Here’s the technical analysis of Ripple’s (XRP) price, which is currently making around $0.5512, as reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
Ripple is steadily rising Thursday, trading at $0.5512. Last trading session, it coped well with its technical task by recovering and breaking out $0.5300.
This means both short term and midterm outlook is good for Ripple, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
Before, Ripple tested the support at $0.5000, but bounced off soon. Now it has also gone past the important resistance at $0.5300 and is heading towards $0.5900. Still, as long as the buyers become more active, the risk of a new fall, now below $0.5000, is also high, as the digital coin is quite weak in the long run.
The key support for Ripple is at $0.5000, the intermediate resistance can be found at $0.5650, and the key one at $0.5900. The MACD on D1 is in the negative area, but is going along the pivot line and still issuing a sell signal. Meanwhile, the Stochastic is falling in the positives and is issuing a sell signal, too.
Meanwhile, Danny Aranda, the Managing Director for Strategic Growth at Ripple, has said this week at CryptoXCompare MJAC that blockchain solutions are still attractive for banks. He also explained how Ripple works with the regulators.
In the long run technology and earning potential are more important than any revenue here and now, Mr Aranda added. Ripple believes, and for a good reason, that the company is able to offer new services and attract more users, taking itself to the next level and new markets. Meanwhile, both Aranda and other Ripple leaders are sure bout the fact that there’s no global bank or global payment system, which could prevent blockchain from being improved further on.
As for Ripple’s expansion, Southeast Asia is a very good market for it, partly because local markets and people are very friendly to new technologies. As long as such technologies are being implemented, the markets will be steadily growing. Such comments are not that new, but with the time passing they sound more and more true.
Another growth pass is cooperating with regulators. This is not at all typical when it comes to cryptos, as in most cases crypto developers at all times avoid the institutions that may impose any restrictions upon the quotes or transactions. In case of Ripple, however, both the crypto and the regulator are walking on the same path and towards the same destination. As of now, the main competitions of Ripple here is SWIFT, but Ripple can win by increasing the overseas transaction speed and offering low fees and commissions.
Disclaimer: Any forecasts contained herein are based on the authors' particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.