Ripple’s XRP Price Analysis for January, 10th – XRP Remains Under Bearish Control
By Dmitriy Gurkovskiy, author at RoboForex Blog
On Friday, January 10th, the XRP is still selling, generally trading at $0.2014.
On D1, the XRP demonstrates the bearish predominance inside the previous channel. The declining direction of the MACD supports further decline. A breakout of the low of $0.1741 can open the way to the psychological level of $0.1000.
Also, in this area, we can see the impulse of the correctional growth almost reaches 38.2% ($0.2277) Fibo but currently there is a local pullback. Then we should expect another wave of growth to 50.0% ($0.2444) but the main goal of the growth may be the long-term resistance level of $0.2813.
On H4, the cryptocurrency is declining after testing the upper border of the short-term growth channel and a Black Cross on the Stochastic. The main scenario here may be aiming at the local support level and the level of $0.1917. Currently, the price is testing the formerly overcome resistance level that has become support. A bounce off this level will let the market form a wave of growth to $0.2444, and a breakout will secure the bearish predominance. The idea of growth should be supported by a Gold Cross on the Stochastic.
According to Ripple director David Schwartz, the falling of the token is not the company’s fault (link). He states that Ripple has never depended on the sales of its cryptocurrency as the earnings from them could never be compared in the size to other sources of financing.
Schwartz says that Ripple has been selling the coins at the market price and has never influenced the rate.
The market has its doubts about it. In December, Ripple got reproached for the holders of its cryptocurrency having no rights and the company’s policy being aimed at the owners’ getting rich.
The XRP was at its high in January 2018, costing $3.3200. The current price is $0.2014, the recent low being $0.1740.
Disclaimer: Any predictions contained herein are based on the authors’ 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.
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Dmitriy Gurkovskiy, Khareem Sudlow