2018-10-24 17:04 |
Ripple’s digital currency XRP was on a downward spiral at the start of this month. The downward spiral was catalyzed by a bearish divergence which took place between price and RSI. The bearish divergence resulted in price forming higher highs while RSI formed a lower high, indicating that price continued to increase despite buying pressure falling back.
The decline which took place after this bearish divergence saw price reach a low of near $0.28. It has since started its recovery and is currently trading at $0.46. The recovery took place around the time that 0x Project was listed to Coinbase Pro. Since the listing, many projects have been reevaluated in price to reflect their chances of listing to Coinbase. A listing to Coinbase typically results in significant appreciations as new routes for capital investment into the project are opened. This is known as the Coinbase Effect.
XRP Appreciates Since Coinbase Listing. XRP Daily Chart – Source: Tradingview.comPrice underwent a recent appreciation after meeting support at the daily 50 EMA. The appreciation saw a price increase from $0.43 to approximately $0.46. This shows that investors are not yet willing to accept valuations from XRP below the daily 50 EMA and many may be holding hopes for a listing to Coinbase Pro. The spike saw price reach a high of around $0.475. The volume in the price action of XRP has dropped back down with price consolidating around $0.46.
XRP Hourly Chart – Source: Tradingview.com Key Takeaways: XRP was on a downward spiral at the start of the month which saw it price a low of $0.28. The downward spiral was catalyzed by a bearish divergence which formed on the chart. XRP has started to appreciate since the listing of 0x Project to Coinbase Pro. Many projects are being reassessed by investors to reflect their chances of being listed to Coinbase Pro. Current support is coming into play at the daily 50 EMA showing investors are not yet willing to accept valuations below this point. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Ripple XRP Price Recovers Since 0x Project [ZRX] Listing was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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