XRP Price Analysis October 10th: WTO Mention Ripple, XRP Price Accumulates

The World Trade Organization did recognize Ripple’s business model and what businesses set to draw when they incorporate their solutions. This is bullish not only for Ripple and XRP but for the whole blockchain ecosystem. Regardless of the endorsement, XRP prices are stagnant and lower in the last week. Still, we retain a bullish outlook at the back of favorable candlestick formations.

Latest Ripple News

Banks and business are synonymous and have this symbiotic relationship that cannot be wished away. It’s in the spirit of trade that the World Trade Organization see improved speed and efficiency.

In a recent report released on Oct 3, the WTO say the Ripple ledger allow banks to cheaply and instantly convert different currencies in a matter of seconds.

“Another US-based company, Ripple (https://ripple.com), has ambitions to circumvent the correspondent banking model through its distributed ledger platform. It gives banks the ability to convert funds directly into different currencies in a matter of seconds and at little to no
cost, without relying on correspondent banks.”

This efficiency that Ripple brings on the table for adopting businesses especially in emerging economies paves way for globalization. And it could get better because in recent weeks, Ripple has been on an aggressive expansion drive on-boarding new members.

Most importantly though, the company announced the commercial availability of xRapid and while three companies will be using the payment processing solution, the demand from the use of XRP will be supportive of price.

Still, the WTO noted that while there are benefits of blockchain based payment solutions, they still lag their traditional counterparts on trading volumes. But, considering the technology is still nascent and has years to develop infrastructure and attract new clients, this gap will likely level up in days to come. When that happens, then Ripple and XRP will help showcase the power of blockchain boosting investors’ gains in the short term.

XRP Price Analysis

XRP Weekly Chart

Coin trackers indicate that XRP is down 11 percent in the last week but it shouldn’t be a worry for investors because prices are still trending inside week ending Sep 23 high low. Moving on, this correction to the 50 percent and the 61.8 percent retracement level, mesh well with buyers looking to buy on every dip in line with our last XRP price analysis.

Then we had indicated that ideal buy zone lies anywhere between 45 cents on the lower side and 55 cents on the upside and that’s where prices are trending on at the moment as we maintain a bullish outlook.

Unless otherwise there are sharp losses below 40 cents, our stand is valid and could be strengthened should momentum build up and clear the 50 cents resistance line at the back of high trading volumes.

XRP Daily Chart

In the daily chart, our buy zone is well marked. At the moment, XRP is trending well within our ideal reversal areas.

A simple Fibonacci retracement tool drawn between Sep high low shows that XRP is now between the 50 percent and the 61.8 percent correction level.

Fibonacci retracement rules dictate that this zone is perfect for buying and in that case we recommend buying on dips in lower time frames with first targets at 80 cents. Stops will be just below the lower limit of our support line at 45 cents. In the meantime, risk-on traders will ramp up once there are strong rallies above the 50 cents-55 cents resistance zone.

Ideally, this expected price expansion should be accompanied by strong volumes driving prices above $1 and towards $1.65.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.