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XRP Price & Technical Analysis: XRP Found Foothold for Recuperation

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After lengthy falling, on Friday, September 4th, the XRP is restoring, trading near $0.2500 USD.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

On D1, the Ripple 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 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.

Photo: RoboForex / TradingView 

One of the popular cryptoexchanges – 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.

Altcoin News, Cryptocurrency news, Guest Posts, News

Kseniia Klichova
Author: Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.



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Algorand (ALGO) price strengthens as institutional investors back the project

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Consolidation periods tend to follow strong rallies but they also present a good opportunity to survey the field and evaluate projects that have strong fundamentals.

One project that continues to gain traction in terms of price recovery and network adoption is Algorand (ALGO), a pure proof-of-stake (POS) blockchain network that has secured new partnerships and real-world use case applications, as well as support from multi-million-dollar funds in recent weeks.

Big funds invest in Algorand-based projects

Raising funds is one of the biggest challenges many projects face and in the last month the Algorand network announced that Arrington Capital, a digital asset manager, had pledged $100 million in funding meant to help accelerate additional development across all facets of the smart contract platform.

This development came on the heels of the June 2 announcement that Borderless Capital, a venture capital firm, had created a $25 million fund aimed at supporting Miami-based blockchain startups developing digital payment solutions on the Algorand network.

Related: Exodus Wallet raises almost $60M in crypto in regulated offering

New partnerships lure investors

A scroll through the Algorand Foundation Twitter feed shows a growing list of cryptocurrency projects across a variety of sectors that have joined up as part of the Algorand community to take advantage of the low fee, POS environment.

The nonfungible token (NFT) sector is showing some interest in the network following a partnership with Curate that will allow for the minting of NFTs as well as the release of a bridge by Curvegrid that will allow businesses to build NFT and blockchain technology into their business and consumer mobile applications.

Other recent examples of adoption include a partnership with the Bermuda-based MAPay healthcare payment solution, which will host its payment solution on Algorand blockchain in an effort to improve efficiency and reduce healthcare costs, as well as a partnership with Xfinite and Eros Now to create a blockchain-based content engagement platform for the 224 million registered users of Eros Now.

These new partnerships come after a busy year for the network which also included the integration of USD Coin (USDC) and Tether (USDT), the two largest stablecoins in the cryptocurrency ecosystem. 

The growing list of network partnerships and investments from players in traditional finance suggests that ALGO is well-positioned to see future growth as the blockchain sector sees continued adoption and the crypto market recovers from it recent sharp correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.