Ripple can not escape from the horizontal channel. Will there be growth?

From the point of view of fundamental analysis have a Ripple happened a lot of good events. The CEO of SBI Holdings believes cryptocurrency is a leading asset industry, and the company Instimatch Global announced support for R3 Corda Settler, decentralized applications for payments in XRP. However, on the charts it looks not so optimistic.

The General situation was as follows:

  • the price of Ripple is under strong bearish pressure below the level 0,3400 dollar;
  • cryptocurrency is moving in a horizontal channel;
  • the bulls can still “protect” the level of support in the area 0,3000 USD.

This morning Ripple trading at 0,3223 dollar. For the past day, the cryptocurrency fell by 2.18 percent.

Technical analysis

Note that the above mentioned firm Instimatch Global works very closely with a network of large investors who “can provide a significant amount of liquidity.” In a recent announcement the company said the replacement of a centralized database new development — dApp called R3 Corda Settler.

The scale of the upgrade is impressive because previously centralized resources Instimatch Global has processed over one billion transactions a day. However, while the platform is in early testing so the final release of the product will have to wait.

1-daily chart, unfortunately, there are no speakers that would have to open a potentially profitable trading position. Ripple a few times bounced off the support zone 0,3000 USD, so this level can be considered safe for entry into the market. In other words, open long after the rebound of the line.

Source: TradingView

More conservative traders should wait for retracement zone 0,4000 USD. There is now the nearest resistance level, which keeps the bulls from growth. Not to miss other great deals, be sure to subscribe to our cryptcat.

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