Despite findings that Ripple is actually decentralizing in the process controlling a mere 48 percent of nodes at their UNL, XRP prices are dismissive to say the least. A few days after breaking below 40 cents, prices are 10 cents away from our main support line and bear targets at 15 cents. That’s a 60 percent dip from 40 cents and a precursor for bears who might drive prices towards 2 cents reversing 2017 bull gains.

As It stands out, Cory Johnson says, that Ripple happens to own a lot of XRP. But besides owning Ripple Labs issued coins, Ripple owns chairs, computers and cash as a SOFTWARE COMPANY. Ripple is not XRP and XRP is not Ripple he insists. Well, that could be true but that divorce took the crypto space by storm after lawsuits began piling up.

So far, there are three class action law suits and one by a banking consortium R3. The plaintiff in this case feel that Ripple had been marketing XRP as an unregistered security in a bid to drive demand accruing profits for themselves as a result. They want compensation for the loss of their investment and that’s their stand. On the other hand, Ripple has the former SEC chairman leading their defense and have disassociated themselves with XRP admitting that while they own more of the coin, XRP is a utility whose price cannot be influenced by a single entity as claimed.

Talking of influence and Ripple now owns 48 percent of the nodes at their unique node list (UNL). Of course this is good news for coin holders especially and it means before effecting any change, Ripple has to consult other third party nodes that control 11 out of the 21 nodes at the network.

At this time frame we can clearly see the depreciation of this coin. XRP is down in the excess of 40 percent in the last week alone and after breaking below key support line at 40 cents and 35 cents within days, bear momentum is without a doubt strong.

Now, as recommended earlier, the best approach to tap this momentum is to sell on every high in lower time frame and that’s exactly what we recommend. However, our main bear target at 15 cents is but 10 cents away from spot price and it doesn’t make sense from a risk-reward point of view to sell now.

Instead, if there is a follow through and breach below 15 cents then we can lock in some profits and aim for 2 cents, the base of last year’s bull run.

While sellers have been center stage in the last two weeks following that break below 40 cents and the confirmation of June 18 bear break out pattern, it’s likely that sellers might slow down today. And for a simple reason: there is a long lower wick after close of yesterday and this might form a foundation for an extended support for the coin.

But, for bull pressure confirmation there should be enough momentum to clear 35 cents and reverse the last five-day losses at the back of high volume. In the mean time though, our XRP trade plan remains the same and targets at 15 cents is reasonable.

Stellar Lumens, Bitcoin, EOS, Litecoin, Tron Technical Analysis August 15th

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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