XRP - a ticking time bomb.
Hello traders,
Here's a XRP against US Dollar chart on daily timeframe.
Fundamentally as you all know by now, MoneyGram announced strategic partnership with Ripple, which means that Ripple has struck a deal to invest up to $50 million in money transfer giant MoneyGram, by that Ripple will become MoneyGram's global partner for cross-border payment and foreign exchange settlement, using XRP. This was announced yesterday, which sky-rocketed the price of XRP to $0.46.
Technically speaking, on daily time-frame xrp looks bullish as of right now, we broke above daily support area of 0.42 which is now being retested.
Should this support area hold well, we could see the price anticipate another bullish leg up, trying to break above 0.47 which appears to be a huge level of resistance from where we had multiple spike rejections since May. A break above this level would mean an open sky for XRP to push higher.
On weekly time frame you can see that this weeks candle is showing indecision between bears and bulls however its still Tuesday and there are plenty of days left until the Sunday's weekly candle closure, from the weekly perspective we would need to wait a couple more days to see if the candlestick would indicate a bullish continuation.
Here's a XRP against US Dollar chart on daily timeframe.
Fundamentally as you all know by now, MoneyGram announced strategic partnership with Ripple, which means that Ripple has struck a deal to invest up to $50 million in money transfer giant MoneyGram, by that Ripple will become MoneyGram's global partner for cross-border payment and foreign exchange settlement, using XRP. This was announced yesterday, which sky-rocketed the price of XRP to $0.46.
Technically speaking, on daily time-frame xrp looks bullish as of right now, we broke above daily support area of 0.42 which is now being retested.
Should this support area hold well, we could see the price anticipate another bullish leg up, trying to break above 0.47 which appears to be a huge level of resistance from where we had multiple spike rejections since May. A break above this level would mean an open sky for XRP to push higher.
On weekly time frame you can see that this weeks candle is showing indecision between bears and bulls however its still Tuesday and there are plenty of days left until the Sunday's weekly candle closure, from the weekly perspective we would need to wait a couple more days to see if the candlestick would indicate a bullish continuation.
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