The Technical Analysis of Ripple’s Value – May 9

Unlike Litecoin, Ripple (XRP) is still maintaining the 5th position on the list of top digital currencies in the crypto market. This occurred irrespective of the 4 percent loss in the last 24 hours, and a 3 percent loss last week.

From the News

Whether it’s a conscious effort to kick Ripple out or not, a lot of people do not have nice words for Martin Walker after his Cryptocurrency Inquiry Submission. Walker is a member of Evidence Based Management, and he said that digital currencies despite their instantaneous nature and proven efficiency will not be able to solve delays in settlement or international payment transfer. Rather, Walker said that SWIFTgpi is the ultimate solution because it is cheaper and faster.

The Technical Analysis of Ripple

Based on the stochastics, there is no doubt that buyers are in charge. Nevertheless, irrespective of the clear buy signal of stochastic for the oversold territory, it seems that the bulls of Ripple are finding resistance at the $1 mark.

Actually, the value of the digital currency has been hovering around for the past two to three weeks, but investors did not find sufficient momentum to push the value about the $1 mark. After that Ripple and over-extension overvaluation on the 21st of April, the momentum of purchase has not been the same.

In fact, this correction is usually seen around the $1 mark. Sellers are currently in charge now that there is a signal of stochastic sell emanating from the deep of oversold territory. Also, the breach below the $0.85 and middle BB supports the forecast.

On the other side, if investors start loading their longs in line with the visibility of the stochastic buy signal in the weekly chart and Ripple does not accept lower prices, the middle BB would be a strong line of support while $1 would the trigger line and key resistance.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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