XRP Price Down Over 4% but XRP Found Foothold for Recuperation

4 September 2020

in XRP

Reading Time: 2 mins read

After lengthy falling, on Friday, September 4th, XRP price started to restore but now the coin is trading near $0.2500 USD.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

On D1, XRP demonstrates a correction in an uptrend. The pair is heading for 50.0% Fibo, which means the asset keeps accumulating power for further growth. However, the trading XRP price might still break away 50.0%, so that the aim will move to 38.2% Fibo and the lower border of the ascending channel. On the MACD2, there is a Black Cross forming, indicating a possible continuation of the correction. The histogram has approached zero. These signals together mean that the correction may continue, aiming at $0.2300 USD.

Photo: RoboForex / TradingView

On H4, the picture is similar: the quotations keep correcting in an ascending channel. The aim of the uptrend is the same as on D1 – $0.3010 USD. A breakaway of 61.8% Fibo might mean that a correction is developing, which might bring the price down to 50.0%. The Stochastic has formed a Black Cross almost in the overbought area, which is another signal of the correction deepening. The current scenario still presumes a pullback to $0.2300 USD, a bounce off it, and the continuation of the uptrend.

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[crypto-donation-box]

One of the popular crypto exchanges – Uphold – announced its plan to hold out Spark tokens to XRP users after a flaming discussion of the topic on the Net.

By the plan, the users who on December 12th, 2020 will have XRP coins, will receive the Spark tokens in the proportion of 1:1. In the end, there will be as many Spark tokens as the XRP.

On the whole, the Ripple partner Flare plans to place about 45 billion Spark token during the airdrop. However, Ripple employees and some of its former developers may not receive the tokens. Right after the airdrop was announced, some 5000 XRP holders opened necessary accounts that will later be used for receiving the Spark.

According to Flare, the demand for the Spark in the XRP community turned out much higher than expected in theory.

Disclaimer: Any predictions contained herein are based on the authors’ 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.

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