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Thread: Ripple Analysis

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    Default Ripple Analysis

    hello user fxopen this thread we can talk about Ripple
    Ripple slid nearly five percent, or $0.08 on Friday, rejoining the widespread cryptocurrency selloff instigated by official clampdown in Asia, especially in South Korea and China, with ripple heading for a second weekly decline after marking record highs on January 4 at $3.317.

    As of 06:56 GMT, ripple slid 4.90% to $1.5100 from the opening of $1.5800, with an intraday low at $1.45477, and a high at $1.69998.

    Ripple's market value has now slid to $152 billion, after falling below $100 billion earlier this week amid reports that South Korea and China are drafting directives to ban trading or investing in them, leading to fears about increased official crackdown.

    Cryptocurrencies lost over $70 billion on Tuesday from their market value, especially after China's central bank deputy governor said authorities should ban centralized cryptocurrency trading to prevent possible destabilization of the local economy.


    Union of Arab Banks' Secretary General Wissam Futoh warned earlier today from cryptocurrency trading without strict official regulations to monitor trading, adding that the Union has just completed a study on the risks and benefits of cryptocurrency on Arab banks under the directives from several Arab governments.



    Futoh said the results of the study will be released later this week, which will provide valuable analysis on the impact on Arab banks as they lack any kind of regulations on these tradings despite increased interest by Arabs in them.


    South Korea is considering a ban on cryptocurrency trading, while China banned mining operations, hitting major centers of both activities.

    Seoul continues to impose fines on users who are unwilling to use their real ID data while trading, and in Beijing, authorities are widening a ban on exchanging and mining cryptocurrencies, while preventing investors inside the country from reaching their trading platforms.

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    Ripple price provided slight positive trades yesterday but it returns to fluctuate around 1.29 level, and as long as the price is below 1.50 level, the bearish trend scenario will remain dominant on the intraday and short term basis, reminding you that our next target reaches 0.67.

    Note that breaching 1.50 will lead the price to start recovery attempts that target 1.68 followed by 1.99 levels as initial main stations.


    Expected trading range for today is between 0.90 support and 1.50 resistance

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    Default

    Ripple price shows slight bearish bias to approach the first key support 1.29, and as we mentioned this morning, the price needs to break this level followed by breaking 1.25 to confirm extending the bearish wave towards 0.67.

    Therefore, we will continue to suggest the bearish trend in the upcoming sessions unless breaching 1.50 level and holding above it.

    Expected trading range for today is between 0.90 support and 1.50 resistance

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    Default

    Ripple price returns to fluctuate around 1.29 level after the decline that it witnessed in the previous sessions, and as long as the price is below 1.50, our bearish overview will remain active for the upcoming period, which targets 1.00 followed by 0.67 after breaking the previous level.



    We should note that breaching 1.50 will stop the current negative pressure and lead the price to return its main bullish track again.



    Expected trading range for today is between 1.00 support and 1.50 resistance

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    Ripple price shows calm negative trades in attempt to move away gradually from 1.29 level, therefore, no change to the bearish trend scenario that depends on holding below 1.50 level, supported by the negative pressure formed, noting that the waited targets begin at 1.00 and extend to 0.67 after breaking the previous level.

    Expected trading range for today is between 0.90 support and 1.50 resistance

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    Ripple price provided clear trades on yesterday’s evening to approach our first waited target at 1.00$ barrier, a continues to push negatively on the price, while stochastic loses its positive momentum clearly to reach the overbought areas.

    Therefore, these factors encourage us to continue suggesting the bearish trend in the upcoming sessions, noting that breaking 1.00 will push the price towards 0.67, while the expected decline will remain valid unless breaching 1.50 and holding above it.

    Expected trading range for today is between 0.90 support and 1.30 resistance

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    Ripple fell nearly one percent on Wednesday to the lowest since January 17 after South Korean finance minister warned ahead of the Parliament from widespread cryptocurrency trading in South Korea, the third largest market for them in the world, while asserting there are no current plans to ban their trading.



    As of 06:19 GMT, ripple fell 0.60% to $1.10730 from the opening of $1.1142, with a two-week low at $1.0234, and a high at $1.15280.


    Ripple's market value has fallen to $109 billion, after falling below $100 billion last week when it hit December 24 lows at $0.87 amid a heavy cryptocurrency selloff.

    The South Korean government announced deepening of its stringent position towards cryptocurrencies, with an intention to impose a 24.2% tax on them, putting further pressure on virtual trading.

    Bank of France Governor warned on Tuesday of cryptocurrencies, describing them as mere trading tools, and calling for the Group of 20 to study this issue more broadly.


    Deutsche Bank warned from hacking risks and high volatility in cryptocurrency trading, while calling for more regularity and organization through official exchange centers.


    UK Prime Minister Theresa May said in Davos that Britain will look into imposing similar restrictions on bitcoin trading, amid increased concerns over its use for illegal and money laundering operations.

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    Default

    Ripple price resumes its negative trading clearly to approach our main waited target at 0.67, which supports the continuation of our bearish overview in the upcoming sessions, supported by the negative pressure besides the negative signal provided by stochastic now.



    It is important to monitor the price behavior when reaching the targeted level, as breaking it will extend Ripple price losses to reach 0.39 as a next main station, while the expected decline will remain valid unless breaching 1.30 followed by 1.42 levels and holding above them.



    Expected trading range for today is between 0.60 support and 1.00 resistance

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    Ripple price succeeded to touch our main waited target at 0.67 and showed some positive trades from there, noticing the weak bullish momentum, as the price found solid resistance at 1.00$ barrier, to rebound bearishly again, which hints that the way is open to achieve more decline in the upcoming period, especially that stochastic provides clear negative signals now.



    Therefore, the bearish trend will remain expected for today, and breaking 0.67 will extend Ripple price losses to reach 0.39 as a next target, taking into consideration that the negative scenario will remain dominant unless breaching 1.30 followed by 1.40 levels and hold above them.



    Expected trading range for today is between 0.50 support and 1.00 resistance

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    Ripple price achieved clear breach to the bearish channel’s resistance that appears on the chart and settled above it, which supports the chances of achieving some gains in the upcoming period, to head towards testing the most important resistance for the short term trades at 1.35.

    Therefore, the bullish trend will be suggested for today supported by the EMA50, unless we witnessed clear break to 0.89 level and holding with a daily close below it.

    Expected trading range for today is between 0.89 support and 1.35 resistance

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    Ethereum price provides some negative trades, affected by stochastic negativity, waiting to get enough positive momentum to push the price to continue rising in the upcoming period, as the bullish trend scenario still active as long as the price remains stable above 848.14, waiting to breach 958.16 to confirm opening the way to head towards 1068.17 that represents our next main target.



    Expected trading range for today is between 870.00 support and 1000.00 resistance

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    Ripple price shows some slight bullish bias that hints the attempt to resume the expected bullish trend for the upcoming period, to keep the positive scenario active conditioned by holding above 0.89 level, reminding you that our main waited target is represented by testing 1.35.



    Expected trading range for today is between 0.89 support and 1.35 resistance

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    The tight range continues to dominate Ripple price trades as appears on the above chart, thus, no change to the bullish trend scenario that depends on the price stability above 0.89 level, noting that stochastic shows oversold signals now, waiting to motivate the price to resume the bullish trend that targets testing 1.35 level mainly.



    Expected trading range for today is between 0.89 support and 1.35 resistance

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    Ripple price resumes its negative trading calmly, on its way towards our first waited target at 0.89, to keep the bearish trend scenario active for the upcoming period, depending on the stability below 1.10 level, noting that breaking the targeted level will extend the bearish wave to reach 0.60 as a next station.



    Expected trading range for today is between 0.80 support and 1.10 resistance

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    Ripple price surpassed yesterday’s mentioned pennant flag’s resistance to settle above 0.90 level, affected by stochastic positivity now, but it’s still below the initial resistance at 0.98, which keeps the negative scenario valid until now, noting that breaching the mentioned level will push the price to test the most important resistance for the short term trades at 1.07.



    The price needs to break 0.90 level to confirm the return to the bearish track that its main targets begin at 0.82 and extend to 0.72, to keep the negative scenario active for today, conditioned by the price stability below 0.98.



    Expected trading range for today is between 0.82 support and 1.00 resistance

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