• Ripple expands its remittance services to China with a new Shanghai office.
  • XRP/USD strongly supported; a bullish breakout looms.

Ripple price has remained literally unchanged since the price analysis I published earlier today. At the time, the price was sitting comfortably above $0.30 and at press time, XRP is exchanging at the same level. An attempt to corrected above $0.3060 was thwarted by selling pressure.

Ripple adoption has been growing significantly in the past few months. The network’s RippleNet and xCurrent blockchain solutions have been taken up by various banks and other payment institutions around the world. Moreover, the company is expanding its remittance services to China by opening an office in Shanghai. In addition to that, XRP is now available in more than 4,500 shops following the support by CoinGate, a crypto payment processor.

At the moment, Ripple is strongly supported by the 23.6% Fib retracement level (daily timeframe chart) close to 0.3022. This zone has a high concentration of buyers who lack a catalyst to push for sustained correction to the upside. We expect the price to stay above this level throughout the remaining sessions today and the trading on February 5, 2019. There several other weaker support levels that will in hardy in case XRP drops below the above level. The initial one is resting at the previous low on the daily chart. The other support lies at the previous month low which also happens to be last week’s low $0.2834.

Slightly above the current XRP market value, the buyers will encounter acute resistance at the 38.2% Fib level (1-hour range). The zone at $0.3053 also coincides with the 4-hour 50-day Simple Moving Average (SMA) and Bollinger Band in the hourly range chart. If a break occurs above this level, we expect XRP to test the resistance at $0.33 and eventually brush shoulders with $0.35.

 


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ripple rides RWA narrative with Archax collaboration, XRP extends seventh day of losses to 8%

Ripple rides RWA narrative with Archax collaboration, XRP extends seventh day of losses to 8%

Ripple announced that the payment remittance firm extended its collaboration with FCA regulated digital securities exchange Archax. The collaboration is focused on Real World Asset tokenization, an emerging narrative in the ecosystem. 

More Ripple News

ONDO extends gains despite surge in profit-taking

ONDO extends gains despite surge in profit-taking

ONDO, the governance token of Ondo Finance, trades in the green on Friday, defying the effects of a surge in profit taking from large-wallet investors following the 76% gains seen in the past 30 days. 

More ONDO News

Monero price poised for a downward correction

Monero price poised for a downward correction

Monero (XMR) price has encountered resistance at a critical level. The technical outlook suggests a potential short-term correction as momentum indicators signal a bearish divergence.

More Cryptocurrencies News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin braces for potential short-term correction

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin braces for  potential short-term correction

Bitcoin price daily candlestick closes below the weekly support level of $67,147. Ethereum price is weakening and could retrace to its immediate support at $3,321. Ripple price fails to close above the 50-day Exponential Moving Average.

More Cryptocurrencies News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Federal Reserve (Fed) keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis

BTC

ETH

XRP