XRP Price Analysis for March, 3rd – XRP Remains Weak
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Tuesday, March 3rd, the XRP is slightly declining, trading at 0.2347 USD. The price keeps failing to bounce but the market does not lose hope.
On D1, the quotations reached 50.0% Fibo in a bullish correction and then went down rather quickly. The declining wave broke out the mid-term support and returned under the long-term support line at 0.2525 USD. The technical picture signifies the possibility of further falling to the minimum at 0.1741 USD. On the MACD, the lines are still heading up, which may indirectly signal upcoming growth to the last peak. However, for this scenario to come to life, the quotations need to rise and secure above 0.2525 USD.
On H4, the downtrend development stopped near 61.8% Fibo in relation to the previous uptrend. The correction phase acquired the shape of a rectangular flat between 0.2228 and 0.2480 USD. The Stochastic is moving in the oversold area, which may signal a correction and a potential mid-term decline to 76.0% (0.2160 USD).
Ripple needs income from selling its coins as much as the income from other sources. At least, the head of the company Brad Garlinghouse stated so. Nothing is surprising in it except for this comment to be counter the comment of the Ripple technical director David Schwartz.
According to Garlinghouse, without selling tokens, Ripple would not have been a profitable company with a positive balance. Selling tokens is one of the stable financing sources; if we leave out the income from selling software and technical solutions, the profitability will decline, but if we leave out the income from selling tokens, it will also shrink.
Meanwhile, Ripple keeps enhancing its cooperation with the world of normal money. This time, it has signed a partnership agreement with the National Bank of Fujairah, which needs the blockchain technology for constant use. Thanks to this partnership, the clients of the bank will be able to carry out real-time payments under constant monitoring. The bank will get access to innovative technology and progressive decisions. Ripple, in its turn, will get another foothold.
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