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XRP Price Analysis: XRP Is Being Dragged Down

XRP Price Analysis: XRP Is Being Dragged Down

This analysis brought to you by RoboForex

The XRP price is declining smoothly, and the correction does not seem to be ready to reduce. On Friday, December 11th, the cryptocurrency is generally trading at 0.5576 USD.

On D1, after swift growth, the pair keeps forming a correctional wave. It is currently trading above 61.8% Fibo. A bounce off it will mean the end of the correction and the beginning of a new ascending movement. The MACD histogram keeps declining, which might be interpreted as another signal for the correction. The aim of the growth after the correction is still 0.7600 USD.

On H4, the quotations are in a flat. They are currently testing the support level of 61.8% Fibo; a bounce off it will mean growth to 100.0% Fibo. The Stochastic keeps moving horizontally near 20, which is another signal for a soon correction. When the pullback is over, the pair might continue the ascending dynamics. The aim of growth is also 0.7600 USD.

The next week, the largest bank of Singapore – the DBS – will start a crypto exchange. It will be called the DBS Digital Exchange, and 10% of its stocks will belong to the Singapore stock exchange.

At first, only accredited and institutional investors will be allowed to trade in the exchange. 4 currencies will be available: the BTC, BCH, ETH, and XRP. Moreover, 4 fiat currencies will be traded, namely, the Hong Kong dollar, Singapore dollar, US dollar, and Japanese yen. The exchange will not only allow trading cryptocurrencies but also issuing and trading digital tokens: a custodial (depository) service for storing digital assets is already included in its structure.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

 

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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