Ripple analysis for 07/11/2018

Ripple has once again overtaken Ethereum, resulting in the largest altcoin in market capitalization after it grew 18 percent in 24 hours. The pattern that appeared this year already confirms data from Coinmarketcap several times.

The value of XRP increased sharply over the last few days, when markets reacted to a range of factors, including the latest use of the xRapid platform. It is not clear, however, which of the factors is responsible for the sudden increase. xRapid, a payment network using XRP as a transfer medium, was responsible for the previous value jump in September. However, the change was not permanent and Ethereum again took second place in the market ranking.

Let’s take a look at the XRP/USD technical picture at the H4 time frame. The market just made a new local high at the level of 0.5605 and now is consolidating the recent gains. The zone between the levels of 0.4704 – 0.4651 will now act as a support for the price, but the nearest support is seen at the level of 0.4946. Please notice the momentum is strong and positive, but the overbought market conditions might suggest the deeper pullback towards one of the mentioned support levels.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Ripple analysis for 07/11/2018