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.         

Bank of England Reportedly Weighing Creating a Digital Currency

Francisco Memoria

The Bank of England is weighing whether it should create a central bank-backed digital currency, according to its governor Andrew Baily

Bailey, speaking to students during a webinar, was quoted as saying:

We are looking at the question of, should we create a Bank of England digital currency. We’ll go on looking at it, as it does have huge implications on the nature of payments and society.

Bloomberg reports Bailey added that he believes in a few years “we will be heading toward some sort of digital currency.” The Bank of England, the news outlet adds, is part of a group of major central banks that are working together on assessing the potential development of central bank digital currencies.

The central banks teamed up after Facebook announced its cryptocurrency project Libra. As CryptoGlobe reported, the Bank of England has in the past recommended that central banks replace the U.S. dollar with a Libra-like digital reserve currency, when its governor was Mark Carney.

Carney’s comments came at the Federal Reserve’s annual Jackson Hole Symposium, in which he called for a dramatic shift in global monetary policy that would see central banks take a grander interest in digital currencies. He argued that proactively replacing the dollar with a digital coin substitute would be preferable to allowing another national currency usurp its status--such as the Chinese renminbi.

To Bailey, a digital currency issued by the Bank of England “will be a very big issue,” although it could take time for the financial institution to devote its attention to the currency’s development.  Earlier this year, however, the Bank of England was reportedly considering launching a central bank digital currency equivalent to fiat as cash usage kept on dropping.

Featured Image Credit: Photo via Pixabay.com