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XRP Keeps Correcting

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

On Tuesday, February 25th, the XRP continues its correctional decline, trading at $0.2681.

On D1, the wave of growth, having reached 50.0% Fibo, has changed to a decline. Currently, we may say that the quotations are coming back to test the broken long-term resistance line from above. The aim of the decline is the area around $0.2525. Also, we must account for the ascending of the MACD lines that demonstrate the potential continuation of the ascending dynamics after the completion of the pullback. The main goal of the impulse of growth will be at 61.8% ($0.3800).

On H4, the correction can be seen in more detail after a divergence on the Stochastic and a breakout of the support line of the ascending channel. The correction has reached 50.0% Fibo and is consolidating into a descending Triangle. Further decline to 61.8% ($0.2400) is not excluded but the Gold Cross in the oversold area of the Stochastic means a soon reversal and growth. The breakout of the local resistance level near $0.2855 will let the quotations proceed to a peak of $0.3470.

Ripple keeps developing its transborder payment technology and is already on the top-100 list of world giants providing such solutions. This rating also features such leaders of the branch as Visa, PayPal, Bank of America and others, Ripple being the only representative of the crypto world.

The main criteria that the companies on the list must meet include a large scale, up-to-date approach to transborder payments, a wide client base, and receiving profit from transactions. The last point attracts special attention: the inflow of finance from this business must be the largest of all income sources of the company.

It is noticeable that on the list there are companies that base their transborder payments on the Ripple technology, such as TransferGo or MoneyGram. Not necessarily these technical solutions are the main mechanisms of payments, but the very fact of their presence strengthens Ripple.

Earlier, it became known that at least 38 of the 100 largest world banks had an active agreement of partnership with Ripple or had tested its technology of payments. The main Ripple client remains the same — it is Mitsubishi UFJ Financial Group.

Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.