Ripple trade idea: October 12 2017

Ripple (XRP) inched higher on Wednesday, increasing the price of cyrptocurrency to more than 0.2600 as the group behind XRP cyrptocurrency claims to get 100 new customers. The technical bias shall remain bullish because of a higher low in the recent downside move.

Ripple Technical Analysis

As of this writing, the cyrptocurrency is being traded around 0.2611. A hurdle can be noted near 0.2781, the high of Monday ahead of 0.2981, a key horizontal resistance area and then 0.4331, an all-time high level for Ripple as demonstrated in the given below chart. 

On the downside, a support can be noted around 0.2320, an immediate trendline support ahead of 0.2182 the 50% fib level and then 0.1710, another key trendline support as demonstrated with red color in the given below chart. The technical bias shall remain bullish as long as the 0.1710 support area is intact.

Ripple Gets 100 New Customers

Brad Garlinghouse, the CEO of Ripple (a group that owns XRP cyrptocurrency) said they got 100 new customers; many of them now use blockchain technology to make large-scale deposits, he was quoted by Financial Times as saying.

The head of California-based Cyrptocurrency Company says its $15b worth of cyrptocurrency reserves may be used to partner or acquire rival digital currencies – in a move to dominate the fast-moving cyrptocurrency sector. The CEO of Ripple also revealed that SEB, the central bank of Sweden, had used Ripple for transferring a whopping sum of $180m between Sweden and the US. Ripple’s system allows cross-border payments to be done within few seconds.

It is pertinent to mention here that the value of Ripple or XRP has increased almost 25 times amid a wide-scale boom in the cyrptocurrency world. Analysts are expecting Ripple to continue similar bullish pattern in coming months.

Trade Idea

Considering the overall technical and fundamental outlook, buying the XRP cyrptocurrency around current levels may be a good strategy in short to medium term.