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Ripple Effect: XRP Leads Market Higher with Double-Digit Gains

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The third biggest cryptocurrency XRP is leading the market higher today, having risen by 16.5% in the last 24 hours. XRP currently boasts a market cap of more than $14.7 billion on trading volume of $541 million, adding to much-needed gains the coin already achieved in recent days.

The XRP coin, whose majority holder is blockchain payments startup Ripple, has added nearly 30% to its value over the past week. Most of the trading is unfolding on ZB.com, where volume is nearing $75 million. Other active exchanges for the coin include Bitbank, Huobi and Bitfinex.

Source: TradingVIew

Ripple Effect

The increase in the XRP price is a welcome sign to investors in the No. 3 cryptocurrency after a disappointing summer. For instance, between June and August, the XRP price was slashed in half from the $0.60 range to the $0.30 range.

The sudden surge in price is akin to the performance in similarly battered crypto Ethereum, which after being stuck below $200 for weeks, suddenly skyrocketed 8% on Tuesday to about $211 which is where the price remains as it faces resistance at $212. XRP’s price spike was similarly sudden and reflects a more positive tone that’s permeating the broader crypto market.

Besides the unpredictable nature of crypto prices, there were a couple of drivers of the XRP price of late, most notably the timing of Ripple execs touting the release of the commercial iteration of its XRP-fueled product, xRapid expected in October. Also in the spotlight is RippleNet, where global adoption has been robust. There was a time that the market ignored positive developments like these, but the timing of the Ripple executives making the media rounds and the shift in sentiment in the broader market has put wind in XRP’s sails.

Meanwhile, Ripple’s ability to ink a partnership with a brand like PNC bank isn’t hurting, either. A PNC division plans to integrate Ripple’s xCurrent for international payments. Despite the fact the XRP isn’t involved in that collaboration, it’s the start of a relationship that could develop further down the line. Regulatory hurdles are preventing banks from engaging in cryptocurrencies like XRP as much as they’d like to, based on anecdotal evidence.

Final Stretch

September is looking up for the broader cryptocurrency market, with trading volumes on the rise and bitcoin’s dominance falling slightly to below 55%. Investors are gearing up for what is predicted by market strategists and technical signals alike to be a strong final quarter of the year for crypto prices.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 70 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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Analysis

XRP Trading Sideways as UAE Exchange Adopts Ripple for Overseas Payments

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Ripple (XRP) is trading around $0.3030 on Friday, without any major changes, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

The price tested the midterm descending channel resistance, and now is finishing its short term sideways correction. The XRP is trying to break out the local support, which would allow the price to go down to reach the major channel support at $0.2630. The major midterm target, however, is the fractal support at $0.2365. The resistance is meanwhile at $0.3135.

Fundamentally, UAE Exchange is ready to start running overseas payments based on the Ripple platform. This will be launched in early 2019, mostly in Asia.

This news was first mentioned in Feb 2018, when UAE Exchange highlighted blockchain’s powerful opportunities, but also noted this needed a lot of development before implementation. Blockchain really offers a medley of opportunities to the exchange, as it will help it become a leader in the Middle East. At first stage, however, UAE is going to work with just one or two Asian banks.

In 2017, the overall amount of overseas payments in Asia was at least $613B, with the major part coming from the Middle East, from where employed people sent their money to their home countries.

Ripple will be using RippleNet for overseas payments, which will allow the exchange to boost the transaction speed, thus quickly conquering the mobile and online payment market.

Ripple already succeeded in similar projects over the last few months, in Malaysia and South Korea. The Middle East is even more attractive, though, with lots of opportunities awaiting.

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.

 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 20 rated postsHaving majored in both Social Psychology and Economics, I went on to continue my education in post graduate. Later I worked as a team lead of a tech and fundamental analysis lab in the Applied System Analysis Research Institute. This helped me to acquire all necessary skills and experience to become a successful trader and analyst, as well as a portfolio manager in an investment company. I'm a pro in the financial field and the author of articles for various international media. I also hold the position of Chief Analyst at RoboMarkets.




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Bitcoin

Pessimism Spreads and Blocks Out Opportunities for Bitcoin, Ripple and Ethereum

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  • BTC/USD is in a key technical scenario.
  • The dominant pessimism is likely to turn upside down.
  • ETH/USD rejects leadership again and the market languishes.

The weekend is approaching without significant changes among the main protagonists of the Crypto board. I am reviewing the dominant emotional state in social networks and pessimism rules. The gloom sets an optimal atmosphere for a change in the direction of the market.

Extreme pessimism is the antagonist of the blind euphoria we saw exactly a year ago. This melancholy crushes the psyche of the HOLDers, but should not do so in the minds of traders. For a trader, the direction of the market must be secondary.

This extremely depressing environment covers with anxiety the ability to look at the market and make the right decisions. The task of an analyst is to provide a clear picture of the current scenario that will help investors in the process of managing their portfolios.

Seeking to offer this service, today I will analyze the graphs of Bitcoin, Ripple and Ethereum represented in logarithmic scale. This type of representation helps analyze very volatile assets with wide ranges.

BTC/USD Daily Logarithmic Chart

BTC/USD trades at the price level of $3,362. The price has reached the trend line that governs the movement of the BTC/USD for years, and therefore we are facing a decisive moment. We can see if we review the graph. In recent years the price of Bitcoin has moved below the line on several occasions, to return to rising above it again.

Below the current price, the first support level is at $3,275 (price congestion support and very long-term uptrend line). The second support level is at $3,177 (long-term bearish trend line). The third support level is at $2,890 (price congestion support). Regarding this third level of support, I find it very improbable that it can be reached in the next few days because it would take an extraordinary sales force to break the two intermediate supports.

Above the current price, the first serious resistance level is at $3,925 (price congestion resistance). The second resistance level is at $4,390 (price congestion resistance). The third resistance level is at $4,693 (EMA50), a critical level from which we could start to speak of an upward turn.

The MACD in the daily range shows a perfect profile for an upward movement. After moving to extreme harmful levels, it draws a bullish divergence and crosses over to the upside. It is bullish according to the manuals, but the current situation can generate even more extreme movements.

The DMI in the daily range shows the bulls increasing their activity since the arrival of the price to the current zone. It is, therefore, a shopping area. The bears, on the opposite, should think the same as they have been decreasing their strength to approach the current levels.

XRP/USD Daily Logarithmic Chart

XRP/USD is currently trading at the $0.306 price level after failing to conquer the first resistance level at $0.32 yesterday. After this failed attempt the XRP/USD came down for support at the $0.30 price level and found it. These are now the warning levels for this pair.

Above the current price, the first resistance level is $0.32 (price congestion resistance). The second resistance level is at $0.345 (price congestion resistance). The third resistance level is at $0.370 (price congestion resistance) and is very important if the XRP/USD beats it, which would allow an attack on the EMA50 at $0.394 and enter into a neutral scenario at least.

Below the current price, the first support level is $0.30 (price congestion support). The second support level is $0.271 (price congestion support). The third level of support is at $0.258 (price congestion support and annual lows).

The MACD in the daily range shows such a perfect bullish cross profile that I doubt it can be real and work. It is likely that we will see a downward rejection of this indicator in the next few days.

The DMI in the daily range shows us how neither bulls nor bears have changed their expectations when reaching this price range. The ADX shows a loss of trend strength in the last few sessions.

ETH/USD Daily Logarithmic Chart

The ETH/USD trades at the $89.3 price level. Yesterday it tried to breach the $95 resistance level but failed. The Ethereum has all the attention on it for his condition of the leader in bull markets and his current weakness worries analysts.

Above the current price, the first resistance level is at $95 (price congestion resistance). The second resistance level is at $125 (price congestion resistance). The third resistance level is at $144 (EMA50).

Below the current price, the first support level is at $80.5 (price congestion support). The second support level is at $69 (price congestion support). The third level of support is at $53 (price congestion support).

The MACD in the daily range also shows a bullish manual structure. I am amazed at the clarity of the structure when compared to the perceived pessimistic environment.

The DMI in the daily range shows bulls unconvinced of a possible upward change in the price path. The bears, for their part, have decreased a little in intensity but remain at very high levels.

To sum up the situation, if you have reached these levels without being pushed to sell, there is nothing right now to tell us that this market is irrecoverable — nothing to give us reasonable cause.

If you are thinking about buying, the levels are adequate not for the price but because the loss of any support level can give us the signal to execute stops and conserve capital to enter lower prices if we get to see them.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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XRP Price Analysis: XRP/USD Behavior Suggests of One More Deep Pullback

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  • XRP/USD price action is moving within a range-block, subject to an extended move lower.
  • American Express are singing praises above the speed of Ripple’s technology.

XRP/USD price has stabilized, after the renewed chunky wave of selling pressure that hit the market. The price last week was forced to drop a whopping 30%. This came following a period of consolidation, which commenced on 25th November. XRP had managed to gain some firmer footing, after the brutal November selling. However, from a technical observation, the price entered into a range-block, which was subject to an extended move lower. Over the past three days, similar behaviors are noted, which expresses vulnerabilities.

American Express Praises the Speed of Ripple’s Technology

Back in November 2017, news hit the wires of a partnership between American Express, Ripple, and Santander Bank. Earlier this year, an official confirmation of partnership between Ripple and American Express was announced. This includes Santander Bank, and promises a solution which will offer fast speed and lower cost cross-border transactions. American Express had detailed using Ripple’s xCurrent technology to facilitate payments.

The general manager of American Express’ corporate payments, Carlos Carreido, was recently speaking at a conference called the Wings of Change Europe, which was held in Madrid. He detailed the incredible capabilities with the use of Ripple’s blockchain technology. As a result, the performance making a large difference for them, in payment processing globally.

Carlos Carreido said, “Blockchain is absolutely an option we’re looking at. Just to give you a sense, we have invested in a fintech lab, based on blockchain technology, just to understand how to leverage this better. We did a pilot. We did a test, partnering with Santander locally, and with Ripple to just do cross-border transactions. Cross-border transactions continue to be complex and slow. And in a matter of seconds, through this test, our clients were able to transfer funds in a very transparent and seamless way, from one part of the world to the other one.”

Technical Analysis: XRP/USD

XRP/USD 4-hour chart

Since the 7th December, XRP/USD has once again found firmer footing. The price managed to bounce most recently within the $0.29 territory. Danger to the downside is still very much at large. Similar behaviors that were seen between 25th November to 5th December, are being observed. This was a period of consolidation ahead of another deep fall. XRP/USD is moving within a range-block. The upper part of this seen at $0.3300, and current downside capped around the $0.2950 area.

Downside Targets

XRP/USD daily chart

Keeping the above in mind, XRP/USD could be set for another drop lower. This would fall in line with the previous article via Hacked. One more deep move lower, before the big bull buying comes into play. The price is already in proximity to this demand area but could be forced further towards the $0.2500-$0.2000 range. As previously mentioned, historically this is the area that sees bulls come in by quite some force.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 84 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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