Ripple is still trading in a descending channel on Thu, June 28. Today, it lost 2.4% and costs $0.4598.
Earlier this week, Ripple was around $0.4750, but the sellers won, and the crypto broke out the short term ascending channel with the support at $0.4620. Then, the intermediate support at $0.4600 got broken out, too, and chances are Ripple will continue going down. This is what Dmitriy Gurkovskiy, Chief Analyst at RoboForex, says.
On D1, one can see the sellers are temporarily unable to get through $0.4470, while another intermediate support is at $0.4550. Both these levels are definitely worth watching.
If Ripple manages to bounce off one of these levels, the buyers may get active again and push the price towards $0.4700. This is more likely to happen in case there’s some fundamental support, though. As of now, Ripple has a key support at $0.4470 and a resistance at $0.4700. The MACD is moving down in the negatives and confirms a sell signal. Stochastic is doing the same, plunging to the negative area.
In terms of fundamentals, there’s interesting news saying Ripple may be added to Coinbase. This was announced by Brad Garlinghouse at CB Insights Future of Fintech. Ripple token may well be added to Coinbase list of assets, he says.
Garlinghouse is quite sure Ripple is a great fit for Coinbase, as its blockchain has very important features. It’s already been said multiple times that Ripple can resolve the scalability issue, which can be used both in banking and by financial institutions of any type. Ripple management also say their crypto will be still viable and in demand, even in case the company gets broke.
Another important thing is that the stakeholders at Ripple always say their digital coin is not a security. This is in line with what Gary Gensler, the former Head of CFTC, said, stating that even if Bitcoin and Ripple get this status, they may only be acknowledged as unregulated securities. As of now, the legal status of Ripple is completely undefined, which supports its decentralization and regulation-free status.
Decentralization is still a major advantage of the crypto market, and while it’s still there, all digital coins, including Ripple, will have room for further development.
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.