XRPEUR, GBPJPY Update: In Cryptocurrency news, Ripple (XRP) saw massive declines versus major counterparts including the EUR and the USD on Wednesday. In Forex news, the GBP/JPY pair confirmed below the 4-hour Ichimoku cloud.
XRPEUR Tumbles Towards Ichimoku Cloud
XRPEUR and XRPUSD dropped back towards the upper band of the daily Ichimoku cloud. These types of movements have been seen regularly since the Ripple started trading. Currently, XRP/EUR is supported by the thick Ichimoku cloud at 0.19, while the future cloud is turning bullish. The all-time support rests at the 0.14 level.
XRPEUR Tumbles Towards Ichimoku Cloud – Future Cloud Bullish
XRP’s fall on Tuesday was despite receiving positive comments from some high-profile names in the financial circles, including former Fed Chair Ben Bernanke at Ripple’s Swell conference in Toronto. With this, reaching the all-time high level of 0.35, which was the price of XRP versus EUR on its first day of trading, could take a bit longer than anticipated.
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Ripple’s XRP is the third-largest cryptocurrency by market cap after Bitcoin and Ethereum. However, its value against the EUR and USD has a long way to go before it can reach the other cryptocurrencies’ territory.
GBPJPY Confirmed Below 4-Hour Ichimoku
The GBP/JPY pair confirmed below the 4-hour Ichimoku cloud while still progressing within a longer-term consolidation after it dropped from the one-year high levels earlier in October. The cloud remains incredibly thin, so with more economic data being released from the UK, we could expect this to be the calm before the storm.
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On the Economic Calendar …
The U.K. Jobs Data will be out today during the London session at 8:30 AM.
The claimant count is expected to increase by 3.2K after falling by 2.8K in August. The unemployment rate, on the other hand, is expected to have held steady at 4.3% while the average earnings index likely maintained its 2.1% pace of increase for the three-month period ending in August.
More on the economic calendar is ECB President Draghi’s speech in Frankfurt at 8:10 AM. The U.S. Federal Reserve Releases their Beige Book at 6 PM, and during the next day’s Asian session, Japan’s Merchandise Trade Balance Total (Yen) (SEP) will be out at 11:50 PM GMT.
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