish price targets. This happens because the smart money who built the base at the bottom would need to exponentially pump prices to ensure that profits are maximized when they begin to distribute or dump positions.
Ripple breaking out of a descending triangle pattern on the daily chart | Source: TradingView
In Ripple’s case, the accumulation inside the large descending triangle lasted 237 days. That’s almost eight months of trading within the pattern.
That’s why when the market broke out of the pattern on May 14, Ripple skyrocketed from an open of 0.32385 to a close of 0.409. The breakout was pushed by tremendous volume. Looking at the XRP/USDT chart, the volume registered on May 14 is the pair’s second largest on Binance. With buyers returning in droves, Ripple’s rally lasted until May 16 when the cryptocurrency surged to 0.479.
XRP FLASHED MULTIPLE BULLISH SIGNALS AFTER THE BREAKOUT
In technical analysis, a descending triangle pattern is often associated with bearish price action. However, rules that work in other assets don’t often apply in crypto. Case in point is Ripple’s descending triangle. Ripple’s value could have floundered because of this bearish pattern, but it did the exact opposite.
Ripple bulls looking strong after the breakout | Source: TradingView
The target of a descending triangle breakout is often the highs of the pattern. In Ripple’s case, that’s 0.626 – as Peter Brandt predicted.
This assessment could be sound for several reasons.
First, we can see Ripple printing a large bull flag on the daily chart. This is a continuation pattern which suggests that the market may resume its ascent after the consolidation. On top of that, we just saw a golden cross between the 100-day moving average (MA) and the 200-day MA.
Lastly, the bullish crossover puts all of our three MAs in an ideal alignment. The 50-day MA is on top of the 100-day MA and the 100-day MA is above the 200-day MA. This setup tells us that Ripple is bullish in the short-term, medium-term, and long-term.
Imgur Raises $20 Million From Ex-Ripple CTO’s Micropayments Startup
Imgur, a popular image hosting site, revealed it has received $20 million in venture equity from Coil, a micropayments tool for content creators.
In addition to the funding, Imgur has agreed to build Coil into its platform, which receives 300 million monthly users, to provide micropayments to users who view content, according to a report from TechCrunch.
The partnership will also be marked by a forthcoming premium Imgur membership with exclusive features and content for Coil subscribers. A $5 per month Coil subscription funds creators per second that the subscriber spends consuming their content at a rate of 36 cents per hour.
“Imgur began in 2009 as a gift to the internet. Over the last 10 years we’ve built one of the largest, most positive online communities, based on our core value to ‘give more than we take’” Alan Schaaf, founder and CEO of Imgur, said in a press statement. “Coil’s technology will open up new opportunities for users to give to one another and support the community in new ways.”
Coil was founded last year by Stefan Thomas, the former chief technology officer of Ripple Labs, as a means to pay creators for their labor. It’s subscription service is now in open beta, and it provides extensions for Chrome and Firefox.
Comparable to Spotify, Coil’s Web Monetization API automatically pays creators in XRP based on usage, while the user enjoys the flat subscription fee.
Thomas will join Imgur’s board. Imgur previously received $40 million Series A from Andreessen Horowitz and Reddit.
Coil’s investment stems from Ripple Labs’ Xpring Initiative, which aims to fund proliferation of the Ripple XRP ecosystem. Imgur received US dollars in the funding deal.
Ripple And XRP (XRP) Can Benefit World’s Central Banks, And That’s The Final Goal
As we already know, the conventional banking system is experiencing lots of flaws that affect the customers, from slow transactions to high fees. Luckily, Ripple and its XRP (XRP) cryptocurrency can benefit the world’s central banks to perform faster and satisfy their clients’ needs in a more proper way than what’s happening at the moment.
And, as it seems from her latest statements, the IMF leader, Christine Lagarde, agrees with that. Even more, at the beginning of the year, Ripple announced that it teamed up with over 200 financial institutions, mostly global banks.
And, as for the banks’ part, they find themselves in an exceptionally troublesome situation, mostly related to the traditional methods they use for transacting and operating. And there’s where Ripple and its XRP (XRP) cryptocurrency come to the rescue as they offer a modern, faster, and cheaper way for the world’s financial institutions to conduct their operations.
World’s central banks can benefit from Ripple and XRP (XRP)
The most significant competitor for Ripple is SWIFT, that is the conventional method for banks to conduct transactions. The downside of SWIFT is its slow processing and, thus, the latency on which financial institutions carry on the transactions.
“I think in the banking system at large in many, many countries; the difference will not be between those who are disrupted and those who survive. The difference will be between those who are cannibalized because they are not seeing it coming, and they are not embracing it and those who self-induce that cannibalization. […] So that is where I see changes happening now. If you think of Circle, and Ripple and all those – that is where they are active and helpful,” stated Christine Lagarde, the IMF director, this year, suggesting world’s central banks to adopt Circle or Ripple and its XRP (XRP)-based operations.
In short, Ripple and XRP (XRP) have the sustain of Christine Lagarde, the IMF leader, so, most likely, we’ll soon witness a change in the banking system. And when thinking that Ripple- and XRP (XRP)-based methods are all about instantaneous cross-border transactions, we believe that soon everything would change, triggering the rise of Ripple and XRP.
Ripple (XRP/USD) forecast and analysis on June 26, 2019
Cryptocurrency Ripple (XRP/USD) is trading at 0.4667. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Ripple. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.
Ripple (XRP/USD) forecast and analysis on June 26, 2019
As part of the Ripple course forecast, a test level of 0.4580 is expected. Where should we expect an attempt to continue the growth of XRP/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 0.5090. The conservative Ripple buying area is located near the lower border of the Bollinger Bands indicator strip at 0.4460.
Cancellation of the option to continue the growth of the Ripple rate will be the breakdown of the lower border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing quotes pair below 0.4350 area. This will indicate a change in the current trend in favor of the bearish for XRP/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.
Ripple (XRP/USD) forecast and analysis on June 26, 2019 implies a test level of 0.4580. Further, growth is expected to continue to the area above the level of 0.5090. The conservative area for buying Ripple is located area of 0.4460. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.4350. In this case, we should expect the continuation of the fall.