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ANALYSIS

Ripple price spikes, will buyers clear $0.25?


The Ripple price is–after days and weeks of consolidation, one of the top performers gauged by last week’s activity. Adding a ballpark 12 percent against both USD and BTC, momentum appears to be shifting.

Pumping buyers’ expectations are supportive news released throughout last week.

One Pay FX expansion

A standout is an announcement by Banco Santander of their expansion of One Pay FX. The cross-border payment application—in partnership with Ripple, will now be available in 19 new regions.

Ed Metzger, the Chief Technology Officer of One Pay FX said their focus will—and has been on improving their client’s user experience.

He acknowledged that the lack of transparency and delays in traditional setups has translated in superior services more so following their deal with Ripple.

Their solution is already transforming customer behavior.

In a prepared statement, he said:

“Being part of RippleNet has helped us to forge sustainable and scalable relationships with other financial institutions around the world. By offering more customers a better way of sending money abroad, we’re achieving our goal of helping people and companies prosper.”

Ripple looks to hire a Quantitative Developer

Meanwhile, Ripple wants to scale. As per a new job listing, they are looking to hire a Quantitative Developer.

He/she will be tasked with developing a proprietary tool for monitoring market movements and liquidity.

“Ripple is growing and we are looking for a Quantitative Developer to help build tools to monitor market activity and liquidity for XRP as we scale our payment products in new markets around the world.”

Ripple price analysis

The Ripple price is on the roll. The coin is up against both USD and BTC. As aforementioned, it is up roughly 12 percent. The Ripple price is also up versus Ethereum (ETH).

From the daily chart, the trend is bullish. The path of least resistance, judging from candlestick arrangements seem to be up.

Bulls of July 6, 2020, have been confirmed following the sharp spike that sparked recent price gains to $0.20.

Notably, since the double-bar buy reversal pattern of July 5-6 was printed, there has been an uptick of volumes. This means the momentum is also high as the Bollinger Bands diverge.

Since prices are trending above the 20-day moving average with a high likelihood of the Ripple price trending higher, buyers should prepare for timely entries.

Ideally, every pullback to the middle BB or July 6, 2020, high is a buying opportunity. The first target should be the resistance of $0.25.

On the reverse side, sharp losses below July 6, 2020 candlestick and $0.17 nullifies this forecast.

Technical chart courtesy of Trading View

Disclaimer: This is not investment advice. Opinions expressed here are those of the author and not the view of the publication.



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