By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On September 30th, the XRP cryptocurrency showed a steep growth of price, replying to the corporate news. By Tuesday, October 1st, the growth has slowed down, the currency trading at $0.2561.
On D1, XRP/USD keeps developing a downtrend. The quotations have broken through a strong support area, tested it from below and turned it into a resistance area. The mid-term wave of decline is aiming at the intermediate psychologically important level of $0.1500. At the same time, a convergence forming on the MACD is also worth noting. It may mean a slow-down of the decline and even a possibility of a pullback for one more test of the resistance area. The first signal of a correction developing may be a breakaway of the local resistance line near $0.2800. Further movement is likely to be aimed at $0.3165 and $0.3600.
On H4, the cryptocurrency demonstrates a correctional growth after an impulse of a decline. The quotations have reached 38.2% Fibo. A Gold Cross on the Stochastic has signaled the beginning of a pullback. The instrument is going to keep on growing for some more time. The aims are at 50,0% ($0,2684), 61,8% ($0,2820) and 76,0% ($0,2983). The support level is at $0.2100.
The XRP grew in price replying to the corporate news about the purchase of an Iceland cryptocurrency business Algrim by Ripple. The idea is to give Algrim the key part in product development. It is mostly about the projects that can give liquidity to the user’s request. The projects are supposed to be based on the XRP tokens and will be meant for making trans-border payments.
Sometime earlier, we heard about launching the development of a block of decentralized XRP-based products. In order to meet the requirements of time and progress, Ripple purchased Logos Network, a platform for payments.
This week, the XRP capitalization is evaluated as $11 billion; the cryptocurrency is the third in the rating of the most stable and popular cryptocurrencies.
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.