XRP Price & Technical Analysis: XRP Ready for a Rise

Ripple is continuing to rise on Thu Oct 18. The crypto is trading at around 0.4853 (+0,4%), says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Photo: Roboforex / TradingView

Photo: Roboforex / TradingView

Ripple is continuing to rise on Thu Oct 18. The crypto is trading at around 0.4853 (+0,4%), says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Technically, XRP is forming an uptrend on H4. The latest rising impulse tested the current channel resistance, while the current micro trend is a descending correction. The target of the fall is probably the support at 0.4280. The current channel, meanwhile, is forming a stable rising pattern. Once the price reaches the support it may bounce and then form another rising move with the target at the resistance at 0.5200. If this is the case, the price may well head to 0.6200.

Fundamentally, the most interesting news is the meeting between Cory Johnson, Chief Marketing Strategist, with Donald Trump administration. Johnson told that in his recent interview. As some sources say, the topics being discussed in the meeting included crypto market opportunities. As Johnson affirms, the US government is quite interested in the digital coins.

This all happens in the lights of the White House being worried about most BTC and ETH being mined in China. Ripple. however, cannot be mined, so it’s hard to control it in the market. Trump’s administration being interested in cryptos is not to exaggerate, they just want to get to know the market so far. Still, there is some potential, and a big one.

Previously, we learned Japanese banks launched the MoneyTap app powered by xCurrent by Ripple. Implementing advanced techs into real life, in our case, into banking, gives Ripple an advantage over the competition.

Meanwhile, American Express and SBI Holdings continue testing xRapid features, and the Singapore based Paycent wallet is planing to add Ripple to its trading portfolio shortly, perhaps in November. All this in general gives Ripple a good fundamental support.

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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