Although Bitcoin is yet to be considered the safest haven in times of crisis, the crypto market, through its performance during the week, displayed that it is here to stay as the war between Iran and the United States lingers.
At the time of writing, the market grows in terms of market capitalization with an astonished + 1.65% in the last 24 hours that led to pushing the level up to $ 218.62 billion, and a green board that includes 73% of cryptocurrencies are in winning territory.
Among them, we have the XRP token of the Ripple company, which for the satisfaction of many investors, continues to maintain the interest zone after the CEO of the company, Brad Garlinghouse, reaffirmed that Ripple can not manipulate the price of the token, as the company only raises funds to improve the global remittance system after a successful application with MoneyGram.
We are thrilled to announce our $200M Series C—an investment that marks a record year of company growth. The round was led by Tetragon along with SBI Holdings and @route66ventures. https://t.co/5mkbPWzug6
— Ripple (@Ripple) December 20, 2019
For now, the XRP token has been moving today between the bands of $ 0.2084 and $ 0.2191 with a growth of + 4.20% in the last 24 hours which has allowed it to report a benefit of +13.95% in 7 days.
Apparently the price of the token has finally managed to break up the previous trading range, as it went above the $ 0.20 level during these last seven days.
The cryptocurrency managed to reach this level during the climax of the Middle Eastern military tensions, recording a growth of + 24.86% in relation to the entrance price of the day Monday, January 6, 2020.
Then it went down to the support of the $ 0.20 which for many did not go bankrupt, but instead continued to grow towards the zone of immediate resistance located at 50% Fibonacci levels ($ 0.2334).
On the 1D chart of Binance Exchange, XRP/USD pair also shows us that the token has undergone a strengthening from the strong support zone established at the Fibonacci levels at 23.6% ($ 0.17) that it touched in mid-December 2018, then of a descending channel contracted since October 26, 2019, when the token touched the maximum quarterly price of $ 0.3560.
If we take into account the breakdown of this downward trajectory, the price has experienced a growth of up to + 39.18%, a quite attractive figure for any investor who acquired the token then.
And precisely one of the great reasons why the token began to change its downward trajectory, has to do with the amount of news and reports coming from the company on the growth and adoption of its technology for cross-border payments in countries like Mexico, Philippine as well as the closing of the year with more than 300 new partners that Ripple has achieved in 2019.
New on Insights: MoneyGram CEO Alex Holmes on the current remittance industry landscape, how blockchain and digital assets are being leveraged within MoneyGram and the benefits of using #ODL. https://t.co/AFz7I2OUBW#SwellbyRipple
— Ripple (@Ripple) November 8, 2019
In the medium term on the 4H chart for the XR/PUSD pair on Binance, the token is bullish, with its technical signals indicating that the growth of the token will continue for now.
As we can see, the XRP token has successfully broken the upper Bollinger band, which is a clear sign that its price growth will continue to boom for the next few hours. In addition, in case of a correction, the token could perfectly remain in the support of the $ 0.20 set in the BB moving average.
The Aroon indicator, on the other hand, tells us that the bearish signal will now go straight to the bottom and that the bulls have control of the Ripple market in line with the buying pressure from customers.
Finally, the RSI indicator after falling abruptly from the overbought zone, managed to recover and prevent the bears from taking control of the market, placing strong buying pressure on the internal market of XRP.