2020-11-7 18:38 |
Ripple (XRP) price has failed to stay above $0.26 which is likely to invite more selling pressure in the coming week.
Fundamental analysis: XRP volume soared by more than 100% in Q3Ripple posted its Q3 report in which it said the average daily XRP volume surged by over 100% to $403.58 million from $196.28 million in the second quarter, indicating a substantial spike in network usage and the increasing adoption of its On-Demand Liquidity (ODL) payment solution.
Furthermore, Ripple reported total XRP sales of $35.84 million, over 10% more than $32.55 million. The company said it’s entirely concentrated on over-the-counter (OTC) sales and leases as part of offering enough liquidity to particular ODL customers.
Ripple issued around 3 billion XRP for sale in the third quarter, of which 2.4 billion XRP have found their way back to the deposit account. Ripple decided to freeze 55 billion XRP in an escrow account back in December 2017 and issue 1 billion XRP for sale every month.
The crypto community has voiced their concerns regarding this measure a couple of times in the past as they believe this is one of the reasons behind XRP’s average performance, but Brad Garlinghouse, CEO of Ripple as well as a few other officials said that Ripple doesn’t hold the power over the price of XRP.
The company also introduced a new service Line of Credit, which allows RippleNet users to raise money on demand. In other words, the users will be able to quickly raise capital in the form of XRP. Line of Credit is still in its beta phase and has been provided only to particular ODL customers.
In order to facilitate stable market growth, Ripple has bought back large amounts of XRP, a measure which Ripple claims has triggered market growth and adaptation.
Technical analysis: XRP fails at resistanceXRP/USD price is trading about 1.5% lower today despite a huge push higher from Ripple buyers earlier today to print a fresh 2-month high above the $0.26 mark. This area hosts a key resistance zone in the short-term, consisting of the 200-DMA and horizontal resistance.
XRP/USD daily chart (TradingView)A big bearish daily candle that is in the making is likely to make XRP more vulnerable in the short-term. A rotation lower is likely to follow if XRP/USD closes near current levels as $0.2480 offers nearby support.
SummaryRipple said its average daily XRP volume surged by over 100% in the third quarter, while total XRP revenue excluding purchases stood at $35.85 million for the last quarter, up 10%.
The post Ripple (XRP) price at risk of rotating lower in November appeared first on Invezz.
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