XRP Still a Mixed Bag

XRP is downtrending on Friday Oct 5, trading at around 0.5202 (-1.6%), says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Technically, XRP is correcting on H4 after the previous uptrend. The correction went down to break out 61.8% Fibo. Afterwards, the price went up again to form a fractal high and the current correction channel, with the resistance at 0.6100.

Locally, the downtrend is approaching the lower correction channel boundary at 0.4185, while another target is at 76% Fibo (0.3890).

On H1, XRP is downtrending within a steady channel. The new wave may be directed to the support at 0.4500, after which it should pull back to 0.4885. The current resistance at 0.5300 is a local obstacle against the uptrend forming. In case it still gets broken out, the price may rise to the major resistance at 0.6100.

Fundamentally, the MoneyTap release is a piece of news interesting when it comes to Ripple. The app was launched by SBI Ripple Asia and a group of Japanese banks. Its clients, such as Sumishin Net Bank, Suruga Bank, and  Resona Bank, will get access to the app based on xCurrent powered Ripple. MoneyTap is a truly mobile application which supports both iOS and Android devices and can be used to send and receive money quickly and easily. The only thing you need is the transaction ID or a QR code. MoneyTap users will be able to send and receive funds 24/7 without paying any fees or commissions.

The app looks quite safe and secure, as it uses fingerprint recognition for logging the users in.

MoneyTap based on xCurrent is totally independent of the crypto market, as it even does not support crypto or token payments. It uses blockchain, which also helps connect banks with other financial institutions.

Nevertheless, the MoneyTap release can have a good impact on XRP, if in the long term only. The more weight the company gains in the markets, the better for XRP promotion. In the short term, however, there is no connection between MoneyTap release and the XRP price rise.

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.

Having 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.