- Ripple joins other major cryptocurrencies in a support breaking maneuver.
- The saving grace for XRP/USD is at $0.4 but a forming bear flag pattern threatens the same level.
Ripple like most of the major cryptocurrency in the market has suffered under that harsh hand of the bears. The rest of the crypto market has experienced the worst volatility levels in October 2018. The first week of the month saw Ripple trim gains below $0.6 while the support at $0.5 did not hold water earlier this week. Ripple (XRP) has been seeking refuge above $0.47 before the falloffs that hit the market on Thursday 11.
At the time of writing XRP/USD is down more than 12% after smashing past the support areas at $0.47, $0.45 and $0.42. The buyers managed to save the lifesaving support at $0.40. There is a bear flag pattern that is in formation in the 15-minutes timeframe chart. A break from this pattern could result in more declines breaking the support at $0.40.
However, the buyers seem to be aware of the risk and are strongly holding ground above the short-term support. Similarly, the RSI has retreated from the oversold levels. In addition, the MACD momentum indicator is making its way towards the mean line (0.0).
If the price can defy the bearish flag pattern and increase gains above $0.41, Ripple will face resistance at $0.42 as well as from the moving averages; with the 50 SMA hindering growth at $0.4214 and the 100SMA currently at $0.444. All the broken support areas will now work as resistance zones as Ripple battles to reclaim its glory above $0.5 and eventually $0.6.
XRP/USD 15-minutes chart
Ripple price prediction: Zooms out of the ‘crypt’ with eyes glued on $0.35 – Confluence Detector
- The CEO of SBI Holdings predicts that XRP will come to overtake Bitcoin in terms of market capitalization.
- Ripple has no shortage of support zones while the upside remains undeterred.
Ripple continues to trade within a strong support zone between $0.3 and $0.35. In a short-term outlook, XRP/USD is bullish above $0.34.
The CEO of SBI Holdings has predicted that XRP will come to overtake Bitcoin in terms market capitalization. The prediction comes after the Japan-based financial institution announced $ billion in revenue. The CEO, Yoshitaka Kitao is very bullish on XRP:
“There is basically no value for Bitcoin. The fact that Bi coins are going to be used more and more in practical use is not easy when it comes to that price. So I think that ‘XRP’ in the crypto world is probably the number one crypto asset.”
In the interim, Ripple is trading at $0.3422 following a 5.5% on the dat. The crypto is strongly supported at $0.3308; the 5-hour Simple Moving Average (SMA) and the Bollinger Band 1-hour Middle. Ripple has no shortage of support zones with additional support at $0.3272, $0.3201 and $0.3094.
On the flipside, the path to the upside mainly undeterred with the first hurdle at $0.3522 (previous high 4-hour chart). Ripple must correct above $0.35 and establish a higher support in order for the gains to progress towards $0.38 and eventually touch $0.4.
Ripple’s XRP Price Prediction: XRP/USD must breakdown $0.35-0.35 – Confluence Detector
- Ripple’s XRP price is seen trading up in positive territory by around 5% in the latter part of the session.
- XRP/USD bulls have extended to the upside as buying pressure picks up pace, following a pennant pattern breakout.
Ripple’s XRP was seen holding decent gains of 5% in the latter part of the session on Tuesday, as the bulls extend further to the upside. XRP/USD has been trading within a pennant pattern structure, which the bulls managed to escape, inviting greater buying pressure over the past few sessions.
XRP/USD as noted above, was moving within the pennant for nine sessions, within consolidation mode, before it was able to break free. This came after an initial aggressive surge higher out from a descending wedge from December-February.
Looking via the daily confluence detector, there are some barriers in the way of greater upside. $0.3513, 61.8% monthly Fibonacci, 100SMA (daily), $0.3655, daily pivot point resistance and lastly $0.3725, which is a monthly pivot point resistance.
XRP/USD daily confluence detector
The Ripple Effect: R3 Bringing XRP to 50 Banks in New Blockchain and Crypto Pilot
Enterprise blockchain company R3 is partnering with Instamatch Global, a digital network for institutional money market lending. Instamatch is testing R3’s Corda Settler and its ability to settle transactions with XRP in a pilot with 50 banks.
Corda Settler is designed to give companies a new way to move crypto and traditional assets on a distributed ledger. The platform supports XRP as its first crypto payment rail.
Instamatch says it’s building a decentralized app (DApp) that integrates Corda Settler in order to power transactions in real time.
“Coupling the DApp with the latest settlement API (R3 Settler/XRP), we are able to offer the high speed of payments necessary for execution of intraday trades. Our money market offering in R3 Corda is a highly secure, GDPR compliant DApp allowing banks, family offices, corporations, utilities etc. to exchange liquidity amongst each other.
Instamatch is based in Switzerland. The company’s mission is to “change the way money market transactions take place by digitalizing traditional voice brokerage and by moving from local to global execution.”
The pilot with the banks is now live, according to XRP Research Center. The names of the banks involved have not yet been disclosed.