The XRP/USD bearish momentum keeps on building the bearish momentum on the support areas despite the oversold conditions. In today’s Ripple XRP news we take a closer look at the analysis.
According to the RSI and the Elliot Wave Oscillator, recovery is coming on the way. The crypto market seems very bearish as of Thursday and the high volatility coupled with the worsening technical picture as a key indicator showing that the downside exploration is far from over. However, the slump that saw XRP getting rid of the gains that it made over the week, took a break at the $0.25 position.
The recovery motion that followed was almost a reflex to the oversold market. It also failed to make headway above the $0.27 range so the XRP/USD pair is teetering at $0.2695 after losing more than 1 percent of its value on the day. The momentum to the south is extremely bearish especially with the Relative Strength Index (RSI) diving much deeper into the oversold zone. As the RSI is nearing the oversold conditions, a massive bounce back in the ripple price will likely wait around the corner. Besides, the Elliot Wave Oscillator is recording an extended bearish session which could culminate in a reversal at the end.
As it was previously reported, Ripple’s XRP performed well by stealing a huge chunk of capital from the Bitcoin market rising up to 5.13 percent against the benchmark cryptocurrency. The XRP to BTC exchange rate established a sessional peak of 3,523 sats. At its lowers in the third quarter, the pair was trading at 2,967 sats and the upside swing in the XRP price closely followed its investment into a mobile wallet provider. The San Francisco-based blockchain company announced that the XSpring platform will pour $750,000 into BRD. This move according to the company will prompt BRD to add support for XRP tokens which will boost the crypto’s adoption.
Right now, long-term traders can buy on a close (UTC time) above the downtrend line and keep the stop loss below the recent low. The target objective, as we can see, is a move to $0.76440 with intermediate resistances at $0.5050 and $0.5650 accordingly.
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‘’we’ve added more than 150 employees last year, at a time when I think others have been less focused on solving real world problems. There’s been a bunch of lay offs in crypto community over the past weeks.’’Ripple intends to work with regulators for more clarity and he wants to see the US becoming a leader in the crypto industry which will not happen without regulatory clarity. He also said that XRP’s value is north of $10 billion so this valuation for the IPO presents an opportunity for Ripple shareholders which will give the platform more flexibility to pursue deals such as their $50 million investment in MoneyGram:
‘’When I step back and think about it macro, I think it’s really healthy and constructive for the entire crypto blockchain community to see central banks and central governments lean into what can these new technologies do to make our economy more efficient, our payment infrastructure more efficient… so at large I think it’s really positive.’’
Ripple Has Room To Double As Technical Strength Grows
“Looking at XRP/USD on the Weekly timeframe, we can see that price broke out above trendline resistance from June 2019 a couple of weeks ago on strong volume, and has now found resistance at the prior swing-high at $0.36,” he said.In order for the cryptocurrency to rally past this resistance, it will probably require Bitcoin to see some further momentum. Patel said that he does believe XRP will ultimately see some significant upwards momentum and set a mid-term target with highs around $0.56.
“Volume continues to rise and I am firmly of the belief that dips are for buying, with the ultimate target being the high at $0.56 from June 2019,” he noted.Patel also explained that the cryptocurrency is right now "consolidating above its 200-day moving average" and a strong defence of its key defence at $0.27 could spark a new short-term movement to over $0.36 soon.
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Binance US News: XRP Is The ‘Future Of Banking Remittance Services’
- Their statement which shows that "Ripple has one of the largest and tight-knit communities."
- The fact that the Xpring SDK makes it possible for "developers to easily integrate XRP in their apps."
- Ripple's support for BRD's vision to make their wallet "the cheapest and easiest place to buy XRP."
- BRD was "impressed with the adoption of XRP for real use cases around the remittance, payments and cross-border banking initiatives."
"The BRD team has helped consumers on-ramp $6 [billion] worth of traditional currencies into digital currency, making them an ideal partner to continue the proliferation and adoption of cryptocurrencies like XRP to solve real-world problems," he said.Three days ago, the Binance US news coincided with these news and showed that the exchange is adding XRP support to its mobile app. The Binance news were taken well by many and the exchange called XRP "the future of banking remittance services" which was another compliment for the network coming from an authority in the field. https://twitter.com/BinanceAmerica/status/1227683795123556355 Launched in September 2019, Binance US is a digital asset exchange that is "powered by matching engine and wallet technologies" which are licensed from Binance but operated by the San Francisco based BAM Trading Services. The market situation for XRP is also good and the token is at $0.33 today with a 3.48% rise following all of these good news. The total (combined) cryptocurrency market cap, on the other hand, went above $300 billion a couple of days ago and is now trading at $306 billion.
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