Ripple analysis for 29/10/2018

In the report "Q3 2018 XRP Markets Report" the company revealed that in the third quarter it sold XRP worth USD 163.33 million, more than double the amount of USD 73.53 million sold in the previous quarter. Sales volume in the third quarter corresponds to 0.172 percent of the total amount of XRP traded globally, while in the second quarter this number was 0.125.

In Q3, Ripple released 3 billion XRPs - 1 billion each month - from the deposit, the same as in Q2. Ripple also states in the report that the remaining 400 million XRPs that have not been returned to the deposit are used in various ways to support the ecosystem.

Ripple also notes that the volatility of XRP was weak over most of the third quarter of 2018, with increases and surges in the last two weeks.

Last month, Ripple announced that it will lead a group of cryptographic startups, called Securing America's Value of Coalition, aimed at lobbying legislators and financial regulators in Washington. The Group's mission is to alleviate the government's attitude to support innovation and competitiveness in the ecosystem of global cryptographic markets.

Let's now take a look at the Ripple technical picture at the H4 time frame. This cryptocurrency is moving inside of the horizontal zone between the levels of 0.4307 - 0.4700 as the sideways trend is being continued. Please notice, the price is still trying to break through the resistance (0.4700) and the bulls keep pushing the prices higher. The momentum remains positive, but not very strong. The bias remains to the upside.


The material has been provided by InstaForex Company -