Ripple Breaks From a 5-Month Range with Increasing Trade Volumes | ELEVENEWS
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Ripple Breaks From a 5-Month Range with Increasing Trade Volumes

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  • XRP adds 13.2 percent week-to-date
  • Prices break above a 5-month trade range

For what Ripple seeks to achieve, the IMF has praised the San Francisco startup. Nonetheless, George Harrap of Bitspark believes that Bitcoin is more practical, liquid, and useful than XRP.

Ripple Price Analysis

Fundamentals

Different blockchain projects have different objectives. Ripple intends to build a global platform from where banks and financial institutions can run from. Less than a decade later, and they are recording success. Although onboarding is not as fast, at least, supporters can argue that progress is visible.

Ripple, as an independent company, has a fruitful relationship with several central banks, including that of Saudi Arabia, the Saudi Arabia Monetary Authority (SAMA). Besides, it has an open communication link to the White House. At least that is what Cory Johnson, the former Chief Marketing Strategist said.

Furthermore, the IMF and the World Bank lauds Ripple’s effort of improving livelihood. All the same, the objective is to build liquidity. The ease of fund transfer in the more extensive web of web 3.0 on the Internet of Value will be possible if people and firms can move funds instantaneously.

Through xRapid, Ripple supporters are positive that XRP as an on-demand liquidity tool, a facilitator can make that possible. However, George Harrap of Bitspark argues that Bitcoin is far more practical and usable than Ripple. The reason behind this argument is the penetration level, the number of companies accepting BTC, and the general level of liquidity across different fiat pairs.

Candlestick Arrangement

Ripple

Trailing EOS, BSV and Litecoin, Ripple (XRP), is up 13.2 percent in the last week. A standout in all this resurgence is the breach and close above 40 cents as participation levels swell.

Even though there is a ceiling at around 43-45 cents zone, bulls are solid in their march. As a result, the expansion in price sync with previous XRP/USD trade plans. Note that after five months of XRP trading within a 10 cents range with limits at 30 and 40 cents, the rejection of lower lows is a mark of bulls.

Therefore, while conservative traders can wait for clear cut breakouts above May 16th high, there is a window for aggressive traders to ramp up in smaller time frames. Feasible targets will be at 60 cents and later 80 cents.

Technical Indicators

Even though trading volumes are low and pale in comparison with May 14th’s where participation topped 187 million, there is a steady increase in volumes. In six days, volumes surged three folds from 19 million of May 23rd to 59 million of May 28th. Because the trend is bullish, any breach clearing May highs could see volumes surge towards or even above 187 million confirming buyers.

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Ripple

Ripple (XRP/USD) forecast and analysis on June 27, 2019

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Cryptocurrency Ripple (XRP/USD) is trading at 0.4726. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Ripple. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.

Ripple (XRP/USD) forecast and analysis on June 27, 2019

As part of the Ripple course forecast, a test level of 0.4640 is expected. Where should we expect an attempt to continue the growth of XRP/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 0.5140. The conservative Ripple buying area is located near the lower border of the Bollinger Bands indicator strip at 0.4550.

Ripple (XRP/USD) forecast and analysis on June 27, 2019

Cancellation of the option to continue the growth of the Ripple rate will be the breakdown of the lower border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing quotes pair below 0.4420 area. This will indicate a change in the current trend in favor of the bearish for XRP/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.

Ripple (XRP/USD) forecast and analysis on June 27, 2019 implies a test level of 0.4640. Further, growth is expected to continue to the area above the level of 0.5140. The conservative area for buying Ripple is located area of 0.4550. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.4420. In this case, we should expect the continuation of the fall.

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Ripple signs a deal with AML solutions provider

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  • Ripple announced a partnership with startup Coinfirm. 
  • XRP is under selling pressure amid the downside correction from the recent highs.

Ripple, the company behind the third largest digital asset with the current market capitalization of $19.7 billion, has announced a partnership with Coinfirm, Forbes reports. This startup creates technological solutions to help cryptocurrency companies ensure compliance with regulatory requirements. 

When it comes to Ripple, Coinfirm will supply information related to anti-money-laundering (AML) rules. For example, it will show if the coins are connected to a hack, or if the transaction has been processed by a so-called mixer, a technology that is widely used to launder money.

Coinfirm CEO Pawel Kuskowski explained that actual identities of the parties involved in the transactions would not be revealed. This solution will make Ripplecompliant with the recent requirements of the Financial Action Task Force (FATF). 

Meanwhile, XRP/USD is changing hands at $0.4560, down 2% on a day-on-day basis and mostly unchanged since the beginning of Thursday trading. The coin hit the area above $0.50 on the weekend and has been sliding down ever since. The nearest support area is located at $0.4280. This barrier is strengthened by 23.6% Fibo retracement and SMA200 (Simple Moving Average) 4-hour.

XRP/USD, 4-hour chart

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Bitcoin Correcting Gains While Ripple Price (XRP) Struggles To Hold Support

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  • Ripple price failed to climb above the key $0.4950 resistance level and declined against the US dollar.
  • The price broke the $0.4700 support and it is currently struggling to hold the $0.4500 support.
  • There was a break below a major bullish trend line with support at $0.4690 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Ethereum price corrected gains, but it is holding the key $320 support very well.

Ripple price is struggling to hold a few important supports against the US Dollar, while bitcoin is correcting gains. XRP price remains at a risk of more losses below $0.4500.

Ripple Price Analysis

Recently, bitcoin price climbed sharply above $13,000 (as discussed yesterday), but ripple price struggled to gather pace against the US Dollar. The XRP/USD pair climbed above the $0.4800 level and traded close to the $0.5000 resistance. However, the $0.4950 resistance area acted as a strong hurdle for the bulls. A swing high was formed at $0.4947 and the price recently declined heavily.

There were back to back bearish candles below the $0.3800 support. Ripple price even traded below the $0.3700 support. Finally, there was a close below the $0.4650 level and the 100 hourly simple moving average. A swing low was formed near $0.4521 and the price is currently consolidating losses. An initial resistance is near the $0.4620 level. It coincides with the 23.6% Fib retracement level of the downward move from the $0.4947 high to $0.4521 low.

However, the main resistance is near the broken trend line and $0.4700. Moreover, the 100 hourly simple moving average is also positioned near the $0.4700 level. Finally, the 50% Fib retracement level of the downward move from the $0.4947 high to $0.4521 low is at $0.4735 to prevent an upward move. If there is a close above the $0.4750 level, ripple could rise towards the $0.4950 level.

Conversely, if XRP continues to struggle below $0.4700, there could be more downsides. An immediate support is at $0.4520, below which there is a risk of a downside break below the $0.4500 support.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly facing a strong selling interest below $0.4700. If the price stays above $0.4700, there could be more losses. On the other hand, if bitcoin price climbs higher again, it could stop declines in ripple below the $0.4500 support.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently placed heavily in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level, with a bearish angle.

Major Support Levels – $0.4520, $0.4500 and $0.4450.

Major Resistance Levels – $0.4620, $0.4700 and $0.4750.

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