By Thu Sep 20, XRP has got stabilized after two successful sessions and is now trading at 0.3252, losing 0.40%.
The volatility has been quite high, and, on D1, the price is above the resistance at 0.3200. H1, conversely, shows the price may still rise, although there’s a significant resistance at 0.3300, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
On D1, however, one can see XRP has to break out 0.3350, in order to continue rising to 0.3500. Meanwhile, the support is at 0.3100; it has been tested recently, and is still here to stay. However, even if the sentiment is still positive, XRP may go down to 0.3000.
The key support for is at $0.3150, while the major resistance is around $0.3300. The MACD on D1 is moving along in the negative area and is going up, thus confirming a buy signal. The Stochastic is rising steadily in the positive territory and confirms this signal.
Fundamentally, the news on Ripple partnering with the National Commercial Bank (NCB) of Saudi Arabia is of major interest. The financial institution is going to use RippleNet for more transparent and quick transactions; the integration is to take place by the end of 2018, and will enable better connection with North America and Asia banks.
This is a very successful partnership for Ripple, as the NCB has around 5.4M of clients and a lot of branch offices. According to the stats, Saudi Arabia sends around $37B in payments every year, and this amount will be growing in case the transaction speed is up.
Another news concerns PNC Bank intention to use xCurrent by Ripple. This network is the same as RippleNet, already used by a lot of financial institutions. However, PNC Bank is one of the first US based banks to implement blockchain in order to optimize overseas payment technologies and make them faster. This is very good for Ripple, too, as PNC client base is around 8M and includes large businesses. RippleNet will enable real time payments, which was previously unavailable for overseas transactions. Now, Ripple technologies will help optimize the processes.
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.