Ripple (XRP) has been very successful in the market lately and has been continually trending because of its partnerships and leaps and bounds. Recently, the company has published its report Q3 and so far; it sold $ 163 million US dollars in terms of programming, although there was a decrease in total market capitalization of digital assets by 12%.
Now, while November is here, many experts say the bullish momentum is imminent for XRP. But you never know how deep the sea is if you do not dive, do you? Let's take a look at some technical and non-technical reasons they believe so.
Market activity of XRP
It is important to know that the XRP chart so far showed a slight decline from $ 0.24 to $ 0.79 in August. Although at the moment, it did not exceed the threshold of $ 0.50. The XRP is equal to $ 0.45 at the time of writing with a market capitalization of $ 18.2 million.
Ripple, the blockchain company behind XRP which is its native token, has been in the news as a result of its research to increase cross-border payments worldwide today. Among Ripple's exciting news, RippleLabs hired Amir Sargangi, CEO of Jibe Mobile, who was also a Google employee (he worked as a messaging technology leader for the search engine giant).
Sargangi was also involved in the creation of Rich Communication Services (RCS), as an improved messaging standard that would change mobile messaging. It's great news for the company that Sargangi will now work with Ripple as VP of RippleNet products.
However, with Sargangi hired as a manager with Ripple, it is still not sure if the RCS technology will be added to RippleNet. Although other Ripple competitors have used RCS technology to send money from one place to another. However, Ripple states that the experience of Sargangi will be very vital.
Next, it seems that Ripple is still in the process of mass acquisition and we could see many in November. Although there will be many acquisitions in November, there are still some certainties that a downward trend could occur due to the Bitcoin and Ethereum activities.
Technically speaking, the 1-day RPP chart could improve in mid-November, despite the downward momentum that has occurred in the crypto-market lately. The RSI Stochastic is still on the downside and there are certain probabilities that the 0.236 Fibonacci can return again, therefore, testing $ 0.38 again before going up.
Another certainty is that a bullish event could increase XRP, causing its SMAs to test $ 0.78.
The research of Nouvive (the platform that claims to be the home of the cryptographers and investors) shows that the XRP is bullish in the short and long term in November. The research also includes that the XRP could become ultra-bullish due to more positive news around it (if there are any in the market).
All in all, due to the market trends so far relating to XRP, there is a high probability that XRP will remain bullish this month.
Ripple, on the other hand, took part in the Money 20/20 conference in the middle of last month, and the company declared through its CTO, David Schwartz, that blockchain is the solution to revolutionize cross-border payments. . Many FinTech companies are starting to adopt blockchain technology with Ripple at the forefront.
As a result, at present, Ripple (XRP) is expected to achieve a stable growth line this month (since everything is fine). But we should never fall in love. The cryptocurrency will not explode or go to the moon this month. The XRP value will increase over time as adoption continues to improve, and this is slow, literally always.
For real-time business alerts and a daily distribution of encrypted markets, subscribe to Elite membership!
Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pixabay