XRP is heading down for two days in a row, trading at $0.4812 on Thursday July 19
XRP is heading down for two days in a row, trading at $0.4812 on Thursday July 19. Earlier this week, XRP touched the high at $0.5248 but was unable to stay there, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
On the one hand, XRP is currently under correction, in line with other cryptos that are heading down after beginning this week actively. On the other, active buys are unlikely in the lights of the current technical data.
After XRP’s breaking out the 50-period SMA and going below to reach $0.4800, the local bullish trend came to an end, and the crypto is likely to reach $0.4760. In order to recover from this two-day fall, XRP has to stay above $0.4950 or $0.4960, aiming to reach $0.5000.
Thus, the key support for XRP is at $0.4760, while the resistance is at $0.4960. The MACD on D1 is in its negatives, but is going slightly up, issuing a buy signal, while the Stochastic stopped rising in the positive territory and started going down, thus making the buy signal less strong.
In the meantime, Ripple management think that Indian market is one of best to spread the crypto’s influence. Asheesh Birla, Ripple Vice President, is mostly interested in the country’s cash flows, and Ripple’s ambitious plan is to control 80% of those. Birla wants to establish such control buy giving some coins to all Indian people. With so many people living in the country, this, in theory, would lead to a very high demand, but, in practice, it is still doubtful.
Ripple, however, takes a wider look at this strategic goal. The company suggests starting to work with Indian banks and mobile operators, which may allow them to penetrate the Indian financial system in terms of 5 years.
However, in order to make this work, they will have to make a lot of effort. First, the XRP price must be stabilized, while the reputation must be well improved in order to get one of the first lines in the Top 10 Cryptos rating. Second, Ripple must upgrade its code in order to make the payment system creation process more flexible and 100% secure.
Another positive news for XRP is the successful test of xRapid run by Cambridge Global Payments. Now the company is ready to implement this solution in Mexico. This is going to be the first experience ever, but afterwards xRapid is going to be used in other Latin America and APAC countries.
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.