XRP Price Analysis – August 7

  • The price is likely to find support at the $0.37 and $0.32 lows.
  • The XRP price broke the support at $0.43 and it's reaching the $0.40 low.

Ripple, LTCUSD, CryptoCompare chartXRP Chart by Trading View

XRPUSD Medium-term Trend: Bearish

Supply levels: $0.39, $0.40, $0.41                                     

Demand levels: $0.38, $0.37, $0.36  

Yesterday, the XRP price was in a bearish trend. We saw how it broke the support level at $0.43 on three occasions and it pulled back on each occasion. We are waiting to see how the bears would break the level at $0.43 and sustain their bearish status. Today, the XRP price has finally broken the support level at $0.43 of the lower range-bound zone.

The price is likely to find support at the $0.37 and $0.32 lows, if the bearish pressure continues. Traders are advised to initiate long trades at the end of the bearish pressure. Nevertheless, the MACD line and the signal line are below the zero line which indicates a buy signal.  Also, the XRP price is below the 12-day EMA and the 26-day EMA which indicates that the bearish pressure continues.

XRPUSD Short-term Trend: Bearish 

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

The 4-hour chart shows that the XRP price is in a downward trend. The XRP price has broken the support at $0.43 and it'is reaching the $0.41 low. Meanwhile, the XRP price is below the 12-day EMA and the 26-day which indicates that the bearish trend is ongoing.   Nevertheless, the Relative Strength Index period 14 is level 28 which indicates that the market is oversold suggesting that the bulls will take control of the market.         

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.  

Crypto Exchange Huobi to Launch Fiat-to-Crypto Gateway in Turkey

Popular cryptocurrency exchange Huobi has announced it’s set to open a gateway that’ll allow Turkey’s residents to buy cryptocurrencies using the lira (TRY), the country’s fiat currency.

According to the exchange’s announcement, the fiat gateway will be open by the end of this year, and will start off with a TRY/USDT trading pair, which means users will be able to buy the stablecoin right after depositing fiat currency.

The stablecoin can then be used to buy other cryptocurrencies using the trading pairs supported on Huobi Global, the group’s trading platform for international users. Huobi is offering Turkish users a 50% discount on transaction fees, which can drop to 0.07% if users hold its Huobi Token (HT).

Livio Weng, the CEO of Huobi Global, stated:

Turkey is an important region for us, and we plan to bring Huobi's six years of industry expertise, advanced ecosystem, and a standard of trust to the market, and trigger key conversations around long overdue for a thriving crypto community.

The announcement notes that Turkey has over the years evolved into a “thriving crypto-friendly nation and a theater of commerce for exchanges and blockchain businesses.” The Turkish government has announced plans to create a national blockchain infrastructure, to aid in the deployment of this type of technology.

It adds that 20% of Turkey’s residents own cryptocurrency, presumably citing data from a survey conducted by German data firm Statista, conducted earlier this year. The study found 20% of Turkish respondents owned cryptocurrency, compared to 101% in China and 5% in the United States and United Kingdom.

Notably, only 3% of the survey’s respondents owned cryptocurrency in Japan, a country that has been accepting bitcoin as legal tender since April of 2017.

Featured image by Daniil Vnoutchkov on Unsplash.