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CMC to add XRP for Trading: $0.79 on Track


CMC, one of the largest Capital Markets Brokers have enabled Spread-Betting and CFD trading for Ripple, better known and traded as XRP. This allows an additional 11 Million users to trade XRP.

What does this mean for technical Analysis 

Bullish Bias:

  • The bulls have positive momentum in their favour – especially considering there will be an increase of positive fundamental news in the next few weeks.
  • Increased buy-side support especially considering it is constantly breaking resistance levels.
  • RSI Stochastic is unable to cross-over despite being over-brought – it is believed by Nouvive Research that RSI Stochastic will not work in the next coming weeks.
  • It is believed that considering its positive momentum it will break the current resistance that is $0.53 – if that happens – $0.62 is next on the cards with $0.79 occurring thereafter.
  • Currently on the higher time frames using the $0.53 as support – INCREASINGLY BULLISH

Bearish Bias: 

  • The XRP run will be stopped at some point.
  • RSI Stochastic is illustrating over-brought
  • If it is unable to break through the $0.53 resistance level – this will show a double top and it will fall past $0.42.

Nouvive Re-Forecasts XRP, awarding it a BUY at current levels to $0.79

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