By Dmitriy Gurkovskiy, author at RoboForex Blog
On Friday, May 22nd, the XRP is trying to restore after two days of sales but the impulse is not enough. The cryptocurrency is generally trading at 0.1968 USD.
The technical picture of Ripple on D1 has not much changed since last week and is typical of the whole crypto market. The pair keeps testing the lower border of the ascending channel, trading under 38.1% Fibo. At the current stage, this might mean that the asset is gathering strength to go on developing the ascending dynamics. On the MACD, the Golden Cross is still working off, while the histogram remains in the positive sector. These signals mean further growth with the aim of 50.0% Fibo or 0.2310 USD.
On H4, the picture is similar. The quotations keep trading near the lower border of the ascending channel. Meanwhile, the pair keeps trying to break away 38.2% Fibo. The aim of further growth is the same as on D1 – 0.2310 USD. The Stochastic is forming a Black Cross near the overbought level, which may signal an approaching correction. Judging by the overall situation, the development of the uptrend looks more likely than falling to 0.1704 USD.
The head of the Ripple talent department Josh Lin could not answer unambiguously whether the XRP is a good investment. According to Lin, the company is going in the right direction and has a perfect team. However, the direction that it is going in does not always coincide with the trend in the crypto market. Lin thinks that Ripple does all that is needed for increasing the usefulness of the network and the volume of the ecosystem, which theoretically must increase the cost of the XRP.
Fundamental news does confirm that Ripple keeps working actively on implementing its technology in real life.
For example, the Coil service based on Ripple Labs presented a new plugin to WordPress. It is meant for the content monetization. Subscribing to paid content, users may enjoy the functions supporting over 50 assets, including cryptocurrencies.
The plugin is called Coil Web Monetization and may, indeed, monetize the business effectively.
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.
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