- Ripple (XRP) prices are firm above 30 cents
- XRP sales in Q2 2019 topped $251 million
Ripple’s Q2 2019 XRP market report is enlightening. Revealing the level of XRP demand, investors now know that institutions form the bulk of buyers. In the medium-to-long term, this will help strengthen bulls targeting 50 cents and 80 cents respectively.
Ripple Price Analysis
Fundamentals
Before shifting strategy, Ripple’s solutions were meant for institutions. As a distributed ledger technology firm with interests in global payment, their decision to focus on individuals is proving to be a stroke of genius. Not only are they positively impacting livelihoods, but statistics reveal that deep-pocketed institutions are interested with XRP.
The coin is both a utility and a liquidity agent, useful for xRapid. Hints of demand were made clear from the recent market report, detailing Ripple’s progress in Q2 2019. Emerging from the brief is the irrefutable interest of XRP from institutions.
For example, in Q2 2019, the total sale of XRP rose by 48 percent to $251 million from $169 million of Q1 2019. From this, the demand from institutions was 73 percent of the total sales.
In summary, these are Q2 2019 highlights as drawn from the XRP market report:
- The overall market capitalization of digital assets sharply increased in Q2.
- Ripple sold $251.51 million XRP in Q2 2019 and is substantially reducing future sales of XRP.
- Given the concerns about overstated market trading volumes, CryptoCompare will be Ripple’s primary benchmark for XRP market volume going forward.
- Three billion XRP were released out of cryptographic escrow, 2.10 billion returned to escrow.
- XRP is now listed on over 130 exchanges worldwide.
Candlestick Arrangements
From an investor’s perspective, the involvement of institutions is unequivocally bullish. Besides, Ripple’s plan of improving transparency is a big plus.
Therefore, while XRP is flat-lining but trending above 30 cents, Q2 2019 report could shape investor sentiment. In that case, prices may correct higher in line with previous XRP/USD trade plans. Presently, there is liquidation pressure but XRP buyers are resilient.
As such, every retracement is an opportunity as reiterated before. For the risk-averse, trend continuation will be valid once prices edge past 40 cents, ideally boosted by above-average participation.
In light of this, aggressive traders can buy the dips with a fitting stop-limit just below 30 cents. The first target will be 40 cents. On the flip side, sharp losses below Q1 2019 primary support with high trading volumes would trigger a precipitous fall to 20 cents.
Technical Indicators
Because of the above, July 10 bear candlestick is leading. It pierced below the 40 cents support, now resistance. Furthermore, it is unique with high trading volumes of 40 million. As a result, any surge above 40 cents, ushering bulls, ought to be with high participation with similar or better trading volumes.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
The post Ripple (XRP) Prices in Consolidation Mode Despite Institutional Demand appeared first on NewsBTC.