Rippleк Friday, November 2, is trading with a slight decrease in tandem with the greenback and is 0,4601 USD, according to Dmitry Gurkovsky, leading analyst at RoboForex.
From the point of view of technical analysis, Ripple completes the correction phase of decline. The correction amounted to 50.0% Fibonacci scale relative to the previous growth momentum. A new upward momentum has allowed the pair to overcome the resistance line of the descending channel and to build channel growth.
Short-term goal upward trend may be the current resistance level of $0,4732. Its breakthrough will open quotes way to further increase the range of post-correction 138,2 extension-161.8% according to Fibonacci ($0,4912-0,5020). Key support is at $0,4263.
Crediantials for Ripple fundamental news worth noting is the rating of the Center for parazitii the information technology industry of China (CCID), where XRP is on the 7th place. In comparison with the first survey, which was released in may of this year, the number of participants it has not changed and amounted to 33 units.
First place in the ranking as well as before, belongs to the EOS, the second – Ethereum. Popular in the market Bitcoin, by the way, has moved to 19th place, while earlier it was on the 16th place. The rating closes cryptocurrency NEM. The main objective of this rating is to assess from a scientific point of view, the levels of development of global public networks and accurately identify the trend.
Another important for Ripple information for company promotion on the market of the Middle East. So, it is assumed that the representation of the Ripple to open in Dubai before the end of this year. It is known that about 200 financial companies engaged in various segments of the market, signed with the Ripple of the cooperation agreement.
For Ripple Dubai is perhaps the Central focus of interest of the region. It is not only by concentration of financially wealthy people, but the prospect of the development of business and technology.
It is assumed that initially, the company will continue to develop in the segment of services for a quick and inexpensive cross-border payments. Dubai, being one of the largest centers of world trade, has long needed to speed up the process of remittances.
In addition, according to a statement by top management that Ripple in the near future intends to develop products that are in demand in small business.
Forecasts financial markets are private opinion of their authors. The current analysis is not a guide to trade. RoboForex is not responsible for the results that can occur when using trade recommendations submitted reviews.