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Ripple price analysis: XRP/USD defends falling wedge support; breakout still lingers

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  • The bear pressure further pushed Ripple below $0.29 before forming lower support at $0.28.
  • “I agree that crypto isn’t likely to replace fiat currencies,” Garlinghouse.

Ripple continued to press against key support areas yesterday. The downside momentum was augmented by the broad-based selling pressure in the market. As discussed yesterday, the upside was capped at $0.32 while XRP/USD sustained above $0.30. However, the bear pressure further pushed Ripple below $0.29 before forming lower support at $0.28.

The debate surrounding Facebook’s Libra project has seen the CEO of Ripple Brad Garlinghouse advise the crypto industry to work hand in hand with regulators to guarantee success. In a series of tweets, Garlinghouse said that it unlikely that crypto will take the place of fiat currencies in the financial economy.

“I

agree that crypto isn’t likely to replace fiat currencies – I have been very vocal that crypto isn’t likely to disrupt the US dollar and other G20 currencies in my lifetime,” he wrote.

Meanwhile, XRP has recovered stepping above $0.3 as the bull’s push towards the falling wedge pattern breakout. Although movement north is still hampered by the selling pressure, XRP/USD has a positive technical picture as seen on the 2-h chart.

Also Read: Cryptocurrencies are not substitutes for fiat currencies – Brad Garlinghouse

The Relative Strength Index (RSI) is currently horizontal at 46 following a recovery from the levels at 30. At the same time, the Moving Average Convergence Divergence (MACD) is stuck in the negative side but moving sideways at -0.004 in addition to having an inclination to the upside.

BTC/USD 2-h chart source

source:.fxstreet.

Ripple

Latest News and Top Headline for Ripple XRP

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  • Ripple seals partnership deal with Bitkub of Thailand
  • Ripple XRP Price Analysis – XRP price fluctuating, price recovery denied

The San-Francisco based cross-border payment company Ripple has closed several partnerships in its bid to serve as a major solution to cross-border payment issues in partnership with banks and financial institutions globally. Recently, it was revealed that Ripple has sealed yet another partnership deal with a prominent Thailand exchange, Bitkub to create ways for better XRP transactions across borders.

XRP (XRP) Price Today – XRP / USD

#NamePrice
3XRP(XRP)$0.2333

Speaking on the Partnership in a recent interview, the CEO of Bitkub, Topp Jirayut, affirmed the partnership between both companies. Notably, Ripple’s On-Demand Liquidity (ODL) mainly necessitates that the cryptocurrency exchange BitKub to accept fiat currencies from banks and financial institutions. The same amount received by any financial institutions will be sent to the corresponding exchange in XRP. after that, the money in XRP will be exchanged back to fiat currency.

Going further, Jiraynut went thus: “Ripple is one of the key players for banks to realize significant benefits. Ripple is to establish an institutional, cross-border payment with Ripple XRP, an open source for access and participation in the public sector of XRP cash flow – a stand-alone digital currency used to facilitate transactions on the Ripple network.”

While restating the

goal of the exchange, he stated, “We are on a mission of humanizing blockchain experience, where people will inherently utilize cryptocurrency as a transaction protocol on the back end to receive, as well as transfer money, at a fraction of the cost across the globe. Within early next year, global money remittance at a much cheaper rate would be feasible.”

Jirayut also hinted that the Bitkub will join the RippleNet program. With the chains of the partnership up Ripple’s sleeve, not all banks and financial institutions in partnership with Ripple pledged to utilize its digital asset XRP. Alongside the recent partnership with Bitkub, Ripple is in partnership with other exchanges like Bittrex, Bitrue, Bitstamp, and Bitso.

Ripple XRP Price Analysis – XRP price fluctuating, price recovery denied

In the last 24 hours, Ripple XRP bulls have attempted resistance at the $0.24 level but were denied. Ripple XRP found support at $0.23, in the first attempt, the XRP bulls were rejected but XRP price declined to the low of $0.22. if XRP bulls break the $0.24 resistance level, Ripple XRP will increase and attain the $0.30 and $0.31 price levels.

XRP Price Prediction – Ripple XRP Price Prediction

However, Ripple XRP price is unstable below the resistance but above the $0.23 support. Sadly, if the bulls break the $0.23 support level, the XRP price will decline to a low of $0.22. Moreover, a break of $0.24 will indicate the continuation of an uptrend.

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Analysts Expect Ripple’s XRP to Surge to $0.30: Here’s Why

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The entire crypto market has been on a tear over the past week, gaining dozens of percent. But altcoins like XRP, especially, have done rather well. In fact, the third-largest cryptocurrency over the past week gained over 15%, per data from Coin360.

Although this price surge has brought XRP to only $0.24, which means that it is still down by more than 93% from its all-time high above $3.00, analysts say this latest uptrend is a precursor to a larger move to the upside.

Related Reading: Ethereum’s Price is “Convincingly Bearish”: Here’s What Comes After 20% Week

Third-Largest Crypto Ready to Trend Higher, Analysts Suggest

Analyst CryptoWolf recently noted that per his earlier analysis, XRP has finally started to decisively break out of a falling wedge pattern that has constrained price action for the past seven months. The cryptocurrency has also surmounted a key horizontal resistance that has been important on a macro basis.

With this in mind, he suggested in the below chart that he expects for XRP to target the 0.382 Fibonacci Retracement of the entire falling wedge over the coming weeks, which suggests a 25% rally is on the horizon.

Related Reading: Research Firm: 3 Use Cases Could Send Bitcoin To $1 Trillion

XRP’s Surge Dependent on Bitcoin

While XRP is preparing to break higher as shown in the chart above, its price

action is primarily dependent on that of BTC; if the leading cryptocurrency doesn’t rally, the altcoin won’t either.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!

But, fortunately for bulls of XRP, technicals and fundamentals suggest that Bitcoin will soon gain strength.

The current monthly Heiken-Ashi candle for January is printing a green Doji pattern, which would suggest that the long-term Bitcoin price trend is turning positive and that there is an imminent macro reversal on the horizon.

Below is a chart from NewsBTC, showing every time the Heiken Ashi candles flipped from red to green on a monthly basis for BTC. The chart shows that green monthly Heiken Ashi candles have almost always resulted in parabolic surges that brought BTC thousands of percent higher than where it started.

Per a recent report from Glassnode, a crypto and blockchain analytics firm, the BTC network’s mean hash rate (per a one-day rolling moving average) has just reached a 1-year high of 125 exahashes.

While there isn’t an instant correlation between Bitcoin’s hash rate and prices, the fact that miners continue to siphon resources into mining crypto assets bodes well for the long-term trend of this space.

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Analysts Expect Ripple’s XRP to Surge to $0.30: Here’s Why

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on

The entire crypto market has been on a tear over the past week, gaining dozens of percent. But altcoins like XRP, especially, have done rather well. In fact, the third-largest cryptocurrency over the past week gained over 15%, per data from Coin360.

Although this price surge has brought XRP to only $0.24, which means that it is still down by more than 93% from its all-time high above $3.00, analysts say this latest uptrend is a precursor to a larger move to the upside.

Third-Largest Crypto Ready to Trend Higher, Analysts Suggest

Analyst CryptoWolf recently noted that per his earlier analysis, XRP has finally started to decisively break out of a falling wedge pattern that has constrained price action for the past seven months. The cryptocurrency has also surmounted a key horizontal resistance that has been important on a macro basis.

With this in mind, he suggested in the below chart that he expects for XRP to target the 0.382 Fibonacci Retracement of the entire falling wedge over the coming weeks, which suggests a 25% rally is on the horizon.

XRP’s Surge Dependent on Bitcoin

While XRP is preparing to break higher as shown in the chart above, its price action is primarily

dependent on that of BTC; if the leading cryptocurrency doesn’t rally, the altcoin won’t either.

But, fortunately for bulls of XRP, technicals and fundamentals suggest that Bitcoin will soon gain strength.

The current monthly Heiken-Ashi candle for January is printing a green Doji pattern, which would suggest that the long-term Bitcoin price trend is turning positive and that there is an imminent macro reversal on the horizon.

Below is a chart from NewsBTC, showing every time the Heiken Ashi candles flipped from red to green on a monthly basis for BTC. The chart shows that green monthly Heiken Ashi candles have almost always resulted in parabolic surges that brought BTC thousands of percent higher than where it started.

Per a recent report from Glassnode, a crypto and blockchain analytics firm, the BTC network’s mean hash rate (per a one-day rolling moving average) has just reached a 1-year high of 125 exahashes.

While there isn’t an instant correlation between Bitcoin’s hash rate and prices, the fact that miners continue to siphon resources into mining crypto assets bodes well for the long-term trend of this space.

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