XRP Price & Technical Analysis: XRP Again under Bearish Pressure

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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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Source: CoinSpeaker

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 Technical Analysis: XRP Heading towards 15 Cents

Fundamentals are positive for XRP and so far, more exchanges are actually listing XRP as their base currency for expediency purposes. However, regardless of all these, we are yet to see conclusive gains as prices yield to sell demand and are now trading below 45 cents and edging close towards 40 cents. Any dip below that means traders should short XRP and aim for 15 cents.
From the News

A Taiwanese cryptocurrency exchange, Bitrue will be offering trading pairs with XRP as base. By doing so, it is diverging from the tradition set by most exchanges whose base currencies are dominated by ETH and BTC. Besides, Bitrue are inclined to provide general transparency to the ICO market and to make sure that happens, they shall only list professionally selected ICO tokens. This is on top of collaborating with Wanchain, a cross chain platform.

Attention #XRP supporters! XRP as base currency is almost there at Bitrue exchage. Coming soon on July 27 8 am(ET) and 8pm (GMT+8)! To the moon!
Visit https://t.co/DctiEwbs1wcustomer support: https://t.co/QaGLrOZaTF#tothemoon #XRPCommunity #xrpthestandard #XRPgoGlobal pic.twitter.com/Li6P9dfqcx
— Bitrue (@BitrueOfficial) July 27, 2018

Mike Novogratz backed Alphapoint, a cryptocurrency service firm will be powering DCEX, a decentralized cryptocurrency exchange. That’s not the point though, what stands out about DCEX is that they shall avail XRP as their base currency, avail 15 trading pairs and list 10 coins from Bloomberg Galaxy Crypto Index. Donde, the CEO of DCEX said they settled on XRP so that they can cheaply and easily move funds.

Today we’re very excited to announce the launch of @dcexofficial, powered by @AlphaPointLive. DCEX is the first-ever digital currency exchange to utilize $XRP as its exclusive base currency. Read more here on our blog: https://t.co/YGnzPcvxrR #fintech #XRPCommunity #blockchain pic.twitter.com/HRKcoPjkSH
— AlphaPoint (@AlphaPointLive) July 30, 2018

After Gemini, NASDAQ will be supplying the much needed technology to SBI Virtual currencies and VC Trade. NASDAQ is helping the crypto-verse to clean up its image, guide it back to legitimacy and validate its role as a contributor to the global markets.

XRP Technical Analysis
Weekly Chart
XRP Weekly Chart by Trading View
Even after two months of horizontal consolidation, it is likely that sellers will nonetheless have an upper hand and drive prices lower. So far, XRP is down four percent in the last day and week but what stands out is that XRP prices are trading below the 45 cents main support as drawn out in our last XRP technical analysis.
From the charts, 45 cents not only 2018 lows but it is the weekly chart’s sell trigger line. So, this week, odds are there will be activation of our XRP sell conditions. For a recovery, XRP buyers must muster enough momentum and edge above week ending June 24 highs at 55 cents.
Note that, that strong bear candlestick set the precedence for current depreciation and has been containing prices within a 10 cent trading range in recent weeks.
Daily Chart
XRP Daily Chart by Trading View
It’s clear: sellers are in charge and are not relenting as they snap back in trend validating the general bear break out trend set in motion by that high volume, bear candlestick of June 22.
While we were upbeat about XRP, the fact that they are trading below 45 cents hints at further losses. For affirmation, both set of traders-aggressive and conservatives-should be prepare to short on pull back once we see prices trending below 40 cents.
In line with our last XRP technical analysis, ideal bear targets would be 15 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 Technical Analysis: XRP Price is “Bitcoin Proof” Says Wirex CEO

Technically, Ripple (XRP) is bearish and that’s despite news of Wirex support or coin listings in different exchanges around the world which is of course supportive of price. Following yesterday’s high volume XRP bull candlestick reversing from support, chances are we might see a follow through today but that won’t be enough to warrant XRP buys until after Ripple bulls break above 50 cents.

From the News

Ripple’s RTXP is not only reliable but it one of the most versatile protocol out there. The user case of XRP is particularly important for financial institutions. We have seen it coming through for different banks and even if they sometimes won’t find a place for xRapid or XRP in that case, RTXP tags with it efficiency and cost reduction. It’s in this vein that Wirex is trying to capitalize on user demand by availing a XRP wallet for their customers.

Wirex is a UK-based fiat and cryptocurrency card provider that wants to make fiat-crypto payment as seamless as possible. Under this objective, going forward, their 1.3 million customers spread across 130 different geographies will now convert XRP to fiat, receive XRP from external wallets and make point payment in XRP or fiat. That’s on top of trading XRP with Bitcoin, Litecoin and other tokens availed by the company.

As expected, such news created a buzz and it got better because in their announcement, the Wirex co-founder said XRP is not only stable and cheap but this high liquid coin is free from Bitcoin’s influence.

The XRP-BTC decoupling part shall and will continue to be a point of interest for all level of investors in days to come. After all, Brad Garlinghouse, the co-founder of Ripple said that decoupling will come to effect once we see strong user adoption.

XRP Technical Analysis

Weekly Chart

 

This is the fifth week of XRP horizontal consolidation. The bad thing about this consolidation is that its trade range is tight and confined within 10 cents with clear resistances at 55 cents and support at 45 cents.

Being a strong bear trend, our interest shall shift to 45 cents, our main support line and 2018 lows. As mentioned in our previous XRP technical trade plans, trading with the trend is advisable and this is even compounded by the close proximity between current XRP spot rates and 45 cents.

In any case and as spelled before, strong close below June 2018 lows might usher in the next wave of XRP sellers with bear targets at 15 cents.

Daily Chart

Here, XRP is clearly finding support and even if we are bearish, yesterday’s injection of buy pressure is positive.

This rejection of lower lows might pad and form the basis of further gains today and in that case, we shall refocus our attention on XRP and see if bulls would muster enough momentum to breach 55 cents triggering our longs as laid out in our previous XRP trade plan.

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 Technical Analysis: Spike in XRP FUDs Signals a Bottoming Market

On a weekly basis, XRP lags and is up one percent in the same time frame. This comes at the backdrop of FUDs and talk of SEC anticipated clarification of XRP. Despite all, XRP is still trading above key support lines. It is likely that weekend’s price action would shape the short to medium term trajectory of this coin.

From the News

The sore, iterative and tired debate of whether XRP is a security or a utility is quickly degenerating into drivel. If anything, ordinary investors don’t care about SEC position. XRP traders on the other hand are after playing the market and are always angling to clip some profits. Of course, SEC oversight on cryptocurrencies-an emergent and a complex market-is but welcomed. This is solely because of the inherent architecture and unregulated nature of cryptocurrencies in general.

Overly though, what commentators will argue is about the utility of XRP and the number of companies that are currently using the technology to improve on efficiency. That cannot be overstated and while we understand how SEC comments on the coin will always be that dark shadow, it is way better to look into the medium term and bask in the glory that BTC resurgence is tagging along with.

Anyhow, Brad Garlinghouse, the CEO of Ripple the company said the XRP-BTC coupling will probably take years before it wears off. Therefore, as long as BTC is trending, XRP shall closely follow suit.

After all, there are numerous channels of buying or trading with XRP. Most recently, CoinFlux announced their support of XRP. Initially, this Cluj based cryptocurrency exchange focused on ETH and BTC but considering the demand, XRP had to be an addition.

XRP Technical Analysis

Weekly Chart

Regardless of the general crypto market revival, XRP sellers are determined to clip this week’s gain. So far, we have this bear pin bar right at the 45 cents main support line printing despite our bullish stand.

Now, for that position to hold true then we might see rejection of lower lowers and that means XRP must print above 45 cents and ideally reverse July 18-20 losses. If not and there is a convincing close below 45 cents then next week we shall initiate shorts with targets at 15 cents.

Daily Chart

In any case, XRP is moving within a 10 cent trade range with buy triggers at 55 cents and main support at 45 cents. Because of July 16 and 17 higher highs, we remain bullish despite the low volume accompanying that thrust. As we have mentioned above, should we see sellers driving prices to 45 cents, then my suggestion is to short on pull backs with stops at 50 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.

The post XRP Technical Analysis: Spike in XRP FUDs Signals a Bottoming Market appeared first on NewsBTC.

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