Monday, February 17, 2022

Ripple [XRP] Price Analysis: Retracement Could Push Prices back to 25 Cents

Ripple is so much more. It is a platform through which an internet of value is being built. Value transfer ought to be speedy and cheap. That objective is gradually being achieved. There are obvious impediments but regulators are slowly thawing to the idea.

Although US officials are wary of crypto influence, arguing that it could water down the hegemony of the USD, a scalable, mathematics controlled alternative, it seems, is here to stay and XRP is one of those options.

Codius can Enable Dapp Development

But the underlying platform is where, thanks to Codius, a playground for developers. In a recent interview with Chris Larsen, one of the co-founders of Ripple, he divulges that the platform can host a social platform where voting can be enabled transparently and cheaply. This is per David Schwartz’s idea, he says.

The Role of XPring

David is the CTO of Ripple Inc., and oversee the technical development following the departure of the now CEO of Coil, Stefan Thomas.

Codius seeks to monetize content and his product has received funding from XPring.

XPring is bankrolled by Ripple Inc. and is objective is to build user cases of XRP by financing high potential startups of which Coin is one of the rising stars.

XRP/USD Price Analysis

Ripple Daily Chart

Just recently, the price of XRP soared to over 32 cents. At the time of writing, XRP has recoiled, and the asset is at break-even with the greenback.

It is nonetheless down in the last trading hour, but still, the uptrend is firm.

As from the chart, every dip should be a buying opportunity. For now, sell pressure is strong. Notably, there is a double bar bear reversal pattern visible in the daily chart. Behind the sharp downturn are high trading volumes.

On Feb 15, and according to data streams from Coinbase, the bar had 59 million in volumes versus the 13-day average of 37 million.

The confirmation of yesterday is therefore an affirmation of bears, meaning XRP could retrace to 25 cents if today’s prices drop below the 20-day moving average, or the middle BB.

This retracement is normal. Note that XRP has almost doubled, up 95% since bottoming up from Dec 2020.

Therefore, it is possible that XRP may even fall to 21 cents if 25 cents support doesn’t hold.

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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