Latest news from Ripple
Considering the prevailing market conditions, it is clear that it has been a difficult week for market participants. With double digit losses and breakages below important levels of support, the collapse has been and continues to not forgive. But even if the participants were desperate, XRP emerged as the winner of the "value reserve" that runs towards Bitcoin and launches Etereum as the second most precious coin in space.
To read: The encrypted crypt has not exploded, it has not yet begun
Ethereum is faltering and as the gap widens, the mainstream hopium is that XRP will soon replace Bitcoin in its role. From our price tables, the XRP has dropped by 17 percent in the last week and as a safe haven during this storm, the growing number of partnerships, the zeal of the community that defends Binance's "base" and the technological progress in the chain as the launch of xRapid and xVia to integrate xCurrent is giving it a point of support in space.
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
Interesting Read: Edward Snowden Bullish On Crypto: Blockchain Money makes sense
Of course, this is a step in the right direction for a platform that takes advantage of offering banking solutions that help them move funds faster, cheaper and more efficiently. The goal of Ripple is to create this maze of banks, the internet of value that allows the instantaneous movement of funds.
XRP / USD price analysis
Although losses are net when bears pressure the sell pedal, the XRP / USD is technically bullish. We expect the price to be printed higher by the end of 2018. It's easy to see why. In an effort against the outcome scenario, the bulls are obviously betting on prices.
Note that in the middle of the predatory bears, XRP / USD still has to print below 25 cents for a complete reversal of the week ended with the earnings of September 23rd. In reality, prices are traded above 35 cents – 40 cents of support zone. As long as this remains, traders can start collecting longs in lower frames with targets at 80 cents or more.
This preview is no longer valid if the losses extend below 35 cents. In that case, sellers could most likely push prices below 25 cents to 15 cents or less.
Given that it is XRP / USD it is now exchanged within our ideal buying zone between 78.6% and 38.2% of Fibonacci retracement zones. In line with our XRP / USD business plan, we suggest aggressive traders to buy at spot prices with arrests of 35 cents: the Fibonacci retracement level at 78.6% with the first targets at the highs of September 2018 of 80 cents.
On the other hand, conservative traders should expect strong gains over 60 cents before buying on target dives at $ 1.65. Conversely, drop below 35 cents cancel this preview. In that case, aggressive traders would have to sell to spots with stops at the maximums of that breakout bar as they aim at 15 cents.
All graphics courtesy of Trading View
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.