Ripple price analysis: XRP/USD holding modest gains of 2% on Wednesday

Modest gains of 2% observed for Ripple
Partnership development have lack of influence on price for time being
Bull momentum remains soft at this time

Ken Chigbo Independent Analyst

The Ripple price is seen up marginally on Wednesday, up around 2%, surprisingly slightly underperforming in comparison to the rest of the market. There still appears to be some indecisiveness, among Ripple investors, give the lack of momentum in either direction.

As mentioned above, is surprising to see a little bit of under from Ripple, due to the developments over the last week or so for its network partnerships. The market has observed announcements from the likes of LianLian major payment processor based in Hong Kong, and UAE Exchange in the Middle East. Neither partnerships, had much influence on the price of Ripple at the time.

XRP/USD is still slowly grinding higher, with not much bull momentum behind it currently. The major resistance is seen at the about trend line, which had been supporting the price in the back end of 2017. The challenge looks to be around $1.35, support remains at underneath trend line, tracking around $0.75.

XRP/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

EUR/USD weakens below 1.1900, USD remains firm

EUR/USD has slipped back into its downtrend, drifting below the 1.1900 support as the US Dollar’s recovery keeps gathering traction. Indeed, the Greenback’s push higher gathered pace after President Trump named Kevin Warsh as Jerome Powell’s successor and US Producer Prices rose more than expected in December.

GBP/USD retreats further, threatens 1.3700

Selling pressure remains on the rise, dragging GBP/USD back towards three-day lows around 1.3720-1.3710 at the end of the week. Cable’s retracement reflects a firmer rebound in the Greenback as investors digest Trump’s announcement of the next Fed chair.

Gold remains offered just above $5,000

Gold is extending its pullback, managing to trim part of its strong losses and regain the $5,000 mark and beyond on Friday. The precious metal’s severe drop comes amid broad-based profit-taking across the commodity space, alongside a firmer US Dollar and mixed US Treasury yields.

Stellar deepens correction, slipping to 3-month low as risk-off mood persists

Stellar continues to trade in the red, slipping below $0.20 on Friday, a level not seen since mid-October. Bearish sentiment intensifies amid falling Open Interest and negative funding rates in the derivatives market. On the technical side, weakening momentum indicators support further correction in XLM.

Microsoft sell-off etches $400 billion hole in market, second highest on record

Microsoft's (MSFT) post-earnings cratering on Thursday sent other indices into pullback mode despite the narrow nature of its weakness.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple deepen sell-off as bears take control of momentum

Bitcoin, Ethereum, and Ripple continued their corrections on Friday, posting weekly losses of nearly 6%, 3%, and 5%, respectively. BTC is nearing the November lows at $80,000, while ETH slips below $2,800 amid increasing downside pressure.