Ripple (XRP) is trading at $0.8359 Friday; earlier this week, the crypto fell to $0.4901, but then recovered. Over the last few days, XRP is above the support at $0.7500, which means the recovery has been quite successful, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
Now that Ripple is trading above the intermediate support at $0.8200, it can go further to reach the previous high at $0.9640. Many things will depend on the market environment and its attitude to buying.
Currently, it is important to understand whether Ripple will be able to stay above the 100-hour SMA at $0.8550. If such a breakout is a success, the short term trend will become 100% positive.
For now, the key support for XPR is at $0.8080, while the resistance is at $0.8600. The MACD is already in the positives on D1, starting to issue a buy signal, although its momentum contracted. The Stochastic is in the positives, too, but started moving down, with the buy signal strength fading out.
Currently, there is no lack of fundamentals for Ripple. As such, the company has published its quarterly report, specifying the overall token value amount at $160B, with a small part of tokens (around $16.6M) sold though XRP II platform licensing. All other tokens has been sold software-wise, the report says.
Total market cap of Ripple is at $2363.5B, according to the company’s data. This is somewhat lower than earlier this year, but one should bear in mind Ripple is actively investing its funds into the network development. As for the token price, the company says this is in line with the competition and the global market demand.
Apart from the report, Ripple becoming a partner of five payment providers was also in the news. These are namely Exchange4free, FairFX, MoneyMatch, RationalFX, and UniPay, and they are particularly interested in xVia technology that has a potential to increase the transaction speed by multiple times, while also adding to the transparency.
As such, Ripple is again expanding in non-crypto online payment. With xVia, the company will be able to attract more users thanks to fast transactions and new algorithms. These technologies are not much related to XPR, though, and the company is often criticized for that. However, this is again about the same thing: the cryptos may disappear, but the technologies will be here to stay.
Any forecasts contained herein are based on the authors’ particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
Molly Jane is a Russian Literature major from California with a background in writing. She joins CurrencyTimes after working as a freelance journalist and blogger.