XRP Price Analysis for June 5th – XRP Lost Its Way

By Dmitriy Gurkovskiy, author at RoboForex Blog

By Friday, June 5th, the activity of the XRP has fallen almost to zero. The cryptocurrency stands still, trading at 0.2042 USD.

On D1, the Ripple technical picture looks typical for most cryptocurrencies. The pair keeps testing the lower border of the ascending channel, trading above 38.2% Fibo. At this stage, it may mean that the pair is accumulating power for the development of ascending dynamics. On the MACD, the pair keeps working off a Golden Cross; the histogram remains in the positive area. These signals mean further growth. The aim is presently at 61.8% Fibo or 0.2312 USD.

On H4, the picture is similar. The quotations keep trading near the lower border of the ascending channel, between 38.2% and 50% Fibo. The aim of possible growth is the same as on D1 – 0.2312 USD. The Stochastic has formed a Black Cross near the overbought level, which may signal an upcoming correction. All in all, further growth of the XRP looks much more probable than falling to 0.1704 USD.

A large transaction sized 700 million XRP was noticed in the Ripple network. It is known that the coins came from the Bithumb exchange and settled down in an anonymous wallet. In the market, they say that the wallet might have been created by the South-Korean exchange itself, so the transaction may be interpreted as operation inside the company.

Bithumb paid 0.00001 XRP as a commission fee for the transaction. It is a tiny sum compared to commission fees in the world of fiat money.

By the way, on June 1st, Ripple started its defrost program and poured 1 billion XRP in the market.

The market pays substantial attention to the XRP. For example, users actively discuss a twit by the technical director of Ripple David Schwartz, in which he refuted the rumors about launching a new coin. The rumors spoke about a stablecoin that would replace the XRP and become a stable digital currency. Schwartz commented that Ripple was still interested in its cryptocurrency and the coins based on the XRP.

Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.