On Friday, August 28th, the XRP has stopped falling, trading at $0.2654 USD. August promised to be especially successful for the coin but by the end of the month the XRP has lost all that it gained.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
On D1, the Ripple is correcting in an uptrend. The pair is heading for 61.8% Fibo. This means the pair is gathering power for further growth. However, 61.8% may still be broken away; then the aim will be 50.0% Fibo and the lower border of the ascending channel. On the MACD2, a Black Cross is forming, stimulating growth. The histogram remains in the positive area. These signals taken together mean further growth with the aim at $0.3010 USD.
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 bounce off 61.8% Fibo will entail further growth. The Stochastic has formed a Golden Cross in the oversold area, which is another signal of growth. Further development of the uptrend still looks much more probable then falling to $0.2310 USD.
The slump of the XRP may never leave investors and watchers cool and calm. Judging by the signals from inside the network, Tom DeMark Sequential say that the XRP still has high potential. The coin keeps trading near important levels, and, in the end, in the nearest future, it may grow actively.
During August, the XRP grew by 25%, but by the end of the months, it has managed to keep less than 1% of what it gained.
In 2020, the capitalization of the crypto market has increased by almost 100%, which made investors look for new trading ideas and reasons for buying digital currencies. Among altcoins, the XRP has turned out the most powerful, and the current decline is regarded as the reason for a quick reversal. The rate of the XRP is currently over 90% below the high.
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.