2019-1-16 17:08 |
Latest Ripple News
All in all, the Ripple and XRP community has a lot to be excited about. While their executives as Marcus Treacher, Brad Garlinghouse and Birla have been doing a wonderful job by not only advancing Ripple goals, pitching the benefits of their tech, Brad Garlinghouse and Birla stance on XRP and Ripple, reiterating their distinctions have been largely successful.
Read: Ripple’s Mexican Partner Cuallix Affirms And Highlights The Benefits Of Using xRapid For Payments
Though this was a hard thing for critics as well as a crypto enthusiast to accept arguing that despite their efforts, XRP and Ripple were analogous and for a long time, they had been used interchangeably. Needless to say, the bear market of 2018 where independent digital assets including XRP had to contend with double-digit losses and deep corrections exceeding 90 percent lead to court class action suits.
Complainants hold that the sole reason why they invested in XRP was because of Ripple’s pitch and Brad Garlinghouse who convinced them that investment could lead to potential gains in the future. As such, they claim XRP is a security and for their losses, there should be a financial recourse.
Also Read: Ripple CEO Brad Garlinghouse: Financial Banking Institutions Can “Flip The Switch” On XRP Integration
But it’s a tricky judgment to be made and assuming the handling magistrate find reasons to believe that the complainants’ assertions are true and that XRP is a security, then XRP prices will tumble. That’s a cause of concern and perhaps the reason why some exchanges are yet to avail XRP to their customers.
XRP Price AnalysisXRP prices are all over the place. Nonetheless, our previous trading position holds and as long as prices are trending above 30 cents, bulls have an upper hand. In days ahead, we shall trade as laid out in previous XRP/USD plans. After all, despite recent losses, the gap between ETH and XRP continues to widen. It now stands at $700 million.
Should our trade conditions be met and depending on the overall sentiment XRP expand above 40 cents at the back of strong volumes exceeding Jan 10—83 million versus 30 million in the process reversing losses and effecting a long-term recalibration lifting prices from 2018 pits, then both sets of traders would be better placed to initiate longs at spot prices with first targets at 80 cents of Sep 2018 highs.
After all, there are good reasons for this projection. First, notice that despite the strong headwinds of Jan 10, sellers are yet to clip Dec 2018 gains despite heavy participation. Secondly, when we paste a Fibonacci retracement tool at Dec 2018 high low, it is clear that this reversal is printing out at the 78.6 percent Fibonacci retracement level, a key reaction point as history shows. As such, we expect XRP to react and edge higher above 40 cents by close of next week.
All Charts Courtesy of Trading View – BitFinex
Disclaimer: Opinions are those of the author. Do your Research.
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