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Even if the market collapses, fundamental developments are somehow shielding the altcoin market from further dents. Of course, price is one of many metrics to evaluate performance and adoption levels. Therefore, it is not surprising that investors have their eyes on XRP. Regardless of this, we know that XRP is more than a negotiable resource. It's a utility. An on-demand liquidity tool that companies, banks and service providers can use to transfer funds almost instantly.
XRP is now fully recovered from the Nov-14 selloff. pic.twitter.com/pdMqPsnzFB
– Mati Greenspan (@MatiGreenspan) November 18, 2018
Lawyers are drums, always strong in the social scene and the "almost euphoria" is understandable. After all, XRP is now the second most valuable coin in space after eclipsing ETH due to their stability in the face of predatory bears that have so far been successful in disappointing buyers' expectations. In the top 10, XRP is the only gain that has recorded gains in the last month. Although tiny, it rose four percent and, moreover, CoinBase Custody has since declared its support for XRP after the exchange has received a nod from New York's DFS.
It is not hype. It is something that has been developed year after year by believers and visionaries of XRP Ledger. They remain faithful to the fundamental value of it, support it and build it up. It is starting to come to fruition. The media and people are late to realize this.
– King Z ⚡️ (@kingzxrp) November 18, 2018
This is not all, the community is still tireless, it flips the coin while emphasizing the advantages of creating an XRP base on Binance. With Changpeng Zhao's answer, the odds are that the exchange might consider XRP further helping the currency to decouple from the influence of BTC.
The basic shr xrp is strong. Take it from your system and put all your shillings under this tweet, and see how much we get. https://t.co/usiISCtuSj
– CZ Binance (@cz_binance) November 18, 2018
XRP / USD price analysis
At spot prices, XRP / USD is down 4.7% and 5.3% in the last week and day. However, these declines are across the board. As long as BTC is king and fighting bears, altcoin prices including XRP will continue to register the reds as is the case. Nevertheless, unlike others, the XRP bulls are in charge and we expect prices to recover and even print above the highs of October, inviting the bulls in the process.
Trend: bullish, remote
Technically, XRP / USD is bullish, thanks above all to the change in momentum at the end of September. However, what is important is the way XRP bulls keep prices above 40 cents. Note that while prices slipped after November 14th, there was a sharp recovery in XRP and the result was a long-term hint of purchasing pressure in shorter periods of time. This is not all, prices are going inside a narrow range of 20 cents with a clear support at 40 cents and a major resistance to the highs of October 2018 of 60 cents. Unless there are sharp falls below support, XRP / USD bulls are in a better position to expand in the coming days.
Volumes: low but bullish
In previous XRP / USD commercial plans, we have said that unless there are large losses of less than 35 cents-40 cents accompanied by high trading volumes of over 750 million in the average of the week ending September 23, then bears have the task of invalidating this position. However, compared to the September 21 average of 750 million, November 14 prices were driven by only 140 million with recent averages of less than 50 million. This indicates a stable market with the bulls in office.
Candelabra formation: bullish up bullish, bull flag
As previously stated, XRP / USD is traded within a bullish upward pattern with the recent market selling a bull's flag. The basis of this flag is the support level from 35 cents to 40 cents, while the resistance trend line that scores 60 cents or the Fibonacci 38.2 retracement line is our trigger line.
Everything else is constant, we are net bullish and we expect that the XRP / USD bulls will exceed 60 cents or the highs of October, making sure that traders can buy the pullbacks with the first targets at 80 cents. On the back if Craig Wright's insinuation XRP is a security it's true and the SEC acts accordingly, so prices will certainly fall below the low of 2018 September. Before then, every minimum should be an opportunity to load, but considering the unfavorable risk / reward ratios, we suggest taking a neutral position until there are no net gains above 60 cents. Subsequently, it will exchange as per our previous recommendations with targets at 80 cents, $ 1 and subsequently $ 1.65.
All graphics courtesy of Trading View
This is not an investment tip. Do your research.