Markets

Ripple: XRP/USD Creates A Bullish Engulfing, Breaks Above $1.00

After weeks of consolidation, Ripple’s XRP made a massive comeback on Sunday with a 12.15% gain, finally breaking above the $1.00 barrier. Here’s an overview of the popular blockchain and its token.

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XRP/USD Ends Consolidation

After reaching the all-time high price of $3.35 beginning of January, XRP/USD dropped back to the 76% Fibonacci retracement level as the cryptocurrency market in general turned bearish. Since then, the $0.87 level has acted as a key support. The pair remains below the daily Ichimoku cloud and has yet to reach the immediate resistance level and 61% Fibonacci retracement level of $1.40.

Sunday’s gains created a bullish engulfing chart pattern. This could be an indication of a change in the trend, but it is still too early to make a medium-term call.

While XRP/USD remains below a very thick Ichimoku cloud, it certainly is getting closer to its lower band.

From a longer-term point of view, we think that it is a matter of time for Ripple the crypto to catch up with the popularity of Ripple the company, and show great returns.

Ripple’s Partnerships Around the Globe

As we’ve covered before, Ripple has been hard at work to expand its partnerships around the world. It now has key partnerships in the emerging markets, as well as in the US. The company aims to connect banks, payment providers, digital asset exchanges and corporates via RippleNet to provide one frictionless experience to send money globally.

However, at the moment, using Ripple’s token, XRP, is optional with the partners. This could be one reason why it has been slower to catch up. Regardless, Ripple remains the third largest cryptocurrency by market cap, trailing behind Bitcoin and Ethereum.

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This article was originally published on InvestDiva.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Kiana Danial

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert. She is a highly sought-after professional speaker, author and executive coach who delivers inspirational workshops and seminars to corporations, universities and entrepreneurial groups. She is a frequent expert on many TV and radio stations and has reported on the financial markets directly from the floor of NYSE and Nasdaq. She is a weekly investment expert guest on Tokyo’s #1 Investment TV Show. She has been featured in The Wall Street Journal, TIME Magazine, CNN, Forbes, The Street, and numerous other publications. Kiana’s book "Invest Diva's Guide to Making Money in Forex" was picked by McGraw-Hill only two years after she first moved to the US, and was an immediate domestic and international success. At a young age, she has won numerous awards including Best Financial Education Provider at Shanghai Forex Expo in 2014, New York Business Women of Influence Honoree in 2015, and Pro Bono Humanitarian Award by IA Bar Association in 2013. Born and raised in Iran to a Jewish family as a religious minority, she was awarded a scholarship from the Japanese government to study Electrical Engineering in Japan, where she obtained two degrees in Electrical Engineering and researched on Quantum Physics in classes conducted in the Japanese language. Being the only girl and foreigner in her classes made her decide to dedicate her life to empowering minorities, especially women in male dominated industries. As the CEO of Invest Diva, Kiana’s goal is to empower and educate women to grow their wealth by investing like a ROCK STAR.

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