XRP Still under Pressure despite the Positive News

XRP is recovering on Thursday afternoon but is still unable to reach yesterday’s price

XRP is recovering on Thursday afternoon but is still unable to reach yesterday’s price. XRP is currently trading at $0.3225, having recovered by 1.50%.

Previously, XRP failed to stay above $0.3500, a very important level, and went below. On H1, a new short term bearish trend is forming, with its line going through $0.3300. This is confirmed by XRP plunging below this level. Currently, $0.3100 may also get broken out, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

When testing $0.3100, the price may go down further to $0.3092, which, in its turn, may lead to XRP going to $0.3050, and then even further down. On the other hand, the channel running between $0.3100 and $0.3350 is quite strong. The key support is right at $0.3100, while the resistance is at $0.3350. The MACD is in the negatives on D1, but is slowly moving upwards, without giving any clear signal. The Stochastic is going up in the positives and issues a buy signal.

The latest Ripple news are quite positives. As such, Western Union and American Express will take part in testing xRapid, a network for overseas payments. As Stefan Thomas, Technical Director at Ripple, says, the platform is being tested by big businesses, and this is positive.

Thomas also highlighted that the decentralization issue is not worrying for Ripple right now, as the company was initially created as a payment provider, and thus has to stick to the appropriate rules. According to Thomas, blockchain is a very important feature; all Ripple products use blockchain, but it is not the final goal.

There have been a good deal of debate about the XRP registry architecture, but this is not what the company may be worried about either, as the Ripple top executives are sure their cryptocurrency and tokens are absolutely autonomous.

xRapid is a very important product of Ripple, and currently its testing phase is nearly over. The platform may be launched as early as before 2019, while currently the key bugs are being identified and fixed. If xRapid works as planned, it may reduce the overseas transaction fees by up to 70% compared to traditional payment methods.

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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