XRP Ready for the Upside
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Friday, February 12th, Ripple looks rather good, trading at 0.5505 USD.
On D1, XRP/USD sky-rocketed corrected and goes on growing. We can suppose that the quotations will pull back a bit to 61.8% Fibo and then keep on growing. The aim of growth is 0.7100 USD. The MACD histogram is rising, and its signal lines are above zero, which is an additional signal for further growth.
On H4, the quotations are correcting to 61.8% Fibo. The price might soon bounce off it and head for 100.0% Fibo. The Stochastic has formed a Golden Cross near 20 and keeps growing, supporting the uptrend even further. When the pullback is over, the pair can resume the uptrend in the nearest future. The aim of the growth is the same as on the larger timeframe – 0.7100 USD.
Since yesterday, a major crypto player Huobi, alongside another “colleague”, made transactions for 610 million XRP tokens. This is about 278.5 million USD. The money was transferred in 3 trades between Huobi exchange wallets. It might have been moved from long-term storage to an operating one.
For February 22nd, court hearings are scheduled. As you remember, the US SEC is accusing Ripple, one of the main participants of the crypto market. This will be the first hearing, likely to be followed by more, and for Ripple and its token, this situation is a serious and lengthy threat to reputation, which has already been reflected in the quotations. In Ripple, they have long been looking for an optimal place for their headquarters to avoid the SEC until some clear regulations appear.
In February, the XRP rate follows the overall market mood, but a conflict with the SEC prevents investors from buying the cryptocurrency for a longer-term. When anything gets clear during the hearing, investment horizons will also clear up.
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.
OhNoCrypto
via https://www.ohnocrypto.com
Dmitriy Gurkovskiy, @KhareemSudlow