HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

XRP Price Analysis for November 22th – XRP Decline Won’t Stop

Altcoins 2019/11/22 13:59 by Dmitriy Gurkovskiy
XRP price analysis

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

On Friday, November 22nd, the XRP keeps declining, trading at the minimum since September 30th — $0.2395.

On H4, XRP/USD demonstrates the development of a downtrend after a test of the long-term resistance level. The aim of the current trend is the fractal minimum of $0.2100. We should especially note the dynamics of the MACD which is forming a convergence. In our case, it signifies a slow-down of the trend and a decline to the target level. Speaking about a pullback, it should be signaled by a breakout of the resistance line, which is currently at $0.2495. The breakout of the resistance line may let the quotations rise to the broken support line which has become the mid-term resistance level. The aim is at $0.2868.

XRP price analysis

On H1 of the chart and the Stochastic, there is a convergence forming, which again signals a pullback. Meanwhile, its too early to say that the impulse for a decline has subsided. The local goal of the decline is at the support line near $0.2200.

XRP price analysis

According to some sources, about 2.2 billion XRP tokens that were not meant for selling may get to the market. If this happens, the XRP rate will fall more than significantly.

In an investigation open to the public, it is mentioned that Ripple somehow manages to hide a huge number of tokens blocked according to long-term agreements. The authors think that such actions are not entirely legal or right, as if Ripple were securing the coin from slumping, keeping those tokens. But if and when the constraints fall, the price of the token will shrink.

Also, the investigation reveals that at some moments Ripple used the fund as a tax haven for affiliate companies. At the same time, the company does not give anything for real charity.

These statements are hard to check, they require detailed analysis of all the nuances. However, even now the information can seriously damage the business reputation of Ripple and the price of the token.

Disclaimer: Any predictions contained herein are based on the authors’ 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.

The post XRP Price Analysis for November 22th – XRP Decline Won’t Stop appeared first on The Merkle Hash.

0 Like(s)



You should also read...

Altcoins 10/04/20 07:48 by Aayush Jindal
Ripple (XRP) Signaling Bearish Breakdown But Can Bears Gain Control?
Ripple is showing a few bearish signs below the $0.1980 resistance against the US Dollar. XRP price could start a strong decline if it breaks the $0.1900 support area. Ripple price is still strugglin...
Read More
Altcoins 08/05/20 07:58 by Aayush Jindal
Ripple (XRP) Trading Near Make-or-Break Levels: Can Bulls Save the Day?
Ripple is trading in a broad range above the $0.2100 support against the US Dollar. XRP declined below a key support versus bitcoin and it is now at a risk of a sharp decline vs USD. Ripple is facing...
Read More
Altcoins 14/05/20 07:58 by Aayush Jindal
Ripple (XRP) Follows Bitcoin’s Rise But $0.21 Shows Bearish Case Remains Intact
Ripple traded higher and broke the $0.2000 resistance following bitcoin price rise against the US Dollar. However, XRP is still facing many hurdles near $0.2100 and $0.2200. Ripple is trading higher ...
Read More
Altcoins 01/06/20 23:00 by Cole Petersen
Ripple Unlocks 500 Million XRP as Analysts Point to Immense Weakness
XRP has been trapped around $0.20 for the past several weeks, caught within a strikingly firm consolidation channel that has given it little room to make any notable movements. This has made its trend...
Read More
Altcoins 15/06/20 07:28 by Aayush Jindal
Ripple (XRP) Showing Signs of Weakness: Here’s Why It Could Tumble Below $0.18
Ripple failed to recover above the $0.1950 resistance and started a fresh decline against the US Dollar. XRP price is likely to accelerate lower below $0.1840 and $0.1800 in the near term. Ripple was...
Read More