Monday, October 7, 2021

Ripple [XRP] Price Analysis: XRP Range-bound, Will Bulls Overcome Strong Sellers?

Omni Rental Troubles

That high profile deals and acquisitions are nothing new in cryptocurrency sphere is true. It is not rare for blockchain startups to receive capital injections in their millions from leading VC or other cryptocurrency digital funds.

Case in point, Omni Rentals. Backed by Ripple and therefore infuses XRP in their operations, Omni Rentals was to be a game changer back in 2018.

However, with a tumultuous start and layoffs, it is apparent that it is struggling and it has been reported that Coinbase is mooting the idea of hiring all their engineering staff for the exchange to meet their own goals.

Coinbase is Firm

Top of the list is for the US based exchange-that recently hiked maker and taker fee adversely affecting retail traders, to advance their education program, Coinbase Earn.

Earn is present in over 100 countries and was launched in Dec 2018. It allow learners to earn cryptocurrencies by learning the inner workings of the blockchain ecosystem. So far, there has been no deal with the rentals business receiving another offer from Thumbstack.

XRP-Collateralized Stablecoin?

In other news, David Schwartz, the CTO of Ripple Inc., is proposing a XRP-collateralized stablecoin. The stablecoin, instead of being redeemed for USD and fiat would be redeemable for XRP straight on the XRPL ledger in a model that is similar to Ethereum’s DAI, a stablecoin that is backed by ETH.

XRP/USD Price Analysis

XRP’s performance in the last day and week has been stellar. Adding 10.8%, 10.2% and 7.8% against USD, ETH and BTC in the last week, it appears as if buyers are in control. However, from the chart, XRP is largely consolidating against USD.

Like before, XRP’s immediate support is 25 cents and as long as prices are ranging inside Sep 24 conspicuous bear bar, sellers are in control. In the meantime, any close above 26 cents or Sep 30 high, could trigger shot-term demand.

In that case, risk-off traders can buy the dips and aim for 30 cents with tight stop-loss orders at 23 cents. It is imperative that buyers drive prices above 30 cents if XRP would have a chance to rally to 40 cents or higher in Q4 before 2020.

Note that this resistance level is definitive, and significance as far as XRP/USD trading is concerned. Any breach and close above this level ought to be with above-average trading volumes exceeding 81 million of Sep 24. On the flip side, confirmation of bears-that is, if prices tumble below 25 cents, could see XRP sink to 17 cents or lower, printing new 2019 lows.

Chart courtesy of Coinalyze.

Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk. Do your research.

The post Ripple [XRP] Price Analysis: XRP Range-bound, Will Bulls Overcome Strong Sellers? appeared first on Crypto Economy.

Ripple [XRP] Price Analysis: XRP Range-bound, Will Bulls Overcome Strong Sellers?