From xRapid launch, comments from Michael Didiuk and recent partnership between Ripple Labs and Santander’s One Pay X, Ripple fundamentals are vibrant.  However, we are yet to see that spill over to price. So far, XRP is down 18 percent from last week’s highs but could pull back above 50 cents. Once it does, conservative traders can buy on pull backs with first targets at 80 cents as per our previous XRP highlights.

Latest Ripple News

It’s like the anticipation of SEC to deliver a favorable ruling on XRP has got investors on a chock hold. Thing is, it will be a tap-out for XRP should the SEC say it is far from being a utility. On the flip side, it will soar; lifting with it the market if it turns out XRP is a utility not subject to SEC oversight. This shall place it on the same level as Bitcoin which SEC considers a utility with no third parties that can control price.

Encouragingly, Michael Didiuk, a former member of the SEC said XRP is a utility since it doesn’t meet all the conditions set by the Howey Test. To him, XRP and Ripple can exist independently with none requiring a third party promoter advocating or marketing for the services of another.

At the moment, Ripple has three concurrent law suits. Coincidentally, all complainants strongly believe that they were dubbed into investing in XRP with promises of future gains by Ripple. Since then Ripple the company has been split into two distinct entities: Ripple Labs and Ripple. The latter is a software company promoting the likes of xRapid, xVia and xCurrent. Needless to say, Ripple and XRP are proving to be a force to reckon as they embark on their global outreach. The recent launch of xRapid will place XRP in the middle of the park while the talk of Convergence mean companies will find it irresistible not to use XRP for their cross border fund transfer.

XRP Price Analysis

Weekly Chart

XRP Price Analysis

More often than not, buying at peaks can be disastrous for the portfolio. In fact, we can draw important lessons from the activities leading to week ending Sep 23. With the doubling of XRP within two days, there was an automatic imbalance and the declines to current tags were inevitable.

However, from the chart and Fibonacci retracement rules, bulls should find relief and begin loading at spot rates. Firstly, prices are leveling out as they consolidate along a 20 cent range and secondly, Fibonacci trading rules recommend buying at current correction levels.

When we paste a simple Fibonacci retracement tool between week ending Sep 23 we find that prices are within the 61.8 percent and the 38.2 percent correction levels. On top of it, the lower limit of our buy zone is near an important previous resistance now support at 40 cents. Therefore, despite deep losses in the last week, XRP buyers should stay put and load on every correction with first targets at 80 cents.

 

Daily Chart

XRP Price Analysis

Our assertions are clear in the daily chart and the Fibonacci retracement tool marking Sep high low as a guide, our buy zone is clear. On top of our reiterations, notice that the last two bars had long lower wicks with little or no sell pressure.

Aside from buying, conservative traders can trade on break outs above the 38.2 percent Fibonacci retracement line at 50 cents. Like before, declines below 40 cents nullify this proposal.

Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.

The post XRP Price Analysis: 45 cents to 55 Cents Perfect for Buying at Discount appeared first on NewsBTC.

This article is originally written and posted on https://www.newsbtc.com/2018/10/08/xrp-price-analysis-4/.  Visit https://www.newsbtc.com/ today for all Crypto News and Information.

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