Recent price action in the market show that the XRP token price managed to get strong support levels from about $0.30 with the Valor Foundation looking to initiate plans of a hard forking the XRP Ledger. The signals are clear; XRP’s demand has grown short periods, as its volume increases.
XRP (XRP) Price Today – XRP / USD
Despite the fact that on January 20 sellers went on to wipe out strides, the XRP digital asset price found support at $0.30. It attained this with all-around bullish fundamentals and is looking more likely that bulls are going to rally and break above the $0.40 level in the near term.
A Blood Bath Anticipated Should Rumors of an XRP Hostile Takeover be Viable
If the rumors of an XRP hostile takeover turnout to be true, then the XRP token holders should be prepared for a blood bath. It isn’t unusual for hostile takeovers to be rare in traditional markets. However, forceful management in a crypto market is simple, the acquirer (Vishal Harpalani’s Valor Foundation) identifies an unwilling target startup which is the “victim” (Ripple Labs the official issuers of the XRP token).
The rumored plan is to raise “tens of millions of USD,” trigger a price collapse using a debt instrument before hard forking the Ripple distributed ledger. Although it has to be said that Valor’s plan can still flop.
However, should the Valor Foundation actually raise enough funds running into the tens of millions of USD and cause an XRP death spiral, such success would reportedly help strengthen their primary objective of building or setting up a reliable digital payment system which will be tailor-made for users who have no access to banking or other financial services particularly in developing economies.
XRP Price Analysis
Much like Bitcoin (BTC), the XRP token is rejecting sell pressure. Now after an initial accumulation, it’s demand is increasing via lower time frames. Upwards movement like this can cement the previous position, and validate the previously forecasted XRP/USD trade plan. Although prices are expected to rally (particularly now that we have a bullish pin bar near the main support area at $0.40. Hence, it is recommended that you maintain a neutral position. Until after you see a break above the $0.50 Fibonacci retracement level. $0.34 is significant because it meshes with the highs from January 14.
After prices have rallied above $0.34, risk off traders can activate pullbacks with the first targets set at $0.40. After which there will be no risk-averse if traders buy at spot rates.
What the Technical Indicators Say
Guiding the short-term trade plan indicated here is dependent on the level of market participation. A January 10 stand out could bar printing in a predominantly bullish crypto market. For the bulls to take back the driving seat once more, trade volumes have to spike above the recent averages of $17 million and exceed the January 10 trade day volumes of about $83 million. There’s no doubt that such rallies will push prices from spot levels above $0.40. In turn, this should prepare the foundation for more gains towards the $1 level.
Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.