Starting September 20, XRP has stabilized after two successful sessions and is now trading at 0.3252, losing 0.40%.
The volatility was quite high, and, in D1, the price is higher than the resistance at 0.3200. H1, conversely, shows that the price may still rise, although there is significant resistance at 0.3300, says Dmitriy Gurkovskiy, Chief Analyst of RoboForex.
On the D1, however, we can see that XRP must burst 0.3350, to continue climbing to 0.3500. Meanwhile, support is at 0.3100; It has been tested recently and is still here to stay. However, even if the sentiment is still positive, the XRP may fall to 0.3000.
The key support for is $ 0.3150, while the major resistance is around $ 0.3300. The MACD on D1 moves along the negative area and is going up, thus confirming a purchase signal. The Stochastic is steadily increasing in the positive territory and confirms this signal.
Basically, the news about Ripple in cooperation with the National Commercial Bank (BCN) of Saudi Arabia are of great interest. The financial institution will use RippleNet for more transparent and rapid transactions; the integration will take place by the end of 2018 and will allow a better connection with the banks of North America and Asia.
This is a successful partnership for Ripple, since the NCB has about 5.4 million customers and a lot of branch offices. According to statistics, Saudi Arabia sends about $ 37 billion of payments each year and this amount will increase in case the speed of the transaction increases.
Another piece of news concerns the intention of PNC Bank to use Ripple's xCurrent. This network is the same as RippleNet, already used by many financial institutions. However, PNC Bank is one of the first US banks to implement blockchain in order to optimize payment technologies abroad and make them faster. This is also great for Ripple, as the PNC client base is around 8 million and includes large companies. RippleNet will allow real-time payments, which were previously not available for foreign transactions. Now, Ripple technologies will help optimize processes.
Disclaimer: Any provision contained herein 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.