The reasons for the increase in the price of Ripple: the rumors, analysis, technical analysis
The price of the third capitalization crypto-currency on Monday rose by 18%. This was largely due to rumors that Ripple might soon appear on Coinbase.
Rumors about this went on for a long time, even a special petition was created, which collected 24 thousand signatures. In addition to all this, it became known that tomorrow the General Director of Ripple, brad Garlinghouse, and besides him, COO Coinbase Asif Hirji, will appear on CNBC channel. Maybe it’s just a coincidence. There is no reliable data about the air yet, even it is not clear whether they will appear together or not. Meanwhile, for many traders this has already served as a good sign and over the past 24 hours the price of XRP rose to 1.07.
Read also – what are Ripple’s prospects according to experts?
Another potential driver of the price is the situation in the South Korean market, where the volume of trading on XRP has increased significantly over the past day. Only Bithumb volume increased by about 30%.
Thanks to rumors, the price of XRP can continue to rise for another 24 hours. SHE also speaks in favor of price growth.
- XRP formed a base near the level of 0.86 US dollars and began to grow from the level of support formed by the lows of December 7 and February 6.
- The relative strength index (RSI) is bullish (above 50.00).
- The five-day moving average (MA) and the 10-day mA moving average point at the top and speak in favor of bulls.
- The only factor that speaks in favor of bears is the intersection of a 50 – day 10-day MA.
- However, long – term moving averages are often lagging. Thus, XRP looks ready for growth.
- XRP is likely to close today above $1,04329 and it will signal a bullish breakout. The price may rise up to $1.38 (61.8% Fibonacci correction) and $ 1.4060 (January 28).
- On the other hand, closing (according to UTC) below 0.8610 (Fibonacci correction by 78.6%) will signal a change in the bearish trend and a possible drop to $0.5729 (at least February 6).