Digital Currency Revolution Series: XRP/USD’s Upside Traction on Frequent Formations of Hammers

XRPUSD (at Coinbase) minor trend has been spiking through uptrend line (refer daily plotting), while hammer candles 0.2679 and 0.2930 levels.

These hammer patterns have taken-off the rallies above 7 & 21-SMAs.

Both leading & lagging indicators are bullish bias, RSI and Stochastic curves are indicating strength and the buying momentum in these rallies.

While MACD has surpassed equilibrium level with bullish crossover to indicate the uptrend to prolong further.

On a broader perspective, although major trend of XRP (at Bitfinex) appears to be bearish, the consolidating phase has been convincingly built in upon frequent hammer formations on weekly plotting.

Hammers have occurred at strong support zone of 0.24706 areas (refer circular areas on this plotting for hammer patterns candles). 

The current price jumps above 7-EMAs and attempting breakout above 21-EMAs, in that case, more rallies are certain as bullish momentum is confirmed by the leading oscillators.

Both RSI and Stochastic curves show clear upward convergence to the ongoing buying interests. While trend indicators are yet to substantiate the uptrend.

Fundamentally, Ripple has been popular among the banking community as its edge to transact overseas payments swiftly and efficiently is perceived as a competitive advantage.

‘Ripple’ is all set to host two days of its annual conclave in Singapore with a typically impressive list of keynote speakers in the target subjects of ‘Blockchain and Digital Currencies’. The event is scheduled on November 7th and 8th, that is expected to bring together the world’s most renowned and trusted voices across the gamuts of financial services, payments, technology and policymaking to share the reality of what’s unfolding in the global payments today and why it matters.

The price of XRP considerably surged 14.75% last month, and WoW basis 2.54%, historically, it has enjoyed bullish speculation around Swell conference dates. Very recently, the US Congressman from the Republican party, Ted Budd of North Carolina, called XRP an ‘actual cryptocurrency’ together with BTC and ETH, naming them in the order of the market cap value. 

Hence, contemplating all these factors, we reckon XRP has got many reasons to spike in the days to come. It is good to accumulate XRPUSD for the short term upside target up to 0.3050 (spot reference: 0.3000), maintain a strict stop loss 0.2993 levels.