XRP Price Analysis: XRP Consolidating (The Merkle)
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Friday, February 19th, the XRP is consolidating, balancing near 0.5280 USD after a rather volatile week.
On D1, XRP/USD keeps correcting upon sky-rocketing. We suggest that currently, the quotations can break through 61.8% Fibo and go on declining. The aim of the pullback is 0.4495 USD (50.0% Fibo). The MACD histogram is above zero, declining, which is another signal for further correction. Upon testing 50.0% Fibo, the pair might develop ascending dynamics with the aim at 0.7100 USD.
On H4, the quotations are testing 61.8% Fibo. They might break through it and head down for 50.0%. The Stochastic has formed a Black Cross near 80 and keeps declining, giving another signal for a pullback. When the correction is over, the pair might resume growth in the nearest future. The aim of the growth is the same as on the larger TF – 0.7100 USD.
The representatives of Ripple and the US SEC failed to come to an agreement and settle their argument out of court. They could settle their argument out of court until February 15th, however, it has become impossible since then. Anyway, according to the document, if the parties manage to find some common points, they will let the judicial authorities know.
The argument has to do with the SEC accusing Ripple of illegally selling unregistered securities for 1.3 billion USD. The scandal “gained momentum” very quickly: several exchanges excluded the XRP from their list of available assets. went even farther, delisting the XRP and crashing its rate.
There is yet no consensus about whether the listing of the XRP in exchanges was paid and what the company did for its token to get to trades.
Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.