XRP Price Analysis for February, 7th – XRP Ready for Correction in Order to Continue Growing
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Friday, February 7th, XRP is slightly correcting after skyrocketing earlier. The instrument is mostly trading at 0.2814 USD.
From the technical point of view, the H4 chart of XRP/USD shows a stable uptrend. The interesting thing right now is that after testing the long-term resistance level, the pair is trying to fix above it. In the short-term, the price is expected to correct towards 0.2530, which is confirmed by the red color of the MACD histogram. After completing the pullback, XRP may resume the ascending tendency towards 38.2% and 50.0% at 0.3012 and 0.3405 respectively. The rising movement of the MACD lines confirms further growth.
The H1 chart shows the divergence on Stochastic, which indicates a possible correction to the downside in the nearest future. The correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 0.2704, 0.2594, and 0.2508 respectively.
Ripple is facing criticism again. This time, it’s Mike Novogratz, the head of Galaxy Digital, who said that the XRP token would have a difficult year ahead because the company was still controlling a great number of coins. Speaking at LINC2020, Novogratz mentioned that Ripple owned 60 billion tokens. It’s a more than considerable volume, by controlling which one may push the price in the right direction.
At the same time, Galaxy Digital itself is interested in the growth of XRP rate, because the company is a large altcoin holder. Probably, as Novogratz assumes, XRP right now is in the so-called “check zone”. Basically, XRP has to prove its investors and potential holders that it can act as a “safe haven” asset.
The head of Ripple, Brad Garlinghouse, responded immediately. He reminded that the XRP rate had already expanded by 44% this year, while the leading cryptocurrency, BTC, added only 33%. Moreover, Garlinghouse reminded Novogratz about incorrect predictions Mike published in the past: Novogratz expected BTC to rise up to 20,000 in 2019.
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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Dmitriy Gurkovskiy, Khareem Sudlow
