Ripple XRP Price Weekly Technical Analysis, September 9th


Ripple is the cryptocurrency developed by Ripple Labs to be used as a blockchain-based alternative to the current money transfer systems and cross-border remittances used by financial institutions. After a bullish up until 2017, when it emerged as one of the top 5 best performing cryptocurrencies, Ripple suffered a joke in 2018, languishing near its listing levels. So what is the perspective of this crypto-currency?

Fundamental Perspectives

Part of the strong winds that Ripple has experienced has to do with its pending cases with the US Securities and Exchange Commission (SEC). The SEC wants to examine the cryptography to see if it will be classified as security or not. If it is actually classified as a security token, then it should be regulated and will have to face many obstacles to redirect the operation of its token.

Yet, faced with that normative decision, the Ripple Foundation reached the milestone of over 100 signed contracts with international banks and financial services companies.

Technical Perspectives

Ripple did not have a good 2018. Even when most other cryptos were experiencing periods of slight gains, Ripple was struggling to earn on the price of his shares. The long-term perspective on the weekly chart shows a cryptography that is dangerously approaching the pre-2018 levels. The price is now at the $ 0.2892 level.

 image2 "srcset =" 623w, wp-content / uploads / 2018 / 09 / image2-300x188.png 300w "sizes =" (maximum width: 623px) 100vw, 623px "title =" image2 "/> </p>
<h2><strong>  Weekly chart XRP / USD: September 7th 2018 </strong></h2>
<p>  This price level corresponds to a support area, very close to the lowest prices observed in this crypt at the end of 2017. It is a downward trend line that marks the resistance: both the support line and the downward trend line trace a triangle descent, with the price located very close to the point of convergence of these lines at the top. </p>
<p>  The image on the weekly chart indicates that a big move is coming, but what will this move? of the resolution of the downward descending triangle, or will be a move above the descending trend line, probabilmen amplified by a positive news? </p>
<p>  <img decoding= Eno is an associate member of the UK Society of Technical Analysts (STA). He writes about the financial markets and the technology behind the markets. His articles can be seen on different forex blogs and educational broker websites.

[ad_2]Source link