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Ripple: XRP Price Prediction and Technical Analysis For May 16th

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These are good times to be an active cryptocurrency trader. Even with the barest of knowledge, anyone can get a feel for how the markets are currently evolving and where things may head next. The recent XRP price momentum certainly took people by surprise, although the excitement might not necessarily be over just yet.

XRP FOLLOWS THE OVERALL TREND

It is always difficult to pinpoint an exact reason as to why the value of any currency, token, or asset is moving up. Over the years, it has become apparent most markets follow Bitcoin’s overall trend in one way or another. When the world’s leading cryptocurrency continues to rise in value, there is a good chance all other markets will follow a very similar path.

While most people would like to point at Ripple’s developments behind the scenes, it would appear that has little to do with this current price increase. It is good to see the parent company continue to forge ahead with its plans to revitalize the financial industry. However, that has very little to no impact on XRP’s price directly. More specifically, it won’t affect the public price of XRP, as Ripple’s partners are not buying this asset from places like Binance, Coinbase, or Poloniex.

XRP/USD TECHNICAL ANALYSIS

On to the good stuff for today. For this chart, we are looking at the XRP/USD ratio on Bitstamp, which tells a rather interesting tale. All of the indicators on this Tradingview chart are free to use and will not require a paid subscription to plot. At the bottom of the chart, we have the MACD indicator with standard settings. On the price part, there are Bollinger Bands with standard settings, as well as the RSI Strategy indicator with its default settings. This latter indicator is a personal preference and can be substituted for any other of one’s choosing.

By drawing basic support and resistance levels, we can see the XRP price has successfully bounced twice from its support level at $0.27497 in recent months. Financial markets have a long history in terms of revisiting old levels, which is exactly what happened in recent weeks. That level originally came into play for the last time in mid-September of 2018. Keeping a perspective on things is always crucial.

As of right now, there was some initial resistance at $0.36419, which acted as a support level in October of 2018. XRP blazed past that level with ease and is now attempting to break a “perceived’ resistance level at $0.45893. This is not necessarily an actual resistance level, but it is not a previous support value either. It is a point to which the value is drawn quite regularly. Breaking it successfully can yield a potential push to $0.50216, or in the best case, to as high as $0.56747. All of this will hinge on how bullish Bitcoin continues to be, as that remains a big unknown factor.

Based on the MACD indicator, it would seem another uptrend is forming. After spending a bit of time in the “oversold” part of the indicator, a very strong bounce has materialized which pushed the price higher as a result. This move seems more convincing than previous upward crosses, as those were all short-lived or potentially fake breakout signals. The last time an upward push of this magnitude took shape was in September 2018 when the value surged to $0.56747 in a few weeks. History could be repeating itself, but the value may continue to ping-pong between $0.45893 and $0.36419 if a successful break doesn’t materialize.

XRP/BTC TECHNICAL ANALYSIS

Things look somewhat similar over in the XRP/BTC department. While some may think that is automatically a given, the USD and BTC value of a market don’t always move at the same time, especially not in the cryptocurrency world. We use the exact same free MACD, RSI Strategy, and Bollinger Bands indicators on Tradingview for this daily chart, which also uses Bitstamp as its exchange.

XRP’s BTC value also received a much-needed bounce at the 0.00004229 BTC level.  Similar to the USD chart, this BTC level came into play in September of 2018. Ever since the price bounced from that point, it reached a high of just under 9,000 Satoshi. This time around, it remains to be seen if things will ever get to such a level again. A lot of damage has been done in recent months, and the path to recovery is never an easy one.

So far, a few interesting price level can be identified. With a successful bounce off the 0.00004229 BTC level, a push to 0.00006450 seems somewhat plausible at this point. This particular level has acted as support during the previous uptrend, but later turned into a resistance level when the price broke through it rather quickly. Overcoming this hurdle may prove an interesting challenge. The second key level is situated near 0.00007176 BTC, which has acted as both supported and resistance in the past. Under the current circumstances, it is still a resistance level to overcome. Looking beyond that point won’t serve any real purpose, but the 0.00008643 BTC and 0.00009769 BTC levels are other key zones to keep an eye on in the future.

The MACD Indicator for XRP/BTC also shows a healthy desire to turn bullish in the coming days, assuming Bitcoin’s trend doesn’t fall apart. The market is in rather oversold territory for quite some time now and is showing signs of reversing course. This current uptrend is not an official confirmation yet, but it looks as if things could start to improve. Right now, it seems the uptrend will remain in place for another day, although one never knows what the next few hours may bring.

SPECIAL MENTION: THE ELDER RAY INDICATOR

Not too many cryptocurrency traders are familiar with the Elder Ray Indicator. It is by no means a requirement to determine the future XRP price or value of any other financial instrument. However, it is an “extra tool” to see how the comparison of bulls versus bears looks in the market at any given time. Over at Trading212, one can apply the Elder Ray Indicator to a handful of cryptocurrency charts, including the XRP one. Traders can never use enough indicators to seek confirmation of a current market trend.

When looking at this indicator, the blue line indicates the “bull power”, whereas the yellow line represents the “bear power”. Both of these values are often close together. At this time, both lines are moving up, which shows the market is in a healthy state. This is not a pump by a few traders, as there are plenty of people performing “bearish” actions to keep the overall growth in check. One can interpret this signal as an extra validation of how the uptrend can remain in place for at least another day. However, this situation can always change in volatile markets.

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Ripple and Coinbase Invest into a Mexico-based Exchange

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Bitso, the Mexico-based exchange, has raised investment for its expansion.

Leading cryptocurrency companies, Ripple and Coinbase, appear to be among the investors into a Mexico-based cryptocurrency exchange, Bitso.

The news also revealed that other investor side Ripple and Coinbase was Jum Capital. And the Digital Currency Group and Pantera Capital. However, the exact amount of funds has not been disclosed.

Based on reports, the raised money will help Bitso expand its business to Latin America. Argentina and Brazil are in the focus for now.

Daniel Vogel, co-founder of Bitso said: “The region is ready for disruption. Therefore, we want to be the ones to do so by radically advancing financial inclusion for everyone.”

Previously, major crypto exchanges, like Huobi and Binance also revealed their plans of launching a platform in Argentina. Therefore, this is most likely the motivation for Bitso.

Also, Peter Johnson, principal at Jump Capital, commented on Bitso’s investment round. “We believe that regulatory compliant fiat-to-crypto gateways around the world are an essential element to digital assets becoming a new global money transfer rail,” he said.

Brief info on Bitso

Launched in 2014, Bitso is the pioneer cryptocurrency exchange in Mexico. Accordingly, the exchange aims to provide financial services for the banked and unbanked, using the blockchain technology and digital assets. Presently, Bitso has about 750,000 customers and is the largest exchange in Mexico.

Besides, the exchange’s product has a strong focus on ease of use. Thus, increasing cryptocurrency usage among retail consumers, traders and institutional customers.

Additionally, Bitso exchange boasts of an unparalleled team. Importantly, they created their technology from scratch through years of experience with scalable and reliable distributed systems. “The company and team are well-positioned to execute a global expansion to LatAm. Hence, we are excited to partner with them in this next phase of growth,” Ripple’s blog post noted.

To remind, this partnership joins the endless list of Ripple’s collaborators. Yesterday, Ripple announced it has partnered with the BRD wallet, investing $750.000 into it.

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Ripple community gets excited as positive XRP price movement predicted to occur soon

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XRP, the third-largest cryptocurrency, saw a price crash this year, falling from its peaks in 2018 and 2017.

The cryptocurrency market’s crests and troughs have been a thing to watch with some users predicting a bullish rise, but a majority have also called for a bearish slump. Popular cryptocurrencies like Bitcoin, Ethereum, and XRP, have seen a sideways shift in their respective prices, and users are expecting their value to ‘moon’ soon.

XRP, the third-largest cryptocurrency, saw a price crash this year, falling from its peaks in 2018 and 2017. Speaking of the cryptocurrency’s latest performance, CryptoWelson, a crypto enthusiast tweeted:

At the time of writing, XRP was trading for $0.29 an improvement over the $0.24-$0.25 range after holding for prolonged periods of time. The native cryptocurrency of Ripple held a total market capitalization of 412.75 billion, which is an increased 24-hour trading volume of $1.59 billion. A majority of the trade was conducted on MXC and BCEX, both of which held 6.92 percent and 4.11 percent of the total XRP transactions, respectively.

Some users in the cryptocurrency community also spoke about the slight resistance that Ripple (XRP) might encounter on its way to price peaks. Mikewinmill, a crypto enthusiast stated:

“Still some overhead resistance on the daily before we can see some fireworks. It’s lining up with the 200 EMA soon, which makes me think we’ll see an initial rejection before punching through to the upside.”

Analyzing the charts, users can verify the validity of the proposed bull run. The trend lines indicated a noticeable upward movement in the past couple of days, and the RSI, as well as the CMF, also point to a reasonable price forecast.

XRP technical price chart

As we write this, the Relative Strength Index for the native Ripple cryptocurrency is nearing the overbought zone with a slight dip in the momentum. The hold near the overbought territory shows that the buying pressure is much more than the selling pressure.

The Chaikin Money Flow indicator stands way above the zero line, an indication that the capital coming into the Ripple market is much higher than the capital leaving the market.

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Ripple Price Gearing Up for an Uptrend

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  • Ripple rides the bulls with its intraday movement
  • The future of XRP is anticipated to be great

Ripple (XRP) is one of the major cryptocurrencies of the global market and the recent market movement has helped the coin to escalate notably. The current price movement in the market indicates towards having a bearish turn, but Ripple indicates its movement towards immediate resistance level formed.

The future of the coin is also likely to bring huge dividends and the traders can dig-in XRP with a high prospect of return.

Ripple to USD Price Analysis:

Ripple Price Chart
XRP Chart By TradingView

Ripple started trading at $0.258 on September 1, 2019 when the price immediately jumped to $0.267 by 4.27%. Later, the price fell to $0.247 by 5.41% just to rise again and trade at $0.266 by 7.87% and later to trade at $0.327 by 27.23%. Later, the price fell tremendously to $0.212 by 35.04%.

Towards the end of the month, the price recovered to trade at $0.261 by 23.16%. In the ongoing month the price escalated and took the first jump from $0.245 to $0.288 by 17.70%. Later, the second escalation took it to $0.300 from $0.268 by 11.60%. In the last fifteen days, the price has booked a profit of 14.57%.

The coin is moving towards the immediate resistance level at $0.303. After violating the same, we are anticipating that it would break the next level too at $0.309. Here is the chart for resistance and support level for XRP.

Resistance LevelPrice
R1$0.303
R2$0.309
R3$0.323
Support LevelPrice
S1$0.283
S2$0.270
S3$0.263

The currency holds heavy expectations of the traders. There are strong indications that they all would come true. The currency is recommended for long-term investment as the short-term might not bring the desired result.

Source.cryptonewsz.

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