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XRP Price Analysis: XRP Falling Again

XRP Price Analysis: XRP Falling Again

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

On Friday, October 2nd, the XRP rate is falling, trading at 0.2333 USD. The crypto market is slumping due to the news that President Donald Trump fell prey to the coronavirus: no one knows what to expect, and investors avoid risks “just in case”.

On D1, the technical picture of the Ripple has not changed much: the coin keeps correcting in an uptrend. XRP/USD keeps trading near 50.0% Fibo – thus, it might be accumulating power for breaking away the support level. When the level is overcome, the pair will proceed to 38.2% Fibo and the lower border of the ascending channel. On the MACD2, there is a complete Black Cross, promising further correction. The histogram is still under zero; all the signals together promise further correction to 0.2040 USD.

On H4, the picture is similar: the quotations keep going to the lower border of the ascending channel. The aim of the uptrend is the same as on D1 – 0,3010 USD. The Ripple is trading near 50.0% Fibo. If it is broken away, the pair may head for 38.2% Fibo. The Stochastic has formed a Black Cross in the overbought area, which increases the chances for a correction. The current scenario still presumes a pullback to 0.2040 USD, a bounce off this level, and further development of the uptrend. However, the quotations may still go to 61.8% Fibo without a pullback to 0.2040 USD.

Ripple Labs received a new patent for a protocol that includes smart contracts. According to the patent application, the system can work with smart contracts via so-called “oracles”. In essence, the platform can receive and process information by the conditions of a smart contract.

Ethereum is currently the market leader in working with smart contracts, and the step of Ripple in this direction may deteriorate the leadership. Earlier, Ripple tried to attend to some smart contract issues but finally gave up the contract that caused too much trouble. However, time shows that such functions are demanded.

Simultaneously, the XRP dives deeper and deeper into the world of real finance. A subsidiary of Ripple SBI Holdings takes the coin to the forestage of the Japanese e-sport after signing a contract between SBI e-Sports and VC Trade. The conditions of the agreement allow professional players to get paid in the XRP. The perspectives are huge: in 2019, the revenue of the Japanese e-sport amounted to 56.7 million USD, and by 2023, it is expected to have increased to 142.0 million USD.

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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