XRP Price & Technical Analysis: XRP Took a Break

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by Dmitriy Gurkovskiy · 2 min read
XRP Price & Technical Analysis: XRP Took a Break
Photo: Depositphotos

XRP stopped falling. On Friday afternoon, the asset is consolidating at $0.2942 USD.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

As we can see in the H4 chart, the cryptocurrency is still correcting after completing a rising impulse. Within this correction, there are both short-term and mid-term (triangle) channels. The MACD lines are directed downwards, thus confirming a correctional movement but the green histogram indicates a possible breakout of the local resistance at $0.3007. If the price breaks it, the asset may grow to reach the high at $0.3258 and then $0.3830 as well. At the same time, one shouldn’t exclude a rebound from the resistance, after which the instrument may resume falling towards the support area at $0.2570.

XRP Price & Technical Analysis: XRP Took a Break

Photo: RoboForex / TradingView

In the H1 chart, the previous convergence on Stochastic made the price grow towards the resistance line. The indicator is directed upwards, thus hinting at a possible breakout of the resistance line and further growth towards the high at $0.3258.

XRP Price & Technical Analysis: XRP Took a Break

Photo: RoboForex / TradingView

Ripple is going to copy Amazon in the cryptocurrency world. This was said by Brad Garlinghouse in his interview to Financial Times. Garlinghouse said that in a couple of years the world would understand that Ripple meant the same to payments as Amazon to books.

It’s a pretty ambitious task but Ripple has been working in this direction for a long time. In the last 5 years, the company has been focusing solely on promoting XRP, so now the time has come to reduce dependence ща the business on the XRP rate and constant sales of the coin.

When it comes to market competitors, Ripple doesn’t have a flawless reputation, mostly due to its wish to create stable relations with banks. The conclusion made in the Financial Times article is not too reassuring: the media believes that the objectives set by Ripple are more like intentions than real plans that the company can implement.

At the same time, Ripple is constantly criticized for systematically selling its tokens.

Disclaimer: Any predictions contained herein are based on the author's 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.

Cryptocurrency News, Guest Posts, News, XRP News
Kseniia Klichova
Author: Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.

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