Home / Bitcoin / XRP price and technical analysis: XRP again under bearish pressure

XRP price and technical analysis: XRP again under bearish pressure

Photo: Roboforex / TradingView

Photo: Roboforex / TradingView

The XRP is still slightly lowering Thursday, November 8, trading at $ 0.5169, says Dmitriy Gurkovskiy, Chief Analyst of RoboForex.

Technically, the crypt continues its upward trend in the medium term. The last impulse towards the high reached the resistance of the current channel, which interrupted the trend and started a pullback. At this time, the trend has formed the latest move up to 50.00% of Fibo. The main goal, meanwhile, could be the overall channel support, $ 0.4750. Conversely, if the resistance at $ 0.5235 is interrupted, another movement may occur towards $ 0.5680.

Basically, Ripple seems mixed. Ripple will not collaborate with Swift right now, says his spokesperson, and rumors that they say the opposite is not true. In the meantime, the November protocol update has nothing to do with RippleNet. Swift update, in turn, provides all transactions with a tracking link, which will allow banks to follow them in real time.

The platform in question is Swift GPI, and while it has been promoted, it has been rumored that xRapid can also be integrated into this system. BBesides, Ripple took part in the Swift Sibos conference earlier, which may have supported the rumors.

It can be said that the integration of xRapid could do very well in Swift thanks to a progressive technology with a good track record. However, it seems that global market players are not ready to spread these technologies.

The CoinField Exchange launching somehow supports XRP, as it acts as the basic encryption there. The platform is launched simultaneously in 61 countries, making Ripple fairly accessible to investors.

Disclaimer: Any provision contained in this document 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.

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