After rising to 75,420 satoshis last week, the XRP price has been on a constant decline against the BTC price on cryptocurrency exchange Cryptsy.
According to the 4H chart above, XRP/BTC seems to be tangled in a heavy selling area right above the oversold threshold indicated by the lower Bollinger Band. Meanwhile, the RSI value is also trending in a bearish bias.
However, over the last 24 hours, XRP value seems to have been displaying some movement north — probably a price correction after falling inside the oversold area. But the longevity of this reversal in forthcoming days could be known only if it manages to break above the next resistance around 58,750.
If the price manages to cross above the aforesaid level, the next upside risk will be towards 64,510. This is the same point from where price could fall back towards the prevailing support line at 53,600, maybe to start another rally.
Fundamental Aspects of XRP Trades
Ripple Labs, the company backing the XRP coins, was recently surrounded with too many optimistic events. First, the radio interview of company’s chief cryptographer David Schwartz was well-received by the cryptocurrency community. Many listeners accepted that they had wrong notions about Ripple Labs until they listened to Schwartz explaining the company’s aim in plain English.
Meanwhile, Ripple Labs also announced that they would join W3C Web Payment Interest Group in order to standardize their upcoming internet for money exchange globally.
The aforesaid events are likely to add more confidence among corporates and businesses that use Ripple protocol as a mean of transferring funds across borders. This certainly put XRP in the spotlight. For the long term, XRP seems to be a promising investment.
Disclaimer: Cryptocurrency investment are risky and prone to volatility. NewsBTC.com won’t be responsible of any losses traders face after following the above analysis.