XRPUSD (Ripple) – Week 46 – Correction or continuation?

In a surprising twist of events, Ripple has announced plans to launch a “Liquidity Hub” as it targets to offer enterprises direct exposure to digital assets from the broader crypto market beginning in 2022. According to a Tuesday release, the San Francisco-based firm said that the hub will “unleash the potential to access deep liquidity within markets, accelerating the shift to crypto”. The Ripple Liquidity Hub shall be designed as a turnkey solution, enabling institutions to easily commence their business at the simple push of a button. Accordingly, the hub will anchor its business model on smart order routing, enabling it to source digital assets at the best prices from exchanges, market makers, and OTC desks for its customers.

Technically, after reaching this local top at $1.34 Ripple is making a retracement that will probably reach the orange trendline marked on the chart or it will enter in a bigger correction phase that will push the price down to the support area below the $1 price target before ultimately reversing to the upside. For now we think that the trendline retracement has a small probabilistic advantage when compared to the big correction.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.