Despite Money Tap Dent, Ripple (XRP) Buy Wave is Strong

  • Ripple prices up, reacting from 32 cents
  • Money Tap blow, Resona Bank discontinue participation

Resona Bank is pulling out of Money Tap initiatives, a project fronted by SBI Group. All the same, prices are stable above 32 cents, reversing from Apr-2 lows and with increasing momentum, may close above 34 cents as bulls shore prices.

Ripple Price Analysis

Fundamentals

At core, Ripple is a network that seeks to provide banks with an alternative messaging and settlement system that is fast, secure and beneficial for the end user. It may be less than a decade in operation, but the team behind the platform are putting forth powerful solutions that invert interest, prioritizing the consumer via incentives as speed and costs.

Although the native currency in XRP is bogged down by uncertainty, the SEC framework clarifying what an investment contract is from a utility would shed some light, allowing payment processors as well as banks to upgrade to xCurrent 4.0 which has a wriggling ground for banks to incorporate xRapid for their operations.

Latest news is that Resona Bank, one of the few financial institutions that had joined the Money Tap initiative fronted by SBI Group, is the first to discontinue from this novel arrangement. Ahead of the Tokyo Olympics in 2020, the effort “is a safe, real-time and comfortable app that allows users to transfer money between individuals directly and can deposit money directly from a bank to a bank account 24 hours a day, 365 days a year.

Candlestick Arrangement

On to the charts and Ripple (XRP) is reacting from Apr 2 lows of around 32 cents. From an effort versus result point of view, this is bullish and to that end, we expect prices to inch higher as momentum builds up thanks mainly to the correction of undervaluation clear in the 1-HR chart.

Since we now have a long lower wick and prices finding support from Apr-2 trendsetting bull bar, every dip should be a buying opportunity.

Nonetheless and despite our optimism, conservative, risk-off traders must wait for a strong, high-volume press above Apr-5 highs of 38 cents or even 40 cents before loading up. As per our emphasis, our ideal target lies at 40 cents and later 60 cents.

Technical Indicator

Our anchor bar is Apr-2 with 79 million. As aforementioned, any bar breaking above Apr-5 highs signaling trend continuation must be with high volumes exceeding recent averages of 44 million or even 79 million.

Chart courtesy of Trading View

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