Ripple Price Analysis
At 39 cents, Ripple (XRP) market dominance is 6.75 percent, trailing Bitcoin and Ethereum with a market cap of $16,661 million at the time of press. Ripple (XRP) bulls have ground to cove. However, it all depends on how XRP, a medium of exchange facilitator, is viewed by regulators and most importantly, the success of xRapid.
If anything, it may take years or even decades before RippleNet clip a majority of market share from SWIFT. All the same, regulators may thaw thanks to Coinbase pro decision to open up XRP trading to New York state residents. The state is stringent.
Because of compliance demanding NY DFS, the move somehow confirm Ripple (XRP) is indeed a utility with no central point of control. All the same that will take much convincing from critics who insist that XRP is centralized security and a Ripple Inc Airdrop.
At spot rates, Ripple (XRP) is up 21.7 percent from last week’s close. However, prices are stable in the previous 24 hours. Despite low volatility, the path of least resistance is up, and aggressive traders have a chance to ramp up on dips with first targets in line with our last XRP/USD trade plan.
From candlestick arrangement, there is an opportunity to add to longs after the correction of May 15th to 16th over-extension. However, the best approach for conservative traders is to trade the confirmation of May 14th upswing.
It will print out after prices rally, closing above May 16th highs ideally at the back of high transaction volumes. After that, our ideal target will be 60 cents. Conversely, any drop below 34 cents invalidates our trade plan as XRP bears will fall back to the 4 cents range of the last five months.
To reiterate our previous positions, any close above 40 cents and May 16th ought to be at the back of high transaction volume exceeding 187 million recorded on May 14th.
Chart courtesy of Trading View. Image Courtesy of Shutterstock