Fundamental Analysis Ripple [XRP] November 2018

Fundamental Analysis Ripple [XRP] November 2018

Introduction

The Ripple shows signs of price recovery as the year winds to a close. With a lot of uses cases and adoption for banks and payment providers, the XRP has been a go-to cryptocurrency for enterprise and institutions. Read on as we highlight the major fundamental and touch on a few technical setups that influence the exchange rate of the XRPUSD.

Are you looking for the latest fundamental analysis? Or do you look for another cryptocurrency? See all fundamental analysis in the blog.

A Focus on Previous and Upcoming Events in the Ripple Community

Fundamental Analysis Ripple [XRP] November 2018 previous and upcoming events

XRP upcoming events:

XRP past events:

  • 19 Jul — Distributed 2018 Conference in San Francisco

19 Jul — Distributed 2018 Conference in San Francisco

The Distributed 2018 conference date coincides with a bearish accumulation price pattern, leading to a price drop of 47.21%, with a risk of 13.6%. Technical price pattern such as the breakdown of bullish accumulation further boost confidence in maintaining a bearish trend.

20 Aug — XRP/USD Listing on Bittrex and BlockShow Americas 2018

After the bearish price drop triggered by the breakdown pattern mentioned earlier, an opposite breakout pattern of a bearish accumulation pattern ended the bearish trend. Not long after the bullish price breakout, on the same day of August 20, Bittrex, the popular cryptocurrency exchange launched the trading of US dollar (USD) markets for Ripple (XRP). Also on the same day, Chief Cryptographer at Ripple, David Schwartz spoke at the BlockShow Americas 2018 in Las Vegas.

22 August 2018 Community AMA

On Wednesday the 22nd of August, @bgarlinghouse is hosting a live stream AMA moderated by @CoryTV. This live stream AMA session was hosted 2days after the XRP/USD got listed on Bittrex, and no clear price pattern is fired to show a possible trend direction.

A triple bearish accumulation pattern was finally formed on September 3 as an early trigger to a bearish hidden divergence pattern. Towards the end of the bearish trend, a breakout of bearish accumulation signalled an end to the bearish trend and consequently a change in trend towards the upside, moving price by a 174.4% growth, compared to an 11.48% risk (A Risk/Reward Ratio of 15.19).

26 September 2018     Blockchain Live 2018 in London

Marcus Treacher, SVP, Customer Success at Ripple spoke at Blockchain Live 2018 conference in London. During this period the price used a previously formed bullish accumulation support level as a springboard and maintained a somewhat choppy upward move.

30  September 2018 — Swell 2018

This year’s Swell by Ripple conference took place between 30th of September – 2nd of October in San Francisco. At the daily price close, the XRPUSD indicated a bullish accumulation price pattern, preparing its support for a bullish rally or a breakdown.

From this level, the price chart of the XRPUSD took the path of a breakdown of bullish accumulation by closing below the accumulation support, leading to a 24.62% price drop.

19 October 2018 Listing on Cobinhood

Ripple (XRP) got listed on Cobinhood on October 19th, coinciding with a bearish accumulation in combination with a breakdown of bullish accumulation pattern.

22 October 2018  SWIFT’s Sibos

Following a price breakdown of a bullish accumulation pattern on 19th October, Ripple (XRP) exhibit at SWIFT’s Sibos conference took place from Oct 22-25, further deepening the shorter term bearish move. This bearish move did not last long, as the MA-65 served as a perfect support level, bring the bearish move to a halt and consequently initializing a triple bullish accumulation price pattern on November 02. From the point of the bullish accumulation trigger, the price has made a 20.7% increase, as against a 7.2% risk (Risk/Reward ratio of 2.88)

Potential Triggers for November

26 November 2018 Shift Money

Shift Money is a financial technology conference with the purpose of exploring ways to disrupt Payments, Insurance, Lending and Crypto. The conference coming starting this November 26 will be taking place in Zagreb, Croatia from, and it’s a major trigger for the direction of the XRPUSD pair.

Fundamental Analysis Ripple [XRP] November 2018 projection

Making reference to the monthly chart above, the price chart presents a bottoming of a long-term bearish trend through the eyes of a bullish engulfing pattern in September. However, the price patterns formed on the lower daily chart on the future conference date will determine the direction the pair would take. With that said, a long-buy trade can be entered with a potential profit target of 235.82%.

Potential Risks for November and into December

Going long on a trading asset requires some degree of risk, and taking a buy trade off the monthly chart pattern mentioned earlier will attract a risk of 57.88%.

Also, let’s not ignore the possibility of a short sell trade risk as the weekly chart already presents such a pattern in the form of a breakdown of bullish accumulation. Similar breakdown patterns have been effective towards achieving a bearish trend on February 19, May 07 and the recent one being on October 08. The chart below illustrates the risks involved and potential profit target.

Fundamental Analysis Ripple [XRP] November 2018 weekly projection chart

Technological Adoption on the Ripple Network

Now available to U.K customers is the first Ripple-enabled mobile app for cross-border payments, launched by Santander. This App runs on Ripples xCurrent. According to a news release on Ripples official website,  One Pay FX offers Santander’s customers the ability to make EUR and USD payments to Eurozone countries and the United States.

Still using xCurrent, Ripple also enables cross-border payments for Santander customers in Brazil, Spain, and Poland.

A new initiative by Ripple is Xpring (Spring), aimed at investing, incubating, providing grants and finally acquire companies and projects run by proven entrepreneurs. Developers can leverage off the digital asset XRP, XRP Ledger towards increasing technological adoption.

Updates and Milestones Accomplished on the Ripple Network

In order to ensure continuity of service, It’s been recommended by Ripple for all server operators to upgrade to XRP Ledger version 1.1.0 by 27th September 2018. The most recent update to the server software (rippled) that powers the XRP ledger (rippled Version 1.1.0) was released on September 15, 2018. 

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