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Ripple (XRP) Price Surges on Positive News Flows, Technicals

Ripple (XRP) Price Surges on Positive News Flows, Technicals

2018-11-06 10:21:00
Nick Cawley, Strategist
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Ripple Price, Charts, Analysis and News

  • Ripple jumps after UAE expansion talk.
  • Charts now look positive but XRP may be overbought in the short-term.

Ripple (XRP) Now the Second-Largest Cryptocurrency

The recent price surge has seen Ripple (XRP) overtake Ethereum (ETH) and become the second-largest cryptocurrency by market capitalization, although the difference is marginal - - $22.133bn to $22.016bn. The rally has been stoked by some positive news flows including news that Ripple plans to expand in the Middle East with a few banks rumoured to be testing Ripple products for cross-border payment platforms. Ripple has also been listed on the Canadian cryptocurrency exchnage, CoinField, and can be traded against 20 other coins and fiat currencies.

Ripple may also be getting more attention after SWIFT, a financial messaging service and cross-border payments comapny, said that it was suspending access for some Iranian banks after the US warned the company that it may be hit with penalties it if did not comply with US-imposed sanctions.

The Ripple chart now looks positive although it may be overbought in the short-term. The orice is back above all three moving averages and is heading abck towards September ‘spikes’ between $0.63 and $0.77. The RSI indicator shows that the market may be stretched and overbought at the moment, but a break and close above $0.625 may see the token push even higher

.

IG Client Sentimentdata show that retail investors are 96.5% net-long of Ripple, a bearish contrarian indicator. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Ripple-bearish contrarian trading bias.

Ripple (XRP) Daily Price Chart (April – November 6, 2018)

Ripple (XRP) Price Surges on Positive News Flows, Technicals

We look at Bitcoin, Ethereum, Ripple and a variety of other cryptocurrencies, at our Weekly Cryptocurrency Webinar every Wednesday.

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account so you can practice trading this volatile asset class.

What’s your opinion on Ripple at the moment? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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