Ripple’s Digital Currency XRP Maintains Bullish Movements

2018-10-16 17:19

The market leader Bitcoin increased significantly yesterday moving from around $6200 to approximately $6850. It since retraced to $6450 and has been trading on low volume since then. Ripple’s digital currency XRP is one of the few coins to follow up with bullish movements today.

The catalyst for this follow-up in appreciation is likely to be positive news released regarding RippleNet, one of Ripple’s products. The product added Moneynetint to its list of users. Although XRP does not have anything to do with RippleNet, it often increases on positive news regarding the product.

XRP formed a series of lower lows since forming a bearish divergence during its last spike at the end of September. This latest increase is coming close to breaking the series of lower lows which would fundamentally change the market structure. Price is currently trading around $0.45. The arrows on the chart below represent the lower lows recorded during the downward movement with price action approaching the $0.47 lower low.

XRP Daily Chart – Source: Tradingview.com

The hourly chart shows that price action of XRP closely followed the performance of Bitcoin with a drop in volume after price retraced. However, there was another rise in price after the announcement of Moneynetint joining the XRP product. Price has since begun to trade in a range again on low volume.

XRP Hourly Chart – Source: Tradingview.com Key Takeaways: XRP has followed up its bullish movements after the news was released about Moneynetint joining RippleNet. Price has formed a series of lower lows since a bearish divergence which had formed at the end of September but price action is close to changing this market structure. Price is currently trading at $0.45 with the closest lower low being at $0.47. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Ripple’s Digital Currency XRP Maintains Bullish Movements was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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digital ripple movements bullish currency xrp bitcoin

Источник: blokt.com

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