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Ripple Price Analysis: XRP Creates Fresh 2019 High And Turns Bullish

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Ripple XRP, -0.25% has finally seen a price break over the past 7 trading days which amounts to an increase of 41%, bringing the current trading price for the coin up to around $0.419. The cryptocurrency has also seen a further 7.57% price increase over the past 24 hours of trading, allowing the Ripple market to climb further away from the $0.40 level.

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XRP remains ranked in 3rd position amongst the top projects by market cap value. Ripple currently holds a $17.85 billion market capitalization and is sitting $6.43 billion behind Ethereum ETH, 10.86%, the second place holder.

The recent price increase has also created a fresh 2019 high for Ripple as the market managed to break away from its 4 months long sideways trading period.

Ripple price analysis

What has been going on?

Taking a look at the daily XRP/USD chart above, we can see that Ripple had broken above the 100-day moving average in yesterday’s trading session. After breaking above this indicator, the XRP/USD market went on to smash resistance levels at $0.35, $0.38 and $0.40.

We can see that the market is now struggling with resistance provided by a short term 1.272 Fibonacci Extension level (drawn in green) priced at $0.4235.

Ripple price short-term prediction: Bullish

The recent break above the $0.40 level has now rendered the Ripple market as a bullish market in the short term. If the bears re-enter the market and push price action lower, we can expect the $0.40 level to provide strong support moving forward.

In case the sellers do manage to push the market beneath the $0.40 level, we can expect immediate support beneath the market to be located at $0.38, $0.36 and $0.35.

Ripple price medium-term prediction: Bullish

Over the medium term, Ripple is also now within a bullish trading condition. If the bullish pressure can continue further higher to push XRP/USD above the resistance at $0.4235, we can expect immediate resistance above then to be located at the short term 1.414 Fibonacci Extension level (drawn in green) priced at $0.4376. Above this, higher resistance is then expected at the 1.618 Fibonacci Extension level (drawn in green) priced at $0.4579.

If the buyers break above $0.4579, there is still close resistance above at the bearish .618 FIbonacci Retracement level (drawn in red) priced at $0.4617. This bearish Fibonacci Retracement level is measured from the November 2018 high to the December 2018 low.

Above $0.4617, more resistance lies at $0.48 and $0.50.

What are the technical indicators reading?

The RSI has recently reached extreme overbought conditions, which could indicate that the buyers may become slightly exhausted. Furthermore, the Stochastic RSI has also reached overbought conditions and is preparing for a crossover below, signaling that the bulls may have run out of energy and that a retracement is on the cards.

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Ripple

Ripple executive elected to United States Faster Payment Council’s Board of Directors

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Pat Thelen, Ripple’s VP of Strategic Accounts, has been recently appointed as one of U.S Faster Payment Council’s (FPC) directors. He was also among the first elected board members of the Council. The list of the selected members was out on Monday and Thelen was chosen from a list of people in the larger technological sector industry. Thelen will be serving a one year term.

The appointment of the directors, including Thelen, was met with a lot of positive reaction online. This enthusiasm was shared by the Council itself, whose Executive Director and interim board Chairman, Kevin Christensen, said“The new board represents the industry’s inclusiveness which is an integral part of the organization.”

FPC is leading the way for presenting avenues for faster payment methods. Hence, Thelen and other representatives on the Council are expected to take greater initiative in fulfilling the Council’s objectives. Ripple was created for a similar goal, with XRP born to do transactions at a faster speed than what Bitcoin, or any other present-day payment settlement system, is doing.

With Pat Thelen becoming a part of the FPC, many doors and opportunities are now open to Ripple, XRP and companies in the field of making global payment settlement more secure, quicker and more accessible for a diverse set of consumers. With CEO Brad Garlinghouse claiming that he did not expect banks and governments to be “obliterated by new technologies,” Ripple’s work within the FPC may accelerate its goal to reduce the friction in global commerce.

With Ripple now as a part of FPC, it has also opened doors for other cryptocurrencies as well. The FPC is a newly-formed organization, one that aims to provide a platform for Americans to do transactions in a safe, instant and cost-effective manner.

Source/ambcrypto

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How Banks Are Pushing Ripple Adoption More Than Ever Before

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The founder of Gokhshtein Magazine, David Gokhshtein is a very big XRP supporter and thinks that Ripple is placing themselves in the perfect position to infiltrate the international financial system.

Banks across the world are toying with the idea of creating their own cryptocurrencies. These bank-backed stablecoins would act as intermediaries between fiat and crypto for institutions and some individuals.

According to Gokhshtein, as these financial giants wade into the crypto waters, they’re going to find to be easier, cost-effective and more efficient to use the Ripple-built infrastructure.

Gokhshtein has advised his followers that banks and other big financial institutions will not allow themselves to become obsolete. These more than powerful firms will get used to the current financial season, so to speak and maybe crypto will become a hot topic soon.

“Bottom line: banks aren’t going to fade out. they will always find a way to adapt to the current environment. That being said; @ripple has the perfect system in place for them and that’s why most of them are teaming with them.”

In fact, Ripple is already helping people and companies to send money across the globe in a more effective way.

Brad Garlinghouse and the rest of the team at Ripple are excited about Ripple has been experiencing. The Swiss National Bank Conference Garlinghouse explained the impact Ripple’s xRapid can bring to people and businesses across the world.

“People are getting liquidity th

at exists in the marketplace in local regions between XRP and the Philippine peso, XRP and the Argentine peso, XRP and the Brazilian real. And it’s tapping into that liquidity that exists in the marketplace.”

With more institutions a starting to love Ripple for similar reasons to Gokhshtein’s tweets, adoption is being pushed in a way it has never been before.

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Ripple (XRP) Price Following Uptrend: Can Bulls Take Over?

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  • Ripple price found a strong support near the $0.3800 level and recently moved higher against the US dollar.
  • The price is now placed above the $0.3950 and $0.4000 levels and it could continue higher.
  • Yesterday’s highlighted major bullish trend line is intact with support near $0.3950 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair remains well supported and it could continue to rise above the $0.4100 resistance area.

Ripple price is trading in a bullish zone against the US Dollar, while consolidating vs bitcoin. XRP is likely to climb above $0.4200 as long as it is trading above the $0.3920 level.

Ripple Price Analysis

After a sharp decline, ripple price found support near the $0.3800 area against the US Dollar. The XRP/USD pair traded as low as $0.3802 and recently started an upward move. There was a break above the $0.3920 resistance and the 100 hourly simple moving average. The price slowly moved above the $0.3950 level and the 23.6% Fib retracement level of the downward move from the $0.4300 swing high to $0.3802 low. Moreover, there was a break above the $0.4000 level.

Finally, the price spiked above the $0.4050 level and the 50% Fib retracement level of the downward move from the $0.4300 swing high to $0.3802 low. The price tested the $0.4110 level and the 61.8% Fib retracement level of the downward move from the $0.4300 swing high to $0.3802 low. If there is an upside break above the $0.4110 and $0.4120 levels, there could be more upsides in the near term. The next key resistance is near the $0.4200 and $0.4220 levels.

On the downside, there is a strong support forming near the $0.4000 and $0.3980 levels. More importantly, yesterday’s highlighted major bullish trend line is intact with support near $0.3950 on the hourly chart of the XRP/USD pair. As long as the pair is above the trend line, it could climb above the $0.4050 and $0.4110 resistance levels. Conversely, if there is a downside break below the trend line, the price could extend losses below $0.3920.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is trading nicely above the $0.3950 support area. Only a close below the 100 hourly SMA is likely to open the gates for more downsides in the near term. Otherwise, the price is likely to trade towards $0.4200 and $0.4220 in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone, with positive signs.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level, with neutral signals.

Major Support Levels – $0.3950, $0.3920 and $0.3800.

Major Resistance Levels – $0.4050, $0.4120 and $0.4200.

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