Ripple (XRP) marks the best correction as it recovers Crypto market


Upple price ripple

The Ripple-to-Dollar (XRP / USD) exchange rate on Friday was the first to recover from its latest downtrend. It rose 19 percent from yesterday's low at 0.377-fiat, which is higher than the other best coins.

Ripple, the company that issues XRP tokens, is moving towards a partnership with SWIFT, a global banking protocol. The Spanish Santander, one of Ripple's partners, has partnered with SWIFT to expand its banking services in Argentina, Poland, Spain and the United Kingdom. Ripple is scheduled to attend the SWIFT SIBOS 2018 conference this year when both payment protocols organizations could enter into an agreement.

The XRP / USD, meanwhile, has formed a new intraday maximum at 0.449-fiat and is in a withdrawal phase at the time of writing this article.

XRP / USD technical analysis

The start of the XRP / USD share brought the previous intraday to a low level, with 0.402-fiat providing intermediate support to maintain the short-term uptrend. The XRP / USD is now covered by a short-term downtrend trend line, which also leads to long, potentially lucrative opportunities on a rebound from the aforementioned support. It should not be forgotten that XRP is still in a strong downward trend and the recent recovery could only be an instinctive reaction to fundamental SWIFT. The pair is still trading below its 50, 100 and 200H SMAs and the RSI is showing signs of an extreme pull back to the strong sales area.

The stochastic oscillator is also withdrawing the pair from its overbought region, signaling a downward trend towards 0.402-fiat.

BTC / USD Intraday analysis

The range we are looking at today has 0.444-fiat acting as temporary strength and 0.402 as temporary support. The withdrawal from the resistance has already allowed us to hypothesize a short versus 0.402-fiat. As soon as we leave our position, we will enter a long phase towards the resistance of a rebound from the support, keeping a stop loss order just marginally below the entry level.

In the case of a breakdown action, in which XRP / USD breaks below the support level, we would shortly enter 0.378-fiat, our downtrend lower primary target, keeping a stop loss order near 0.376-fiat. It would define our risk management perspective.

A prolonged upward action, meanwhile, is also in the cards if the price closes above 0.444-fiat. If this happens, we will enter a long and fast position towards 0,464-fiat, also in the hope of establishing a reverse head and shoulders formation. In this position, a stop loss around 0.424-fiat will protect our risks.

Shutterstock foreground image. TradingView Charts.


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