By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Friday, March 27th, the XRP suggests further restoration. However, right now the market has put buying on a halt. The XRP is generally trading at 0.1735 USD.
On H4, XRP/USD demonstrates quite a weak trend of correctional growth. The quotations have risen to 23.6% Fibo and now, trying to overcome the upper border of the preceding rectangular channel, are heading for 38.2% (0.2045 USD) and 50.0% (0.2317 USD). While the MACD lines are directed upwards, we may expect further growth. However, a breakout of the local support line and a Black Cross on the indicator will signal the end of the correctional phase.
On H1, the ascending channel looks quite stable. Meanwhile, a divergence on the Stochastic may warn of the soon reversal of the short-term trend. After a Black Cross, an impulse of a decline to the support line at 0.1585 USD may form. A breakout of this level, in its turn, will let the quotations proceed to the last significant low of 0.1165 USD.
While the world capital markets are storming, frauds are alert. In the YouTube network, a channel was found under the name of Brad Garlinghouse, the head of Ripple, containing his real interview. Then miracles begin: under the video, there is a description, in which users are offered 20 thousand to 5 million coins in exchange for their own XRP sent to a certain address. The twit became unavailable very soon, however, there are its copies on the Net. The video has been watched about 80,000 times.
Clearly, this is an obvious trick played by those who want to make money on people’s greed. There must be those who failed to detect a fraud and got tricked.
For the crypto market, a positive moment is the decision of the USA to support its economy by 2 trillion USD. After a decline of the asset and currency prices in March, demand for them must become expressed, stable, and long-term — but only after the market frees if fear and panic. The first evidence of stabilizing may be seen in a couple of weeks, if the coronavirus spreads with the same speed. For the XRP, as for other altcoins, the return of stable interest to investing is important.
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.