The reasons for the increase in the price of Ripple: the rumors, analysis, technical analysis

The reasons for the increase in the price of Ripple: the rumors, analysis, technical analysis

The price of the third capitalization crypto-currency on Monday rose by 18%. This was mainly due to the rumors that soon the Ripple may appear on Coinbase.

Rumors about this went a long time ago, there was even a special petition, which has collected 24 thousand signatures. In addition, it became known that tomorrow in the program “Fast Money” on CNBC should be CEO of Ripple, brad Garlinghouse, and besides him, COO Coinbase, Asif, Hirji. Maybe it’s just a coincidence. Reliable data on air yet, not even will they appear together or not. Meanwhile, for many traders it has served as a good trait and over the past 24 hours, the XRP price rose to the level of 1.07.

Read also – What are the prospects Ripple according to experts?

Another potential driver of prices is the situation in the South Korean market, where trading volumes for XRP has increased significantly in recent days. Only Bithumb volume increased by approximately 30%.

Due to rumors, the price of XRP may continue to grow for another 24 hours. SHE also speaks in favor of growth rates.

Daily chart

  • XRP formed a base level about 0.86 USD and started to grow, rebounding from the support level formed by the lows between 7 December and 6 February.
  • The relative strength index (RSI) is bullish (above 50.00).
  • The five-day moving average (MA) and 10-day moving average MA point at the top and speak in favor of the bulls.
  • The only factor that speaks in favor of the bears, is a crossing of 50-day 10-day MA.

However, long-term moving averages is often lagging indicators. Thus, XRP seems ready for growth.

Insights

  • XRP will probably close today above $1,04329 and they will signal a bullish breakout. The price may rise up to $1,38 (61.8% Fibonacci retracement) and $ 1,4060 (January 28).
  • On the other hand, closure (according to UTC) below 0,8610 (retracement at 78.6 per cent) will signal a trend change to bearish and a possible drop to $0,5729 (from 6 Feb).
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