On Thu Sep 13, XRP is growing moderately, trading at 0.2712. The recovery continues after a long-term descending trend, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
On Thu Sep 13, XRP is growing moderately, trading at 0.2712. The recovery continues after a long-term descending trend, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
XRP is now above two bearish trendlines, namely 0.2600 and 0.2690, and while the price is there, odds are that it is not going to continue falling. The rising potential is limited as well, though, as there is a strong resistance at 0.2750, and two others at 0.2800 and 2900.
XRP price is now above the 100-hour SMA, which is good for the bulls, although they will have to face some other technical levels beyond.
0.2650 is the key support now, while the resistance is around 0.2800. The MACD on D1 is still moving into the negative area, issuing a sell signal. The Stochastic is recovering in the positive area and, conversely, gives a buy signal.
The fundamentals are currently mixed for Ripple. Among the recent positive news, there’s information that the trial between Ripple and R3 ended, although the details are unknown. The legal action started last fall, as R3 filed a complaint against Ripple’s running a large token transaction. Ripple replied with accusations of the multiple agreement breach.
Ripple then managed to unite a few legal cases under a single one, proving they were all about the same thing. This reduced the risk level for the investors and also reduced the costs.
Another news is about Ripple’s planning to promote its overseas payment method, especially in China. Jeremy Light, Ripple Labs Executive Director, says the Chinese market is strategically important for the company. However, Ripple did not achieve a lot yet: the company partnered with LianLian in summer, but then no significant news followed. The demand in this market is huge, but the point is that ICO’s are banned in China, which complicates matters in terms of working with the TA.
Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.