Monday, January 20, 2022

Ripple [XRP] Price Analysis: Pull Back, Uptrend Is Firm and Bulls Likely to Hit 30 Cents

The crypto market was on a tear last week. Building on positive sentiment, prices of leading digital assets bottomed up following last year’s slow second half.

Most were also recovering after falling to fully reverse steep losses of 2018. That the crypto winter weeded out the ecosystem leaving only the best projects is also true.

Amidst the expectations are streaming news that not only is Ripple ambitions of building a seamless network to ease global remittance firm and achievable but news is Ripple Inc., is one of the best companies to work for, and lodged at 25th.

Ripple Inc. is a behemoth on its own, and worth $10 billion. According to Fortune, out of their 235 employees working from their base in San Francisco, a staggering 91% of managers said the firm is a great place to work from. Aside from weekly perks other incentives include in-house Yoga, a weekly happy hour, and a running Club.

“Management is consistently transparent with employees on what goes well and what doesn’t. There’s a focus on being honest with ourselves, which is refreshing and healthy as we continue to grow from start-up to young company.”

Brad Garlinghouse, commenting on this, said he was humbled and all this was down to their talented team.

Partnership with Bitkub for On Demand Liquidity

In other news, and as part of their plan of cementing their presence in SE Asia, Ripple Inc. is partnering with a Thailand cryptocurrency exchange, Bitkub.

XRP/USD Price Analysis

Ripple XRP price analysis 01/20/2020

At the time of writing, XRP is up 9% in the past 7 days of trading. Changing hands at 23 cents, prices are largely unchanged but there is room for further upsides given candlestick arrangement.

From the chart, bulls are retesting an important resistance level and bull target. Despite yesterday’s pullback, gains over the past week have been decent and the retracement is normal considering the high level of participation.

Notably, buyers were building on week 2 2020 gains and accompanying volumes are above average. Moving on, every pullback towards the 21-22 cents zone should be another opportunity to ramp up gains.

However, for risk-averse traders, a comprehensive close above the 23-25 cents zone will be enough and a further boost of confidence. Ideally, bulls should be aiming at 30 cents but that is subject to the strength of the breakout.

If there is a firm bull bar with high trading volumes breaking above 25 cents with high volumes exceeding 80 million of the climactic sell candlestick of Nov 25, the launching pad for 30 cents and even 40 cents would be set.

Chart courtesy of Trading View-Bitfinex

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

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