XRP known for its Highly regarded market sentiment and successful integration into Institutions has recently been integrated with Ripplenet into Moneynetint. They provide a host of services, namely cross-border transactions and foreign exchanges, both within the domain of Ripple net.
Bullish momentum the past few days, especially since 12th October starting from the Tether Pump has seen XRP refusing to dip back to September lows of under $0.30. However, resistance in the 0.49 area has been unable to be defeated. This area saw Bulls first accept defeat on the 9th of October, before falling to retest 0.37 and again attempting to flirt with the same area on the 15th of October.
It is well known in the Crypto Market that despite not being given ownership of a Company, we still treat it as that, therefore positive news that come out of the base is treated as positive news for all. Therefore, a Bullish push of Bitcoin above $6500 could see XRP push past $0.49.
- Higher highs over the past three days, this should set to continue.
- A bullish momentum of BTC in which XRP is positively correlated to 0.79% over $6500 could see XRP surpass the resistance level.
- Decreasing volume illustrates that there may be enough volatility to push XRP up, this was the case on the 12th October where it went from $0.378 to $0.425 a 7% move.
- Moving Averages on Renko refusing to allow XRP to fall below it.
- Positive trendline illustrates that it is strong enough to surpass $0.50
- Resistance at $0.50 remains firm, the level has been tested 3 times and unable to surpass it.
- If it does pass $0.50, it will be stopped by the heavy sell side pressure at $0.51
- It may be necessary in order for XRP to surpass $0.50, to retest $0.44 where there are gaps.
- Positive trendline upwards could be seen as a Falling wedge.
Ultimately, as XRP is a coin that Nouvive research has found to heavily respondent to positive media sentiment, it appears that a little push upwards by BTC towards $6500 could see it jump well above 0.54.
A prudent investor could enter buys at $0.45, with a stop loss at $0.44 and a take profit at $0.55.
If you do not want to wait for a retest, another etry could be seen at $0.468, with a take profit at $0.55 and a stop loss at $0.43.
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