By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Friday, April 3rd, the XRP keeps growing smoothly. It is generally trading at 0.1794 USD.
On H4, XRP/USD keeps demonstrating the development of a correctional phase after a deep decline. The correctional trend is growing very slowly but steadily. The growth has reached 23.6% Fibo and keeps moving to 38.2% (0.2045 USD). The possibility of growth to 50.0% (0.2317 USD) looks virtually impossible. The MACD lines, aiming upwards, confirm further increase. The support is currently at 0.1677 USD. Its breakout will signal the end of the correction and the beginning of a new declining wave to the low of 0.1165 USD.
On H1, the quotations, after a pullback, broke out the last high and started developing a new wave of growth. Meanwhile, the Stochastic demonstrates a divergence forming as a signal for a pullback. The aim of the short-term decline may be at the support level of 0.1729 USD.
In the Ripple network, daily activity has fallen significantly – by 83% in 2 months. Not only the XRP has come across difficulties: according to the users of the CryptoDiffer platform, the same problem affected the Dogecoin and Bitcoin CV. At the same time, activity in the BTC has slumped by 3.4% only. However, this happens not in every network. For example, in the ETH the volume of active users has grown by 22.0%, in the Bitcoin Cash – by 13.5%.
Meanwhile, Ripple keeps expanding worldwide. It has become known that the London system of money transferring Azimo and the Siam Commercial Bank of Thailand (SCB) have created a collaborative project and announced new mechanisms of international transactions based on the RippleNet technology. As it is noted in the companies’ documents, Azimo has already launched its first service using the ODL solution (Ripple On-Demand Liquidity). The first destination point of transactions is the Philippines, and the plans for geographical expansion in 2020 are quite impressive.
The fact that Ripple actively promotes its technology in the world of fiat money is good for the company. However, it does not support its token at all.
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.