Fundamental developments such as the formation of SAIV, the objectives of Coil to transform XRP from a facilitator to a medium of exchange and increase the lists of coins in various exchanges is bullish. Apart from that, Nigel Green's comments reinforce our bullish position. This is further strengthened by the candlestick formations of the last two weeks and the increase in capital flow to XRP. Investments in XRP rose to $ 311 from $ 239 million in the last week.
Latest news from Ripple
The FX market is a huge market and the Forex choice, a FX broker regulated by Belize, is positioning XRP in the middle of the $ 5 trillion market. Forex selection allows traders to buy and sell currencies directly from their XRP-dominated portfolio. Many brokers and funds worldwide benefit greatly from the speed, efficiency and low cost of business when they incorporate XRP. In addition to Forex Choice, Forex.com and NordFX are some of the brokers that allow their customers to exchange the XRP cryptographic market.
Perhaps one among the funds is Arrington XRP Capital. Although they were recently sued by the SEC for the second time this year, they call their fund in XRP. In an interview, Arrington founder XRP Capital, Michael Arrington, said that there are huge cost benefits when using XRP. This is because the fund can transfer capital and incur negligible costs. It is hoped that court cases and quotations will be reduced with Ripple leading a pressure group, the SAIV, to support better regulation.
Even the tide is changing. For so long, XRP has been known as a settlement tool, but Coil is changing this narrative. Using InterLedger Protocol (ILP), Stephan Thomas's Coil wants to make XRP a currency and a way in which internet companies can use the currency to settle for. Just like fiat.
XRP price analysis
One highlight in the last week is that the lower long-term signal rejects lower lows and the resumption of bulls in line with the week ending September 23rd. Even if we maintain a bullish prospect that expects prices to rise in Q4 2018, what we need to see is a strong move above 80 cents in the coming days. Note that prices are still on the inside trend trend that defines the bullish swallow bar of the week ending September 23rd.
In our analysis, what is important is that the inversions were at important Fibonacci retracement levels coinciding with our previous resistance, now support levels at 45 cents and 55 cents. For this reason, we expect prices to rise by $ 1 and will probably print $ 1.65 before the end of the year. This is technically possible when we make the projection by basing our Fibonacci extension levels to the week ending September 23rd at the top. For this reason, it is recommended to buy on each retracement in less time with stops at 55 cents.
From the chart, the bulls are now trading above the highs of September 24th by stating their stand thanks to a 10 percent gain yesterday. All things constant, we recommend to negotiate according to the trend established by the bulls of September 18, which bounce of the main support at 25 cents. As such and as outlined above, our XRP business plan today is to follow through the purchase on dives in shorter times with the first targets at 80 cents and $ 1. Ideal stops should be at 55 cents.
Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.