On Friday, September 11th, XRP keeps trying to escape a narrow sideways channel but the attempts are not quite successful. The cryptocurrency is generally trading at $0.2413 USD.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
On D1, XRP is correcting an uptrend. XRP is trading above 50.0% Fibo, which means the asset might be accumulating force for breaking away the support line. Upon overcoming 50.0%, the quotations will head for 38.2% Fibo and the lower border of the ascending channel. On the MACD2, a Black Cross preserves, confirming further correction, while the histogram has become negative. All these signals together mean further correction, aiming at 38.2% Fibo.
On H4, the picture is similar: the quotations keep correcting inside an ascending channel. The aim of the uptrend is the same as on D1 – $0.3010 USD. A breakaway of 50.0% Fibo will mean a correctional movement that may go on until 38.2%. The Stochastic has formed a Golden Cross in the oversold area, which means the correction will soon come to an end. The current scenario still presumes a pullback to $0.2200 USD, a bounce off it, and further forming of the uptrend.
Ripple drew public attention to the carelessness of the YouTube video hosting about the fraud actions of some users who post videos promising free giveaway of Ripple tokens. The hosting could not be ignorant of what was going on: Ripple highlights that there were some 350 complaints sent to YouTube. However, there were no actions taken from the start, only weeks or months later.
Now the companies are in the process of a trial that has been going on since April and might last for many more months. In summer, YouTube noted that the company did not associate itself with any fraud schemes and may not have charge of the actions of some third party, so it pleads dismissal of the case. However, Ripple thinks that the management of YouTube knew about what was going on and had enough time to make money on the ads. Moreover, a channel offering a giveaway of the XRP could not start working without verification.
In Ripple, they say that the reputation of the company has been seriously damaged, while the users could lose significant amounts of the XRP if they trusted the advertising. This trial is not the first one in YouTube history. Another one is going on with Apple, where the hosting is again accused of fraud and neglect from YouTube management.
For this article, we’ve used the graphs provided by TradingView.
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.