Ripple, XRP Update: Ripple and Bitcoin started the week on a strong bullish sentiment while NEO lost ground and Ethereum continued its consolidation.
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XRP Tests Above Key Pivot
XRP/USD tested above the key resistance and 50% Fibonacci retracement level of 0.2591 above the daily Ichimoku cloud with all the other Ichimoku moving averages turned up. It is Columbus day holiday in the US so the majority of Cryptocurrency movements are independent of the US dollar.
XRP Daily Chart
Ripple’s strength could be due to the growing excitement over the “Swell” conference in Canada on Oct. 16, 2017. After September drops, the first XRP spark occurred a day after Ripple’s CEO, Brad Garlinghouse, answered questions on an online forum, Quora, hinting at a major announcement when the company hosts its first annual conference later this month. Should the bullish market sentiment continue, we could see XRP reaching the next resistance levels falling on the 61% and 78% Fibonacci retracement levels, at 0.2887 and 0.3257 respectively.
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Forex Update – British Pound may slide further due to political concerns
The British Pound looks set to slide further in the days ahead on political concerns, the Brexit impasse, and weak data. The GBP/USD pair is approaching the pivot and 38% Fibonacci level of 1.30, while on the daily Ichimoku Kinko Hyo, the Kijun line has crossed below the Tenkan line.
We have a quiet economic calendar during the London session today, with the German Industrial Production at 6 AM GMT being the main data. It’s Columbus Day holiday in the US so we are not expecting major USD moves across the board during the New York session unless we have yet another political turmoil from the Trump administration. During the next day’s Asian session, Japan’s Trade Balance will be out at 11:50 PM GMT.