Technically, XRP / USD is bullish. As long as prices tend to exceed 35 cents, buyers can continue to grow in shorter times. This is because the currency is increasingly becoming a utility and a reserve of value due to its low volatility: down 22 percent in the last week compared to BTC at 32 percent.
Latest news from Ripple
By 2021, the eCommerce market is expected to reach $ 4.88 billion market. This is almost double the total sales volume achieved in 2017, where statistics indicate that the top three retailers – Amazon, Walmart and Apple made up nine percent of the market, churning out nearly $ 99 billion on total trading volumes. With approval from former Chief Product Officer of eBay-R.J. Pittman paints a rosy picture of what the future holds for Ripple and their main solutions.
To read: CEO of Genesis Trading: Crypto Market is ugly, but we're not going anywhere
Although it should be clear that Ripple and XRP are designed for large institutions and banks as they seek to take care of some market shares and even replace the most dominant player in remittance space, Ripple is working overtime to increase the number of companies they can use its innovative solutions. Companies connected to RippleNet have found greater efficiency, convenience and cost savings.
Swell 2018: How Blockchain can learn from eBay, the original digital cross-border payments company Ripple https://t.co/ceJdCcoXcJ#XRP #xrpthestandard @BankXRP @ RobertLe88 @ doctorhugo97 @PhillipNunnUK @Ripple_Bee @GodzillaXRP
– Christian ⚡️⚡️⚡️ XRP (@ DonChristiano73) 22 November 2018
Therefore, it will be interesting to see if these platforms embrace change, gradually eliminating their antiquated payment systems by integrating transparency and speed where at any stage of the supply chain, buyers or merchants can know the status of their transactions.
Read also: Binance Branching Out, invests $ 3 million in the US OTC cryptographic trading platform
Despite the tumultuous price action, XRP is still the second most valuable coin in space. We believe that with their growing partnership and decisive reduction in volatility, it can also be a reliable port during this stormy period.
XRP / USD price analysis
Unexpectedly, the increasing demand for XRP is mainly due to its low volatility and although it has dropped by 22 percent in the last week, XRP / USD is technically a purchase as long as the bulls refuse the lower lows to prevent the price falls below 35 cents.
Note that despite strong losses last week, volumes are still low and compared to the week ended September 23, when prices fell from a major support of 25 cents to 80 cents, our ideal target objectives, participation the market is very low to guarantee a shift in bearish momentum.
However, if there were further losses and the collapse of the XRP below 35 cents, aggressive traders would have to start unpacking in less time with the first 25 cents and even 15 cents. Conversely, any bull-sized injection and prices expand above 60 cents or the highs of October and both groups of traders can load on dives with the first targets at 80 cents, $ 1 and subsequently $ 1.65.
Back to the daily chart and there is a clear rejection of the lowest lows thanks to the closure of yesterday's pin bar inside our shopping area. As it is, this indicates the increase in the demand for bulls in shorter periods of time.
Since we are generally bullish on this currency and XRP / USD is generally trending within our buying zone between 35 cents and 40 cents, aggressive traders can buy spot-ons with safe stops at the November lows of 32 cents.
The first targets will be 60 cents or the 38.2 Fibonacci retracement level anchored at the low of September 2018.
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.