Ripple Price Analysis: XRP Goes Up After Flashing Buy Signal
Daily Ripple XRP Technical Analysis
- Ripple price flashed red-nine candlestick in TD sequential detector.
- XRP has flashed multiple buy signals in the 4-hour chart.
- Flashed the red-nine candlestick in TD sequential detector.
- The MACD has reversed from red to green.
- Ripple has flipped the parabolic SAR from negative to positive.
- XRP has reversed the 20-bar and 50-bar SMAs from resistance to support.
Between July 5 and July 20, the Ripple price crashed from $0.695 to $0.533 after meeting resistance at the 20-day SMA. The XRP daily chart formed the death cross when the 200-day SMA crossed over the 50-day SMA. Let’s take a closer look at what happened.
Ripple Price Reverses MACD From Red To Green
In the daily Ripple price chart, XRP flashed the following two bullish signals:
As things stand, Ripple must overcome resistance at the 20-day SMA.
Image: XRP/USD daily
In the 4-hour time frame, the Ripple Price has flashed two positive signals:
The relative strength index (RSI) indicates that Ripple could jump some more before getting overpriced.
Image: XRP/USD 4-hour
Ripple’s Rival To Acquire MoneyGram
The Stellar Development Foundation, a non-profit organization focused on the development of the Stellar network, is reportedly cooperating with Advent International to buy MoneyGram, as per a Bloomberg report that cites sources with knowledge of the matter.
MoneyGram terminated its major partnership with Stellar rival Ripple after the latter was taken to court by the U.S. Securities and Exchange Commission over its allegedly illegal XRP sales back in December. As per earlier reports, Ripple then moved to dispose of its entire stake in MoneyGram.
Notably, Stellar was launched by Ripple co-founder Jed McCaleb in 2014 after he left the company due to a falling-out with other top executives.
McCaleb received 8 billion XRP tokens for his role in creating OpenCoin (later renamed as Ripple Labs). After he intended to sell the tokens, he ended up entering into a seven-year agreement with Ripple Labs, which precludes the programmer from selling 1.5% of XRP's daily volume per day.
Stellar and Ripple have been in a rivalry for years, partly due to their co-founder. The MoneyGram acquisition could further reignite animosity between the two camps.
Rumours about a potential MoneyGram takeover have been swirling for years. Western Union reportedly made an acquisition bid last year. Alibaba-owned Ant Group attempted to purchase MoneyGram for $1.2 billion in 2017. But, the deal was blocked by US regulators.
Ripple Price Is Expected To Reach These Levels
The Ripple price will need to reach the $0.60 psychological level to flip the 20-day SMA from resistance to support to continue the upward trend.