Manoj B Rawal
Independent Analyst
- Ripple, stays laggard, keeps breaking down.
- Japan's largest bank MUFG plans to launch its own crypto next year.
Ripple, which never recovered enough after cracking to the pits from the highs of January, has been consistently breaking lower on the short term charts, just as it did on Tuesday and on the long term charts too there is no sign of any near-term recovery.
XRP/USD is down more than 4 percent on Tuesday at $0.696, near the low point of the day. On the short term 60-minute chart, there is a visibility of an upward sloping channel which XRP has broken down of and now faces downhill road towards $0.60. On the daily chart, Ripple never recovered enough from the lows it hit during the price crash that started from April. Quick look at Fibonacci retracements suggests, it could not even recover a meager 28.6 percent fall, which is at $1.12.
Japan’s largest and world’s fifth largest bank Mitsubishi UFJ Financial Group (MUFG) plans to launch its own cryptocurrency in the year 2019, as reported by Cointelegraph. Cointelegraph Japan quotes local news media outlet NHK saying that a test phase of the cryptocurrency, known as MUFG Coin, could involve around 100,000 account holders.
XRP/USD 60-minute chart:
XRP/USD daily chart:
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