By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
XRP is rising again on Friday, currently trading at around $0.3689.
On H4, there’s an uptrend representing a midterm correction against the latest downside movement. The correction trend approached 38.20% Fibo, or $0.3850, and is now heading to 50%, or $0.4184. Meanwhile, the support is at $0.3300, and the MACD is diverging, signaling a pullback.
On H1, the Stochastic formed a golden cross in the oversold territory, thus confirming the rise. The local resistance is at $0.3783.
Meanwhile, Ripple is still striving to promote blockchain around the world. An organization called INATBA has been created recently, comprising IBM, Ripple, SWIFT and many other companies. Its mission will be promoting blockchain in the EU, for which reason it’s going to work with both European Commission and the World Bank, collecting all necessary information to start developing the project.
It has already been rumored that Ripple may work with SWIFT on a joint project in the bank transfer area, which is now considered a huge step forward.
Meanwhile, the SIX has launched an XRP-based ETP with AXRP ticker. The exchange got an appropriate permission in Feb 2019. Currently, the SIX already has four crypto-based derivatives.
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.