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Thursday, September 13th, XRP is growing moderately, trading at 0.2712. The recovery continues after a long-term downtrend, says Dmitriy Gurkovskiy, Chief Analyst of RoboForex.
XRP is now above two bearish trendlines, namely 0.2600 and 0.2690, and while the price is there, the odds are that it is not going to continue to fall. The increasing potential is also limited, as there is a strong resistance at 0.2750 and another two at 0.2800 and 2900.
The XRP price is now higher than the 100-hour SMA price, which is positive for bulls, although it will have to face other technical levels beyond
0.2650 is the key support now, while the resistance is around 0.2800. The MACD on D1 is still moving into the negative area, issuing a sales signal. The Stochastic is recovering in the positive area and, on the contrary, gives a purchase signal.
The fundamentals are currently mixed for Ripple. Among the latest positive news, there is information that the process between Ripple and R3 is terminated, even if the details are unknown. The legal action began last autumn, as R3 filed a complaint against Ripple that handles a major token operation. Ripple responded with multiple agreement violation charges
Ripple then managed to bring together some legal cases into one, showing that they were all the same. This reduced the level of risk for investors and also reduced costs.
Another piece of news concerns Ripple's planning to promote its payment method abroad, especially in China. Jeremy Light, executive director of Ripple Labs, says the Chinese market is strategically important for the company. However, Ripple has not achieved much yet: the company worked with LianLian in the summer, but then no significant news was followed. The demand in this market is huge, but the point is that ICOs are banned in China, which complicates things in terms of collaboration with TA.
Disclaimer: Any provision contained in this document is based on the particular opinion of the authors. This analysis should not be treated as a trading advice. RoboForex can not be held responsible for the results of trading resulting from the trading recommendations and reviews contained in this document.
