Although traders and investors maintain a bullish prospect, monthly XRP / USD losses are high. Due to losses on 29 October, we will return to neutral, holding back trading now that our 45-cent stops were hit on Monday. Encouraging, the clamor about the success of Ripple, XRP can find support for 40 cents and perhaps drive a return.
Latest news from Ripple
Clearly, digital resources are not like actions. The latter are more stable and react quickly to prices! Unlike stocks, XRP is a sought after asset. The currency became a discourse in this space towards the end of September, when prices more than tripled before ecstatic purchases stopped. The resulting correction made the traders sober, but at that point the new market trend was clear. It seemed to be a bullish quarter up until now. A look at several cryptographic exchanges suggests drying volumes with the increase of the Bitcoin domain.
So far, there is literally no request for XRP as happened during the mini-rally. Instead suburban coins like EOS, Monero and surprisingly Waltonchain are dominating Bithumb and other exchanges in Southeast Asia. Surprisingly, this comes at a time when news about Ripple's successes are everywhere in the web. In fact, since the recent report on XRP markets, the institutional demand for XRP has increased by 450% compared to the second quarter, while all other metrics are simply rising.
At the same time, more exchanges in which XRP United has domiciled their pairs in XRP becoming directly beneficiaries of the speed of the platform, reliability and cost cuts. As the XRP investment pathways expand, Ripple is creating new relationships with the companies, payment processors and spearheads of a Washington Lobbying group that advocates reasonable encryption.
XRP / USD price analysis
After losing 23% in the last month, the XRP / USD pair is the biggest loser in the top 10. Regardless of this, the bulls should remain firm in their position because even if prices are plodding, the pair ; XRP / USD is going well in our ideal inversion zone.
When we paste a simple Fibonacci retracement tool between September and September, it is clear that prices are trending to levels where historically businesses tend to resume the trend. Therefore, despite the general sentiment around the decline in altcoin momentum, XRP is solid and bullish. In fact, XRP / USD is on trend in the week ended October 22 and still inside the important week ending September 23.
Therefore, unless there are decreases below 35 cents – 40 cents of main support, our previous XRP / USD trading plan is still valid.
In our previous XRP / USD price analysis, we had advised traders to start long negotiations once prices were above 55 cents or 50% Fibonacci retracement level. But this seems to be a high order. Instead, it is likely that the XRP / USD will fall below 78.6% or the lower limit of our 40 cent inversion zone because sellers gain momentum.
In any case, the amplification of the bear moment could lead to a reversal of the week ending the earnings of September 23rd. But for now, we maintain a neutral position with a cautious view. If we close lower today, we are waiting to see how the XRP / USD pair reacts to a major support of 35 cents-40 cents.
Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.