Ripple Is x1000 Faster and Cheaper Than Bitcoin
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On Monday, 17th of September, head of regulatory relations for Asia-Pacific and the Middle East at Ripple made a statement. He talked about the huge progress that is being made on the xRapid product, which should help banks to make transactions much faster with the XRP cryptocurrency.
The Ripple price action at that time was very sluggish and it stagnated near the 4k satoshis support for just over a month, from 14th of August up until the 18th of September.
XRP has found strong support at 4k satoshis, forming a double bottom as well as the bullish divergence on the RSI oscillator. After the announcement about the xRapid product, price has jumped almost immediately, resulting in 165% growth over the 4-day period.
XRP/BTC jumped from 4k area, up to 11k satoshis, although failed to close above 8.5k satoshis key resistance area. The resistance is confirmed by 23.6% Fibonacci retracement level together with the Volume Profile indicator.
All-in-all, while the resistance is holding price is likely to consolidate between key support and resistance levels.
Support levels:
- 6.9k satoshis
- 5.6k satoshis
- 4k satoshis (key support)
Resistance levels:
- 8.5k satoshis (key resistance)
- 11.2k satoshis
- 15.7k satoshis
In the near-term future, price action should provide more insight on further direction of the Ripple. Daily Break and close above the 8.5k satoshis resistance might send price up to 11.2k or even 15.7k satoshis resistance level. But on the downside, while the 8.5k resistance is holding, XRP might re-test 7k area and if broken go back down, to the 4k support. Watching RSI oscillator could also help to determine whether XRP will decline or not, as break below the uptrend trendline, could be the first sign of the downtrend continuation.
This could be an exciting time for Ripple and I’d like to see your comments and ideas.
Comment: Ripple approaching the support, watch it!
Disclaimer: This report is originally posted on TradingView and is for educational and informational purpose only. This post does not constitute an endorsement, recommendation, or offer to sell. Please be guided accordingly.
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I have used ripple recently and it is really fast and cheaper.
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