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XRP USD Breaks Below Daily Ichimoku Cloud – Ripple Update


Sep.17.2017

XRP USD Breaks Below Daily Ichimoku Cloud: Ripple, one of the newest of the cryptocurrencies has crossed below the daily Ichimoku cloud as it trades against the USD. 

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Technical Points: XRP USD Breaks Below Daily Ichimoku Cloud

The young cryptocurrency has confirmed three bearish signals as traded versus the USD  in the  Ichimoku Kynko Hyo’s daily setup. We had the first signal when the Kijun line broke below the Tenkan line on September 10th. With XRP/USD and the Chiko span breaking below the daily Ichimoku cloud, one could conclude that the pair is bounded towards the all-time low level of 0.14.

XRP USD Breaks Below Daily Ichimoku Cloud XRP USD Breaks Below Daily Ichimoku Cloud

 

Fundamental Points

Cryptocurrencies including Bitcoin, Etherum, and Ripple, mostly consolidated on Friday as traders and miners alike digested the range of negative coverage in the blockchain industry in the past few weeks. Japan has once again become the largest Bitcoin exchange market with 50.75 percent market share of the global Bitcoin exchange market, with many key Japanese stores accepting Bitcoin in exchange for goods. Meanwhile, in the US, Miami’s real estate industry has opened up to accepting Bitcoin for some million dollar properties, which certainly puts the cryptocurrency back on the map.

 

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Meanwhile, R3 Holdco LLC – the operating company behind leading US-based blockchain consortium R3CEV – is suing Ripple. Ripple is the development company of the fourth-largest blockchain network in the world with a US$8 billion market cap. The lawsuit has been filed over R3’s previous agreement to purchase Ripple’s native token XRP at a fixed rate over a specified period of time.

On the other hand, Ripple and Hyperledger might soon get a chance to reunite, following an early promise by Ripple to contribute code to the Hyperledger blockchain consortium's open-source repository.  The two organizations parted ways over differing opinions on blockchain design. Whereas Hyperledger's members largely focused on private blockchains that required permission to join, Ripple instead created hybrid technology featuring a cryptocurrency more reminiscent of a public blockchain.

With this, we might see the XRP USD pair bottom out at 0.14 once Ripple finds a more solid ground in the cryptocurrency market.

Disclaimer (1): As 4th point of the IDDA, you must calculate your risk tolerance before deciding on which trading strategy is suitable for your portfolio. We normally do not recommend trading without three or more confirmation of a specific direction from technical, fundamental and market sentiment points of view.

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Combining all points of the IDDA, here are Invest Diva's calculations for important approximate levels to keep an eye on:

Support Levels Turning Point Resistance Levels
0.14 0.18  0.26
0.16 0.22 0.28

Related:

- BTCJPY Confirms First Ichimoku-Based Bearish Signal.

- What Levels Could BTC/USD Pullback To?

- Litecoin Hits All Time High Versus USD.

ETH/JPY Higher as Mark Cuban Launches Ethereum-Based Mercury Protocol.

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