Breaking News

Chart Of The Day: Ripple's New Partnership Drives An Upside Bounce

By Investing.com (Pinchas Cohen)CryptocurrencyFeb 12, 2018 10:01

ca.investing.com/analysis/chart-of-the-day-ripples-new-partnership-drives-an-upside-bounce-200196693

By Investing.com (Pinchas Cohen) | Feb 12, 2018 10:01

Saved. See Saved Items.

This article has already been saved in your Saved Items

BTC/USD

-0.59%

Add to/Remove from a Portfolio

ETH/USD

-2.96%

Add to/Remove from a Portfolio

XRP/USD

+0.41%

Add to/Remove from a Portfolio

BCH/USD

-44.11%

Add to/Remove from a Portfolio

As opposed to Bitcoin, Bitcoin Cash and Ethereum (which are all in downtrends), Ripple may have bottomed.

Ripple has been snubbed of late, criticized for the lack of uptake on the alt-currency since only a small number of financial institutions are willing to use the third-most popular cryptocurrency.

However, a partnership with UAE Exchange has put the bounce back in Ripple's prospects. UAE is among the largest money transfer agencies in the Middle East. It claims 6.75 percent of the market share of the $575 billion global money transfer business. And it has ambitions to build its market share up to 10 percent. To that end UAE has announced that it will be adopting Ripple for its cross-border payments. According to Arabian Business, "this makes it the larges UAE-based exchange to incorporate blockchain technology into its daily operations."

This bold partnership with Ripple is a win-win, for both the cryptocurrency and UAE. It demonstrates UAE billionaire owner Bavaguthu Shetty’s seriousness about his market stake ambitions.

XRP/USD Daily Chart

The price of the alt-coin broke to the upside of its downtrend line since January 4, either on the coattails of Bitcoin's bounce and/or on informed money buying XRP before the partnership made the press.

The leading momentum RSI indicator provided an upside breakout on February 6, one day before the price had done so, as well as a secondary upside breakout of its downtrend line since January 18 (red line); and the lagging moving-average comparison MACD indicator confirmed a buy signal on Saturday.

The February 6 $0.57227 trough bounced off the 200 dma (red) and Saturday crossed above the 100 dma (blue).

While the price broke on the upside of the January 18 downtrend line (red line), it retreated, forming a bearish Shooting Star. It is currently retesting the $1.00 level. It opened above the shorter downtrend line, but possibly only because the trendline falls with each passing day. The $1.2300 Shooting Star resistance should be the test of an upside breakout.

Note, the trend is still down according to the peak-trough succession. Only when two peaks and troughs would post higher would the trend be truly reversed. However, crossing a trendline is the first sign of a potential reversal. Note, that the last two troughs might be forming a H&S bottom, due to the congestion, reducing the steep of the final trough, relative to earlier ones. Also, note the RSI is showing that momentum has even slowed down more sharply.

Trading Strategies

Conservative traders would wait for clarity, either with a complete reversal with two peaks and troughs in a rising formation and go long, or with a trough lower than the former, February 6, $0.57227 trough (potential H&S head) and go short with the reaffirmed downtrend.

Moderate traders may go long with a stop-loss below yesterday’s $0.8920 low.

Aggressive traders may enter a contrarian trade, with a stop-loss above $1.2300, the Shooting Star resistance, as the price may retest the $0.70 consolidation area.

Add a Comment

Bitcoin: Selloff to Deepen? $74K in Sight Unless Bulls Reclaim $82K... By Günay Caymaz - Feb 28, 2025

Losing $80,250 could accelerate Bitcoin’s drop toward $74,000. Fed policies and macro uncertainty outweigh U.S. crypto-friendly shifts. A rebound depends on reclaiming...

KAITO (KAITO) Price Prediction 2025, 2026-2030 By The News Crypto - Feb 28, 2025

In this KAITO (KAITO) price prediction 2025, 2026-2030, we will analyze the price patterns of KAITO by using accurate trader-friendly technical analysis indicators and predict the...

Bitcoin’s Correction Within Ongoing Bull By Dr. Arnout ter Schure - Feb 27, 2025

In our previous update, we observed that Bitcoin (BTCUSD) had been stuck between $92-106K since November last year. Moreover, since the new Bull started in late 2022, we found...

Add a Comment

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:

Enrich the conversation
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically.
Use standard writing style. Include punctuation and upper and lower cases.
NOTE: Spam and/or promotional messages and links within a comment will be removed
Avoid profanity, slander or personal attacks directed at an author or another user.
Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

I have read and understood Investing.com Canada's comment guidelines and agree to the terms described.

I Agree

Write your thoughts here

Are you sure you want to delete this chart?

Delete Cancel

Post

Post also to:

Replace the attached chart with a new chart ?

Replace Cancel

1000

Comment Guidelines

Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.

Please wait a minute before you try to comment again.

Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.

<div id="comment">
				<div class="comment js-comment" data-comment-id="{commentID}" id="comment-{commentID}" data-user-id="">
    <div class="mainComment js-content">
       <div class="commentInnerWrapper">
        <a href="{userLink}" class="js-user-link"><img src="{userImage}" width="33" height="33" alt="{usernameAlt}" class="img" onerror="this.src='https://i-invdn-com.investing.com/defaultUserMaleTmp.png';"></a><div class="commentBody">
                					<span class="commentUsername">
                    	<a href="{userLink}" class="js-user-link js-user-name">{username}</a>
					</span>
                                <span class="js-date" comment-date="{dateFormat}" comment-date-formatted="{dateFormatted}" title="{dateTitle}">Just Now</span>
                <div class="commentDropDown js-commentDropDownWrapper " data-user-id="" data-cid="{commentID}">
	<a href="javascript:void(0);" class="threeDotsIconSmall js-thinDropdownArrow"></a>
	<div class="tooltipPopup commentActionsPop noHeader js-commentDropDownOptions displayNone">
		<div class="addRow js-option share">
			<a href="javascript:void(0);" class="js-commentSharePopup" data-cid="{commentID}" data-curl="{commentLink}"><span class="smallShareIcon middle"></span>Share</a>
		</div>

<div class="js-option addRow follow">
            <div class="js-follow-post-button" data-reg_ep="follow comment">
                <span class="alertfollowIcon middle"></span>Follow this post            </div>
            <div class="js-unfollow-post-button displayNoneImp">
                <span class="alertUnfollowIcon middle"></span>Unfollow this post            </div>
        </div>

<div class="addRow js-option save"  data-reg_ep="save comment">
		<a href="javascript:void(0);" class="js-save-item-btn" data-item-type="comments" data-item-id="{commentID}">
			<i class="saveItemBigIcon middle"></i>
			Save		</a>
	</div>
	<div class="addRow saveItemsConfirmation noHover displayNone js-saveItemResult">
		
<div class="content js-saveItemSuccess displayNone">
	<span class="mediumGreenSuccessIcon"></span><span>Saved. See <a href="/members-admin/saved-items" target="_blank">Saved Items</a>.</span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
<div class="content js-saveItemAlreadySaved saveItemAlreadySaved displayNoneImp">
	<span>This comment has already been saved in your <a href="/members-admin/saved-items" target="_blank">Saved Items</a></span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
	</div>

<div class="addRow shareButtons js-sharePopup displayNone">
			<div class="js-shareComment"><span class="js-shareCommentSpan"></span></div>
		</div>
	</div>
</div>
                 <div class="commentAuthor js-comment-by-author"><span class="commentAuthorIcon"></span>Author's response</div>             </div>
		<div id="commentText-{commentID}" class="js-text-wrapper commentText withImage">
							<div id="commentBigChart{commentID}" class="commentBigChart js-comment-chart" onclick="openViewChartPopup('{commentID}')">
					<img src="https://d68-invdn-com.investing.com/comments_images/{commentImage}" alt="{commentAlt}">
					<i class="newMagnifyChartIcon"></i>
				</div>
						<span class="js-text">{commentContent}</span>
			<div class="clear"></div>
							<div class="commentButtons js-not-master-user">
					<a href="javascript:void(0)" class="reply js-reply-btn" data-real-parent-id="{commentID}" data-to-user-name="{username}" data-to-user-id="">Reply</a>
					<div class="inlineblock likeDislikeBox js-like-dislike-box" data-item-id="{commentID}">
	<input class="js-like-checkbox" type="checkbox" name="option" value="Yes" id="like_{commentID}">
	<label for="like_{commentID}" class="like" title="I agree"></label>
	<span class="numOfLikes js-like-count lighterGrayFont">0</span>
	<input class="js-dislike-checkbox" type="checkbox" name="option" value="No" id="dislike_{commentID}">
	<label for="dislike_{commentID}" class="dislike" title="I disagree"></label>
	<span class="numOfDislikes js-dislike-count lighterGrayFont">0</span>
</div>

<div class="reportComment js-flag float_lang_base_2">
                            <a href="javascript:void(0);" id="commentFlag_{commentID}">
                                <span class="reportCommentIcon middle"></span><span class="inlineblock middle">Report</span>
                            </a>
                        </div>
                    				</div>
					</div>
	   </div>
	</div>
	</div>			</div>
			<div id="reply">
				
    <div class="commentReply js-comment js-comment-reply" data-comment-id="{commentID}" id="comment-{commentID}" data-user-id="">
		<div class="commentInnerWrapper"><a href="{userLink}" class="js-user-link"><img src="{userImage}" width="33" height="33" alt="{usernameAlt}" class="img" onerror="this.src='https://i-invdn-com.investing.com/defaultUserMaleTmp.png';"></a><div class="commentBody js-content">
            				<span class="commentUsername">
					<a href="{userLink}" class="commentUsername js-user-link js-user-name" onMouseOver="">{username}</a>
				</span>
                        <span class="js-date" comment-date="{dateFormat}" comment-date-formatted="{dateFormatted}" title="{dateTitle}">Just Now</span>
			 <div class="commentAuthor js-comment-by-author"><span class="commentAuthorIcon"></span>Author's response</div> 			<div class="commentDropDown js-commentDropDownWrapper " data-user-id="" data-cid="{commentID}">
	<a href="javascript:void(0);" class="threeDotsIconSmall js-thinDropdownArrow"></a>
	<div class="tooltipPopup commentActionsPop noHeader js-commentDropDownOptions displayNone">
		<div class="addRow js-option share">
			<a href="javascript:void(0);" class="js-commentSharePopup" data-cid="{commentID}" data-curl="{commentLink}"><span class="smallShareIcon middle"></span>Share</a>
		</div>

</div>
		<div id="commentText-{commentID}" class="js-text-wrapper commentText withImage">
							<div id="commentBigChart{commentID}" class="replyBigChart displayNone js-comment-chart">
					<img src="https://d68-invdn-com.investing.com/comments_images/{commentImage}" alt="{commentAlt}">
					<i class="newMagnifyChartIcon"></i>
				</div>
				<span id="commentSmallChart{commentID}" class="commentSmallChart pointer js-comment-chart" onclick="openViewChartPopup('{commentID}')">
                    <img src="https://d68-invdn-com.investing.com/comments_images/{commentImageSmall}" width="116" height="52" alt="{commentAlt}">
                    <span class="chartMagnifyOverlay displayNone"></span>
                    <span class="searchGlassIcon chartMagnify displayNone"></span>
                </span>
						<span class="js-text">{commentContent}</span>
			<div class="clear"></div>
							<div class="commentButtons js-not-master-user">
					<a href="javascript:void(0)" class="reply js-reply-btn" data-real-parent-id="{commentID}" data-to-user-name="{username}" data-to-user-id="">Reply</a>
					<div class="inlineblock likeDislikeBox js-like-dislike-box" data-item-id="{commentID}">
	<input class="js-like-checkbox" type="checkbox" name="option" value="Yes" id="like_{commentID}">
	<label for="like_{commentID}" class="like" title="I agree"></label>
	<span class="numOfLikes js-like-count lighterGrayFont">0</span>
	<input class="js-dislike-checkbox" type="checkbox" name="option" value="No" id="dislike_{commentID}">
	<label for="dislike_{commentID}" class="dislike" title="I disagree"></label>
	<span class="numOfDislikes js-dislike-count lighterGrayFont">0</span>
</div>

Are you sure you want to delete this chart?

Delete Cancel

Post

Replace the attached chart with a new chart ?

Replace Cancel

1000

Comment Guidelines

Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.

Please wait a minute before you try to comment again.

I feel that this comment is:

Spam

Offensive

Thank You!

Your report has been sent to our moderators for review

More Categories

1D1W1M6M1Y5YMax

S&P/TSX	25,183.49	+55.25	+0.22%
S&P/TSX 60	1,518.17	+3.89	+0.26%
US 30	43,525.9	+285.8	+0.66%
US 500	5,901.1	+39.4	+0.67%
S&P 500 VIX	20.01	-1.12	-5.30%
DAX	22,530.34	+6.74	+0.03%
Dollar Index	107.265	+0.089	+0.08%

Crude Oil WTI	69.82	-0.53	-0.75%
Brent Oil	72.92	-0.65	-0.88%
Natural Gas	3.869	-0.065	-1.65%
Gold	2,864.96	-30.94	-1.07%
Silver	31.460	-0.341	-1.07%
US Soybeans	1,014.88	-7.12	-0.70%
US Cotton #2	65.64	-0.96	-1.44%

Bombardier Inc	82.800	+0.010	+0.01%
Enbridge	42.18	+0.45	+1.08%
Air Canada	16.81	+0.04	+0.21%
Broadcom DRC	47.64	+0.64	+1.36%
Apple	237.13	-0.17	-0.07%
Alibaba ADR	133.78	-2.77	-2.03%
Tesla	291.76	+9.81	+3.48%

Canada 5Y	2.652	-0.017	-0.64%
Canada 10Y	2.952	-0.015	-0.51%
Canada 30Y	3.173	-0.007	-0.22%
U.S. 2Y	4.034	-0.046	-1.13%
U.S. 10Y	4.245	-0.042	-0.98%
U.S. 30Y	4.533	-0.021	-0.46%
Germany 10Y	2.3945	-0.0195	-0.81%

	Interest Rates	Next Meeting
BOC	3.00%	Mar 12, 2025
FED	4.50%	Mar 19, 2025
BOE	4.50%	Mar 20, 2025
ECB	2.90%	Mar 06, 2025
SNB	0.50%	Mar 20, 2025
RBA	4.10%	Apr 01, 2025
RBNZ	3.75%	Apr 09, 2025
BOJ	0.50%	Mar 19, 2025
CBR	21.00%	Mar 21, 2025
RBI	6.25%	Mar 10, 2025
PBOC	3.10%
BCB	13.25%	Mar 19, 2025

Chart Of The Day: Ripple's New Partnership Drives An Upside Bounce

Trading Strategies

Related Articles