Most notably, XRP has been resilient against strong waves of bears acting as a temporary store of value even as the SEC uncertainty hang in the air. Needless to say, candlestick arrangements favor bulls all thanks to Sep 2018 explosion from 25 cents and the slow but gradual decoupling of XRP from BTC influence.
Latest Ripple News
Cryptocurrencies and blockchain is all about the community and decentralization. When everything is chopped to small bits with is no single point of failure then there are many benefits to be drawn. Among them is the transfer of power from centralized groups to individuals who them exercise their free will to do whatever they wish with their assets.
That is why the blanket ban of cryptocurrency exchanges and crypto trading in China has not completely stopped enthusiasts from trading or buying coins. Miners are in operation but what is important is the existence of OTC exchanges. It is for this reason that Binance, the world’s largest crypto exchange by trading volume will be sinking $3 million to Koi Trading an OTC trading platform with bases in San Francisco, CA.
Aside from offering consulting work, data science and quantitative research the OTC trading desk aim to be a global option for individuals or institutions seeking private liquidity. Like a typical exchange, their goal is to be this reliable and compliant bridge linking fiat with cryptocurrencies.
These objectives bode well with those of Binance who are concurrently building a global infrastructure allowing for seamless exchange of value. The Koi Trading OTC desk enforce AML and KYC rules and with extensive banking relations, the crypto world would greatly benefit from this.
XRP/USD Price Analysis
From a top down approach, our previous XRP/USD trade plans are valid as long as prices are trading above our support zone of 35 cents—40 cents. As it stands, the market is now steadying after registering deep losses at the back of an unnecessary hash war which dragged BTC and most altcoins coins.
Surprisingly, XRP remained resilient rejecting lower lows below 40 cents. Everything else constant, conservatives should take a neutral stand until we see solid moves above the 60 cents or Oct highs mark. Since we are bullish, we shall recommend buys on dips with first targets at 80 cents and $1. If not and there are drops below 35 cents, then we recommend exiting all longs as XRP would most likely drop to 25 cents and even 15 cents.
In the meantime, rejection of lower lows is a clear indication that there is demand in lower time frames. Because of this and the simple fact that there is a bull bar printing thanks to yesterday’s high volume, tight range price action mean aggressive traders can load XRP/USD at spot with stops at 40 cents. As aforementioned, first targets would be 60 cents—our immediate resistance and later 80 cents.