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XRP Price Analysis: XRP Consolidating

XRP Price Analysis: XRP Consolidating

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

On Friday, October 9th, the XRP is consolidating. It is generally trading at 0,2508 USD; the market has paused after two days of growth.

On D1, XRP/USD is winding up a correction. The pair has bounced off the lower border of the channel and is trading near 61.8% Fibo. If the asset breaks it away, it has a good chance to reach the next level of 100.0% Fibo, developing the uptrend. The MACD Histogram is below zero – this is a reaction to a correctional wave to the support level. The target level of the growth after the breakaway of 61.8% Fibo is near 0.3000 USD.

On H4, the pair keeps moving sideways. The asset is currently testing the resistance level; if it bounces off it, the horizontal movement will continue. The Stochastic is forming a Black Cross near 80, which may predict a bounce off 61.8% Fibo. If the pair declines on H4, it will head for the support level at 50.0% Fibo. In the long run (contrary to the news), tech analysis still promises a correction before further development of the uptrend.

Ripple may relocate from the USA due to excessively strict regulations. In an interview with Fortune magazine, the founder of Ripple Chris Larsen admitted that the company may leave the USA because the government squeezes digital assets into extremely tight frames.

Naturally, this decision is not final, Larsen just drafted the perspectives. As for new locations, priority spots are Switzerland, Singapore, Japan, and Great Britain.

The headquarters of Ripple is currently in San Francisco, California.

It is supposed that a relocation of the key office to a better place in terms of regulative legislation will take the burden of administrative control off Ripple.

Disclaimer

Any predictions contained herein are based on the author's particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

 

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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