Ripple’s XRP has dropped back to a key support level after its good run in September. XRP rose up to $0.79 on September 21st when Ripple’s CEO announced three companies are now making commercial use of the digital asset and Ripple’s xRapid product. However, once the market participant started profit-taking, Ripple’s price went stumbling down to a key support level at around $0.48. Now we may have more reason to be optimistic about Ripple’s XRP’s future performance.
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XRP/USD Technical Analysis
After forming a Double Top bearish reversal chart pattern that I observed last week, XRP/USD has been ranging right above the pattern’s neckline in the past few days. Its attempts to break above $0.60 end of September has failed. Looking at the bright side, on the other hand, this level is way above Ripple’s previous consolidation level at around $0.25. Almost double. Furthermore, the price has broken above the daily Ichimoku cloud. The future cloud appears bullish.
So what does the future hold for Ripple? From a long-term perspective, it’s still too soon to take profit in my opinion, and may very well reach and surpass current resistance levels which are set at $0.68, $0.79, and $0.93. Here’s why.
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Ripple to Exhibit at Swift Sibos 2018 Event
Looking at the fundamentals, Ripple is making itself very visible in one of the world’s largest fintech events, the Swift Sibos conference in October 2018. The word among market participants is that Ripple may make even bigger announcements at Sibos as it showcases its RippleNet product. The official Sibos announcement describes Ripple as “one frictionless experience to send money globally using the power of blockchain”. Sibos 2018 takes place at ICC Sydney from the 22nd to 25th of October.
Now I’d like to hear from you. What do you think about XRP’s future? How bullish or bearish are you on the cryptocurrency? Let me know in the comments, and subscribe to get more updates! As the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.
Don’t forget to complete your risk management due-diligence before developing your investment strategy.