The first question you got to ask yourself is if Ripple will live up to its expectation as the world’s Western Union save the prohibitive fees. It may, depending on how you interpret its growth path and mission statement.
At current prices-$0.2408 per coin, XRP is 32 times more expensive than it was back in 2015. This was expected given the value proposition of XRP.
XRP is quickly turning into an inter-bank fund transfer avenue while at the same time curving their fair share of the international remittance market. However, despite the super growth the fact that XRP hoards close to 100M XRP coins in escrow makes it look centralized.
In the weekly chart we note that price action is still moving within a wedge with last week closing as a doji despite a clear stochastic buy signal.
What traders should be looking for is a strong confirmation of November 19 candlestick. From the look of things, price action has been dragging relative to other coins. From simple observations, the past few weekly candlesticks have these long upper wicks signaling USD bull pressure which seems to be picking up at the end of every week.
We should be encouraged though. XRP is above the 20 period MA and that is a good thing. Buyers should be aiming at $0.30 main resistance trend line.
Apparently, the daily chart is full of whipsaws. For bulls, the good thing is that XRP price action is still above the middle BB following that XRP bull candlestick on November 16. There is also some minor resistance at $0.25.
Even though there was a double bar bear reversal pattern on November 28 and 29, there was a bit of accumulation complete with long lower wick candlesticks signaling rejection of prices below the 20 period MA which is a good thing from a bullish perspective.
In the 4HR chart, we shall only watch price action around two trend lines and at $0.233.
Note that XRP is below the 20 period MA but this has been the case after that bear move on November 29. If prices continue to trend below the middle BB and close below the lower limit of this ascending channel, then we should wait until a buy signal is printed.
Otherwise, any close above December 3 highs of $0.264 signal a break of minor resistance and bull trend resumption.