XRPUSD (Ripple) – Week 41 – Consolidation in the middle
Payments firm MoneyGram nixed its partnership with Ripple Labs in March. Now, it’s keen on Jed McCaleb’s other crypto venture, Stellar. MoneyGram dissolved its relationship with Ripple just as the company was first embroiled in its ongoing $1.3 billion unregistered securities lawsuit with the Securities and Exchange Commission (SEC).
Blockchain service Whale Alert spreads the word that, in the past 20 hours, 98.4 million XRP have been transferred by major participants in the crypto market and provides details in its tweets. According to the aforementioned blockchain sleuth, several leading digital exchanges and anonymous owners of crypto wallets have shifted 98.4 million XRP tokens. That amount of crypto constitutes a whopping $106 million.
Technically, when we look at the chart, Ripple is consolidating in the area between the resistance and support zone. We give a higher probability for a move to the upside that will at least reach the resistance area. After the price reaches that area, we should be cautious and study the price structure to see what the next move will likely be. If the price breaks the resistance convincingly and consolidates above that we have a high conviction for the upside.
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.
Blockchain service Whale Alert spreads the word that, in the past 20 hours, 98.4 million XRP have been transferred by major participants in the crypto market and provides details in its tweets. According to the aforementioned blockchain sleuth, several leading digital exchanges and anonymous owners of crypto wallets have shifted 98.4 million XRP tokens. That amount of crypto constitutes a whopping $106 million.
Technically, when we look at the chart, Ripple is consolidating in the area between the resistance and support zone. We give a higher probability for a move to the upside that will at least reach the resistance area. After the price reaches that area, we should be cautious and study the price structure to see what the next move will likely be. If the price breaks the resistance convincingly and consolidates above that we have a high conviction for the upside.
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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