Cryptocurrency Ripple on Thursday, November 8, continues on the eve of the decline and is trading at $0,5169, reports DMITRI Gurkovsky, leading analyst at RoboForex.
If we consider the dynamics of the Ripple from the point of view of technical analysis, the first thing worth noting is the continued development of the medium-term trend growth. The last pulse rising dynamics has reached the resistance line of the channel current, which in turn stopped the growth and caused the formation of the correctional downward trend.
To date downtrend has corrected the recent growth momentum on the 50.0% Fibonacci scale. But the main purpose of lowering may be the support line total corridor – $0,4750. However, in the case of overcoming the current resistance at $0,5235 expect the development of the next growth momentum to around $0,5680.
Fundamental news associated with Ripple are recently mixed. So, Ripple will not cooperate with the payment system Swift. As reported a press-the Secretary of the company, the rumors, walking on the market lately are not related to the actual state of Affairs. November is the process for updating the standards in the Protocol did not correlate with the system RippleNet. As reported, the main task of updating the Swift is to provide all the payment tracking link. This will allow the banks to track payments in real-time.
We are talking about the Swift platform GPI, which is an updated version of the payment system. Apparently, amid the promotion of this platform and there are rumors that the technology xRapid can be integrated into this system. In addition, Ripple has previously attended the Swift Sibos conference, and that, too, could play in supporting the creation of such rumors.
It is possible to speculate that the integration xRapid could solve a large number of tasks for Swift due to the progressive technology that has repeatedly proven itself. However, apparently, part of the global players are still not ready for the rapid spread of progress and technology.
Some support XRP has information about the platform CoinField Exchange where the underlying cryptocurrency is a token Ripple. The platform begins to operate simultaneously in 61 countries, which increases the accessibility of Ripple for investors.
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.