Ripple has probably the best chance for recovery across all major cryptos. On Thu, July 5, Ripple is trading at $0.4900 and going down slightly.
Ripple has probably the best chance for recovery across all major cryptos. On Thu, July 5, Ripple is trading at $0.4900 and going down slightly,
but, technically, there is still room for a rise. This is confirmed on H1, where the bullish trendline at $0.4900 is here to stay, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
On D1, there is nothing that could question that chance to rise so far. In case Ripple manages to stay above $0.4900, and the buying momentum gets stronger, it may well achieve new targets at $0.5000 and $0.5050.
Another important level is $0.4750, which was tested before the bullish momentum got stronger. If the bears counter-attack, this level may also be able to defend the bullish outlook.
Still, the key support is still at $0.4900, where the most investors are playing, while the resistance is at $0.5050. The MACD is moving up, very slowly but steadily, in the negatives, issuing a buy signal. The Stochastic is rising in the positive territory and confirms this signal.
Among fundamentals, the news worth mentioning is that Ripple will start trading on a regulated Australian crypto exchange starting Sat July 7. This exchange already supports both fiat and crypto trading, such as BTC and ETH.
There is some negative news, too, as a certain retail investor has recently complained about Ripple’s management manipulating the price and the technologies in order to get earnings. They claim Ripple quotes have not been objective.
Meanwhile, there is much talk in the markets regarding Ripple’s status, whether it is an asset or a security. The SEC verdict is currently quite unambiguous, as the authority says no cryptocurrency may be considered a security. However, the debate in the markets is still here to stay. Mr Garlinghouse, Ripple’s founder, has said multiple times his token has nothing to do with securities, but the market wants someone to perform Howey tests, an important legal tool created by the US Supreme Court around 50 years ago. If any major authority runs these tests and publishes the results, the debate on Ripple’s identity should come to an end.
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.