Cryptocurrency Ripple on Friday, October 5, returned to decrease. In the first half of the day the bids are about $0,5202 (1.6 million%), according to Dmitry Gurkovsky, senior analyst at RoboForex.
If you assess the current technical picture of the Ripple on 4-hour chart, it can be characterized as a correction relative to the previous growth momentum. The descending dynamics of the adjusted upward movement of more than 61.8% according to Fibonacci scale. The subsequent growth momentum helped to formulate a new fractal high, which makes it possible to outline the relevant corridor of the correction corridor. Current resistance level stands at $0,6100.
Locally there is a development of the down trend to the lower boundary of the corrective channel to the level of $0,4185, but also as the goal of reducing the need to consider the level of 76.0 per cent ($0,3890)..
1-hour timeframe Ripple demonstrates the development of the down-trend within a stable corridor. A new impulse reduction may be directed to the support lines – to the level of $0,4500, after reaching which, we can expect a pullback to around $0,4885. The current resistance level of $0,5300 is a major local barrier to the development of growth momentum. A break of that level would signal growth to the main resistance – $0,6100.
Among fundamental news interesting Ripple, you should pay attention to the app launch MoneyTap a consortium of Japanese banks SBI Ripple Asia. Customers of these financial institutions – Sumishin Net Bank, Suruga Bank, and Resona Bank, – get access to the payment application on the basis XCurrent from Ripple. It made the most mobile at the initial stage of the presentation is available for iOS and Android and allows you to transfer funds very simple. This requires only the identification number of the transaction or the corresponding QR code. Users MoneyTap will not spend funds for the payment of a fee and will be able to conduct transactions around the clock.
The system seems safe: to open the payment application, will be required to scan a fingerprint.
You should pay attention that the field has developed separately from bitcoin and other cryptocurrencies: the system does not support payments using virtual currency and token. The app only uses blockchain technology to process transactions linked to Bank and other financial institutions.
At the same time, it should be noted that the positive impact of the launch of MoneyTap for Ripple may occur in the long term. The wider will be submitted to the company in the financial markets one way or another, the more successful it can be a promotion token XRP further. Locally the relationship between the appearance of this news and market the rise of prices on Ripple, observed earlier, no.
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.