- Ripple price down $1 billion in 24 hours
- The aim is to replace SWIFT and dominate the cross-border fund transfer space
- Transaction volumes low as XRP prices correct
The truth is, Ripple has a long way to go, and as XRP prices correct, retesting Dec 2018 lows of 30 cents, we remain net bullish. Ideally, we would like to see prices rally above 34 cents, but this largely depends on tomorrows reaction.
Ripple Price Analysis
Behind Ripple is a dedicated team that wants to see the network flourish. Prices might be caving in, losing $1 billion in the last 24 hours, but the goal here is the bigger picture. A future where the network does the same function as what SWIFT has been doing in 45 years. Note, Ripple–as a competing system is six years old but it has drawn 200 banks and other interested financial institutions. Most are using xCurrentthe first product. However, banks, as well as payment processors, are beginning to see the benefits of xRapid. So far, 13 financial institutions including Euro Exim bank are leveraging XRP for their cross border solutions.
One thing is clear, sellers are driving bulls to the wall, and there is nothing new in this. Often, prices tend to correct after a period of high volatility. Price correction may take days or stretch by weeks as it has been the case. As we can see from the chart, the sharp rise from 30 cents to around 45 cents in mid to late 2018 took ten days. That is, from Jan 17 to Jan 27. Instead, the correction took 42 days complete with thin volumes. From an effort versus result point of view, bulls are technically in charge. All the same, before buyers open long positions, we recommend patience until XRP rally above 34 cents with decent participation levels. Only then will aggressive traders load up with first targets being modest at 40 cents.
Cementing our bullish position are low volumes propelling the last 42 days of lower lows. As aforementioned, bulls are in charge. Apart from the guidance of Sep 2018 upswings, trading volumes of Dec 24 stand out. Unless otherwise there are sharp declines that drive prices below 30 cents confirming yesterdays losses at the back of high volumesexceeding Jan 10s volumes of 83 million and 123 million of Dec 24, our optimistic stand will remain valid.
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