After weeks of consolidation, Ripple’s XRP made a massive comeback on Sunday with a 12.15% gain, finally breaking above the $1.00 barrier. After reaching the all-time high price of $3.35 beginning of January, XRP/USD dropped back to the 76% Fibonacci retracement level as the cryptocurrency market in general turned bearish. Since then, the $0.87 level has acted as a key support. The pair remains below the daily Ichimoku cloud and has yet to reach the immediate resistance level and 61% Fibonacci retracement level of $1.40. Sunday’s gains created a bullish engulfing chart pattern, which could be an indication of a change in the trend, but it is still too early to make a medium-term call. From a longer-term point of view, we think that it is a matter of time for Ripple the crypto to catch up with the popularity of Ripple the company, and show great returns. As we’ve covered before, RippleNet has been hard at work to expand its partnerships around the world, connecting banks, payment providers, digital asset exchanges and corporates via RippleNet to provide one frictionless experience to send money globally. However, at the moment, using Ripple’s token, XRP, is optional within the partners, and that could be one reason why it has been slower to catch up. Regardless, Ripple remains the third largest cryptocurrency by market cap, trailing behind Bitcoin and Ethereum. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.

 

 


For more from Invest Diva, click here

HIGH RISK Investment Trading forex (also known as foreign exchange or currencies) on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, risk appetite, and the amount of your expendable income. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should ONLY invest money that you can afford to lose! You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Forex Diva Trading Opinions Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and education, and does not constitute advice. Forex Diva will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD drops below 1.11 amid upbeat US data, trade concerns

EUR/USD is trading below 1.11 after robust US housing figures and solid consumer sentiment figures were published. Earlier, the common currency suffered from the concerns of new US tariffs on the EU.

EUR/USD News

GBP/USD down 100 pips after UK retail sales badly disappoint, amid USD strength

GBP/USD has plunged below 1.3050 after UK retail sales badly disappointed with a fall of 0.6% in December, on top of downward revisions. Odds of a BOE cut have risen.

GBP/USD News

Crypto market hyperspace mode On

The secondary actors of the crypto-sphere awaken and rally hard. Leading coins battle with greater resistance at the gates of a full bullish market. The only risk is an over-shoot, but that sentiment remains neutral.

Read more

Gold looks to close week flat below $1560

The XAU/USD pair climbed to a fresh daily high of $1560 in the early trading hours of the American session but struggled to preserve its momentum.

Gold News

USD/JPY: Losing bullish momentum but retaining gains

Chinese encouraging data kept markets in risk-on mode at the beginning of the day. The US January Michigan Consumer Sentiment Index is seen at 99.3, matching December figure. USD/JPY holding at the upper end of its weekly range could correct lower.

USD/JPY News

Forex Majors

Cryptocurrencies

Signatures