XRP Price Analysis for May 15th – XRP Switches to Correction

By Dmitriy Gurkovskiy, author at RoboForex Blog

On Friday, May 15th, the XRP rate is correcting after the recent growth. The cryptocurrency is generally trading at 0.2023 USD.

On D1, XRP/USD keeps forming an uptrend after a correction. Upon correcting from 50.0% Fibo, the quotations are trading near 38.2%. At the current stage, this may signify the end of the pullback and further growth. If the pair breaks away 50.0% Fibo, it has all chance to reach the next step at 61.8% inside the ascending channel. The MACD histogram is in the positive zone, and the signal lines have formed a Golden Cross, which additionally signals the continuation of the uptrend. The goal of the growth is near 0.2584 USD.

On H4, the pair keeps growing inside the ascending channel. It is currently testing 38.2% Fibo. A breakaway of this level will let the price proceed to the next checkpoint of 50.0% Fibo. The Stochastic has formed a Golden Cross, which signals the continuation of the growth. The goal is at 50.0% Fibo.

According to the cooperative investigation by the watchers from the UCL Blockchain and Imperial College London, Ripple uses its capabilities to carry out voluminous transactions inefficiently. The results of watching money transfers from October 1st until December 31st show that only 2% of the transactions in the Ripple network are meant for payment. By the way, productive transactions are mostly connected with the Huobi exchange.

Among fundamental news, note the information that Ripple must be starting the work n a new credit product based on the blockchain. Such a conclusion may be made from this vacancy. The main object of work must be a product meant for business interests and covering for the demands of the companies that have troubles with current capital. We may deduct a rough scheme of the product: it might be quick credit for current capital; it is formed fast, calculated easily, and repaid soon.

Such a product may yield high demand, keeping in mind the number of companies that Ripple is already working with.

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.

2 Comments

  1. JerrySop July 15, 2020
  2. texts August 7, 2020

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