- Ripple prices are stagnant along 30 cents
- Wietse Wind to receive funding from Xpring
- Transactional volumes likely to pick up as XRP prices recover
It’s all about the ecosystem and Ripple—via Xpring, are actively building that. With their funding of Wietse Wind, his project, XRPL Labs will only generate more XRP use cases. In turn, XRP prices will pump and rally from 30 cents.
Ripple Price Analysis
There are several Ripple-news making headlines that could impact prices from a fundamental point of view. To begin with, Binance collaboration with Simplex—an Israeli based Fintech that says it enables payments while defeating fraud, is precisely what the Ripple and XRP community needs.
While at it, a Director at Xpring—a wing of Ripple tasked with investing and incubating projects lead by serious entrepreneurs–Vanessa Pestritto, said Xpring would collaborate and fund XRPL Labs—a brainchild of three developers lead by the ever-innovative Wietse Wind.
Wietse is an active member of the Ripple community, and according to Vanessa, he is active, developing solutions and use cases promoting InterLedger protocol and other projects that are built on top of the XRP Ledger. With this partnership, Wind will now be working full time at XRPL Labs and join the likes of Stefan Thomas of Coil and Thomas McLeod of Omni.
At the time of writing, XRP is changing hands at 30 cents, up 4.5 percent in the last week. Just for comparison, LTC—now the fifth largest coin, is up 26.2 percent in the same time frame.
Given this stagnation in the last few days, our previous XRP/USD trade plan is valid, and unless otherwise there are sharp gains (or losses), resulting in expansion above our minor resistance level, we shall recommend holding a neutral but bullish outlook.
Like before, our analysis is anchored on Feb 8 bull bar. While bouncing off the main support line, there is a clear double bar bull reversal pattern mirroring that of Jan 29-30. It emphasizes the significance of 30 cents as a primary support level and a price tag of interest.
Because prices are still oscillating inside this wide-ranging bar, it is positive for XRP. Especially when we factor in volume indicators. All we need are confirmatory surges above 34 cents. Once this print, it will surely light up price action, drawing XRP demand that would eventually pump prices towards 40 cents and 60 cents.
Volumes are shrinking, and the only catalyst necessary for increased participation is if prices rally above 40 cents. For that to happen, accompanying bull bar should have high trade volumes above those of 49 million of Jan 30.
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