• 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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

The LUNA hard fork is set to occur on May 28, followed by the subsequent airdrop of LUNA 2.0 tokens to eligible holders. Ahead of the real LUNA 2.0 airdrop, some scammers have tried to lure LUNA and UST holders to send their assets in lieu of receiving the new tokens. 

More Terra News

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

More Bitcoin News

This Web3 move by Crypto.com could be a good bet for patient investors

This Web3 move by Crypto.com could be a good bet for patient investors

Crypto.com price stabilization on a high time frame chart indicates that a bottom formation could be taking place. This pattern combined with a bullish signal from a momentum indicator adds credence to the possibility of a reversal and a recovery rally for CRO.

More Crypto.com News

Why Elon Musk’s tweet failed to move Dogecoin price

Why Elon Musk’s tweet failed to move Dogecoin price

Dogecoin price slipped up as Bitcoin price triggered a sudden crash on May 26. This downswing, while serving as a great opportunity to accumulate DOGE, failed to recover alongside BTC.

More Dogecoin News

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis

BTC

ETH

XRP