XRPUSD (Ripple) – Week 29 – Reaching the small resistance?
Softbank, which owns the Ripple-backed MoneyTap payment app in Japan, teamed up with Tiger Global, a New York-based hedge fund, to assist Revolut, a digital bank located in the United Kingdom, raise $800 million in a recent fundraising round. Despite the contentious lawsuit filed by the SEC against Ripple Labs in December 2020, according to a Revolut blog post published in January, the firm still enables its customers to purchase and trade XRP.
Bybit, one of Singapore's major crypto derivatives exchanges, has entered the crypto spot trading market. Bybit announced the news on Thursday, saying that users may now trade bitcoin (BTC), ether (ETH), XRP, and EOS against the Tether (USDT) stablecoin. It stated that more trading pairs will be added in the near future.
Technically, Ripple followed our last week’s guidelines and stayed in a low volatility move to the downside. For this week we give a higher probability for the price to continue to the downside with low vol. For the price to go higher we have to break the orange trendline marked on the chart and see the reaction of the price when it reaches the small resistance area. We advise caution, the price may swing up-down many times without giving us a clear direction.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Bybit, one of Singapore's major crypto derivatives exchanges, has entered the crypto spot trading market. Bybit announced the news on Thursday, saying that users may now trade bitcoin (BTC), ether (ETH), XRP, and EOS against the Tether (USDT) stablecoin. It stated that more trading pairs will be added in the near future.
Technically, Ripple followed our last week’s guidelines and stayed in a low volatility move to the downside. For this week we give a higher probability for the price to continue to the downside with low vol. For the price to go higher we have to break the orange trendline marked on the chart and see the reaction of the price when it reaches the small resistance area. We advise caution, the price may swing up-down many times without giving us a clear direction.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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