XRP Price & Technical Analysis: XRP Again under Bearish Pressure

XRP is still slightly moving down on Thursday Nov 8, trading at $0.5169, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Photo: Roboforex / TradingView

Photo: Roboforex / TradingView

XRP is still slightly moving down on Thursday Nov 8, trading at $0.5169, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Technically, the crypto continues its midterm ascending trend. The last upward impulse reached the current channel resistance, which paused the trend and started a pullback. Right now, the trend formed the latest rising move to 50.00% Fibo. The major target, meanwhile, may be at the overall channel support, $0.4750. Conversely, if the resistance at $0.5235 gets broken out, another rising move towards $0.5680 may occur.

Fundamentally, Ripple looks mixed. Ripple is not going to partner with Swift right now, says its spokesman, and the rumors telling otherwise are untrue. Meanwhile, the November protocol update has nothing to do with RippleNet. Swift update, in its turn, is for providing all transactions with a tracking link, which will enable the banks to track them in real time.

The platform in question is Swift GPI, and while it has been promoted, rumors appeared that xRapid may get integrated into this system, too. BBesides, Ripple took part in Swift Sibos conference before, which may have somewhat supported the rumors.

It may be said that xRapid integration could do a lot of good for Swift thanks to a progressive technology with a nice track record. However, it looks like global market players are not ready for spreading such technologies.

The CoinField Exchange launch somewhat supports XRP, as it acts as the base crypto there. The platform is launched simultaneously in 61 countries, making Ripple quite accessible for investors.

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

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

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