XRP Price Analysis – February 19

  • The XRP price appreciated to the high of $0.34 but targets the $0.40 and $0.50 price levels.
  • If the crypto's price is sustained above the EMAs and more buyers come in at critical levels, the crypto will reach the $0.40 and $0.50 price levels.

Ripple, XRPUSDXRP Chart by Trading View

XRPUSD Medium-term Trend: Bullish

  • Resistance Levels: $0.56, $0.58, $ 0.60
  • Support Levels: $0.32, $0.30, $0.28

The XRPUSD pair is now in the bullish trend zone. In retrospect, the XRP price was in the bearish trend zone since January 10 2019. In other words, the crypto had been trading below the $0.33 price level. On February 18, the XRP price broke above the 12-day EMA and the 26-day EMA and reached a high of $0.32. The crypto's price is making a series of higher highs and higher lows.

Today, the crypto has also appreciated to the high of $0.34. On the upside, if the crypto's price is sustained above the EMAs and more buyers come in at critical levels, the crypto will reach the highs of $0.40 and $0.50 . Meanwhile, the stochastic indicator is in the overbought region but below the 60% range which indicates that the XRP price is in a  bullish momentum and a buy signal.

 XRPUSD Short-term Trend: Bullish

Ripple, XRPUSDXRP Chart by Trading View

On the 4-hour chart,  the XRP price is in an uptrend. The crypto's price series of higher highs and higher lows was disrupted at the $0.34 price level with a bearish candlestick. A bullish trend is ongoing when the trend line is unbroken. From the chart, if the price breaks the trend line and the following candlestick closed in the opposite of it, the current trend is said to be terminated.

The bullish trend is ongoing as at the time of writing. Meanwhile, the stochastic indicator is in the overbought region and above the 80% range which indicates that the XRP price is in a  strong bullish momentum and a buy signal.

 

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

China’s Central Bank to Test Its Digital Currency With Commercial Banks, Telecom Firms: Repot

Francisco Memoria

The People’s Bank of China (PBoC), China’s central bank, is reportedly looking to test its digital currency, dubbed digital currency electronic payment (DCEP), later this year with the help of commercial banks and telecommunications firms.

According to a report published by Chinese financial news source Caijing, the central bank is set to test the digital yuan in the cities of Shenzhen and Suzhou with the help of its “big four,” which are the Bank of China, the China Construction Bank, the Agricultural Bank of China, and the Industrial and Commercial Bank of China.

The digital currency’s tests will also see three telecommunications firms – China Telecom, China Mobile, and China Unicom – cooperate. During the test the DCEP is set to be applied in real-world scenarios such as transportation, healthcare, and education.

There will be two pilot phases, with the first one set to take place before the end of this year on a small scale. The second one is reportedly going to be a large-scale effort in Shenzhen, and if it goes well the DCEP could go live soon after.

The People’s Bank of China is believed to have been hastening efforts to develop its digital currency partly because of the Facebook-led Libra cryptocurrency’s announcement. Libra is set to be backed by a basket of currencies and short-term U.S. Treasury bonds

As CryptoGlobe covered the digital currency will, according to a PBoC official, provide its users with “controlled anonymity.” Chinese officials have also made it clear the currency’s holders won’t receive interest payments.

Featured image via Pixabay.