XRP Price & Technical Analysis: XRP Again under Bearish Pressure

CoinSpeaker

XRP Price & Technical Analysis: XRP Again under Bearish Pressure

XRP is still slightly moving down on Thursday Nov 8, trading at $0.5169, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

XRP Price & Technical Analysis: XRP Again under Bearish Pressure

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XRP Price Analysis: XRP/USD Trends of November 7–13, 2018

CoinSpeaker

XRP Price Analysis: XRP/USD Trends of November 7–13, 2018

In case, the demand zone of $0.53 holds the XRP will rally to the north and the supply zone of $0.61 will be the next target.

XRP Price Analysis: XRP/USD Trends of November 7–13, 2018

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Source: CoinSpeaker

XRP Price Analysis: FSB Subtle Endorsement of Ripple Positive for XRP

After Cory Johnson revelation that they have been in constant communication with the Trump administration, Ripple supporter should interpret this as positive. It appears as if this positivity is spreading. In a report the FSB said cryptocurrencies and blockchain could be viable alternatives if traditional payment means become expensive. This is a subtle endorsement for Ripple as it bids to replace SWIFT.
Latest Ripple News
There is a lot going on for Ripple but what should strengthen the holding wave are recent comments from Ripple. In an interview with BREAKER, the Chief Marketing Strategist at Ripple said the company regularly communicates with politicians and regulators not only in the US but across the world.
He went on to reveal the recent discussion they had with officials of the Trump administration saying that though they started on the low, he has been surprised with the level of knowledge they had about Ripple. To him, Ripple- a distinct company from Ripple Labs is a “whole different beast” with a unique consensus algorithm enabling complete decentralization.
At one point they talked about the level of centralization in Bitcoin where studies reveal that more than 75 percent of the total hash rate is in China. Consequently, this gives their government an upper hand should they want to want to cripple and destroy the network. Opposite from Bitcoin, there is no mining in Ripple. Furthermore, after implementing a decentralization strategy, Ripple control 48 percent of the total nodes in their unique node list.
According to a Twitter user, The Financial Stability Board and the G-20 could be bullish on cryptocurrencies because of the efficiency it tags along. While quoting a paragraph in a recent FSB report: “may become an option where current payment or banking services are less convenient or are slow and/or expensive”, Cory strongly believes that Ripple and the use of XRP could pick up, clipping some market share from SWIFT, a dominant cross border payment in use which is expensive.
XRP Price Analysis
Weekly Chart

Even though yesterday’s gains did reinvigorate the market, XRP is technically bullish. This is all thanks to the explosion of prices by week ending Sep 23. Coincidentally, behind that rally was a surge in market participation levels. In previous XRP trade plans we had mapped out potential reversal zones syncing with key Fibonacci retracement levels at 45 cents and 55 cents.
From the recent turn of events we suggest aggressive types to load at spot prices. But risk-averse traders need to trade once prices rally above the 55 cents mark. The level is the 38.2 percent Fibonacci retracement level marking the upper limit of our resistance zone. On the reverse side, losses below 40 cents cancel this upbeat projection.
Daily Chart

Back to the daily chart and it’s clear that bulls are in control. This is so because Oct 11 losses bulls have been successful in reversing Oct 11 losses. This mostly because of  Oct 15 rejections of prices below 40 cents. If anything, we recommend buying on pull backs in lower time frames. First targets would be at 55 cents, 65 cents and later 80 cents.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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XRP Price Analysis: Ripple Investment Rise 30 Percent Tripling Bitcoin’s

Fundamental developments as formation of SAIV, objectives of Coil to turn XRP from a facilitator to a medium of exchange and increase coin listings at various exchanges is bullish. Aside from this, Nigel Green’s comments cement our bullish stand. This is further solidified by candlestick formations of the last two weeks and the increasing capital flow to XRP. Investment in XRP rose to $311 from $239 million in the last week.
Latest Ripple News
The FX market is a huge market and Forex Choice, a Belize regulated FX broker is placing XRP in the middle of the high $5 trillion market. Forex Choice enable traders to buy and sell currencies straight from their XRP dominated wallet. Many brokers and funds across the world are reaping huge benefits as speed, efficiency and low cost of doing business when they incorporate XRP. Aside from Forex Choice, Forex.com, and NordFX are some of the brokers allowing their clients to trade the XRP crypto market.
Perhaps a stand out among funds is Arrington XRP Capital. Although they were recently subpoenaed by the SEC for the second time this year, they denominate their fund in XRP. In an interview, Arrington XRP Capital founder Michael Arrington said there are massive cost benefits when using XRP. This is because the fund can move capital and incur negligible costs. Hopefully, court cases and subpoenas will reduces with Ripple leading a lobbying group, the SAIV, to advocate for better regulation.
The tide is also changing. For so long, XRP has been known as a settlement tool but Coil is changing this narrative. By using InterLedger Protocol (ILP), Stephan Thomas’s Coil wants to make XRP a currency and an avenue where internet companies can use the coin to settle. Just like fiat.
XRP Price Analysis
Weekly Chart

A stand out in the last week is that long lower wick signaling rejection of lower lows and resumption of bulls in line with week ending Sep 23. Though we retain a bullish outlook expecting prices to move higher in Q4 2018, what we need to see is a strong move above 80 cents in days to come. Notice that prices are still trending inside that trend defining bullish engulfing bar of week ending Sep 23.
In our analysis, what is important is that reversals were at important Fibonacci retracement levels coinciding with our previous resistance now support levels at 45 cents and 55 cents. Because of that, we expect prices to surge above $1 and probably print $1.65 before the end of the year. This is technically possible when we make projection basing our Fibonacci extension levels at week ending Sep 23 high low. Because of this, we recommend buying on every retracement in lower time frames with stops at 55 cents.
Daily Chart

From the chart, bulls are now trading above Sep 24 highs asserting their stand thanks to yesterday’s 10 percent gain. All things constant, we recommend trading according to the trend set out by Sep 18 bulls bouncing off main support at 25 cents. As such and as laid out above, our XRP trade plan today is to follow through by buying on dips in lower time frames with first targets at 80 cents and $1. Ideal stops should be at 55 cents.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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