. Daily Crypto Analysis - Dubai Green Light Ignites Ripple's XRP Surge

Daily Crypto Analysis – Dubai Green Light Ignites Ripple’s XRP Surge

Daily Crypto Analysis – Dubai Green Light Ignites Ripple’s XRP Surge

03 Nov 2023

Introduction:

In the world of cryptocurrencies, Ripple is showing promise with a potential rally to $0.66, driven by recent favourable developments. The Dubai Financial Services Authority’s approval for XRP usage in the financial centre has boosted Ripple’s price, hinting at a 12% upswing in the XRP rally. Increasing on-chain activity during October points to possible price volatility. Meanwhile, Ripple’s price has maintained levels above $0.59, and rising trade volume and daily active addresses signal growing interest. On the broader crypto front, Bitcoin is displaying signs of exhaustion around the $34,000 range, and Ethereum recently experienced a consolidation phase between $1,748 and $1,591, influenced by its correlation with Bitcoin.

Ripple:

Ripple rally to $0.66 likely with bullish developments in altcoin.

Ripple revealed its approval from the Dubai Financial Services Authority to enable the usage of XRP within the financial centre. The price of Ripple is currently on an upward trajectory, with the altcoin poised for a 12% increase in the XRP rally.

XRP on-chain activity demonstrated a continuous rise during October, suggesting potential price volatility for the asset.

Ripple’s price remained above the $0.59 mark on Friday, approaching its recent high of $0.62. On-chain signals indicate an increasing appetite for XRP tokens within the market. Growing trade volume and the number of daily active addresses suggest a growing interest among traders.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.591 | Negative Crossover | Bearish
  • MA 20: 0.573| Positive Crossover | Bullish
  • MA 50: 0.546| Positive Crossover | Bullish

Simple:

  • MA 5: 0.594 | Negative Crossover | Bearish
  • MA 20: 0.568| Positive Crossover | Bullish
  • MA 50: 0.537| Positive Crossover | Bullish

RSI (Relative Strength Index): 60.94| Buy Zone |Bullish

Stochastic Oscillator: 60.5| Buy Zone | Negative

Resistance And Support Levels:

  • R1: 0.595| R2: 0.718
  • S1: 0.526| S2: 0.462

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 0.627 | Take Profit: 0.718 | Stop Loss: 0.566.

Elsewhere In the Crypto Market

The Bitcoin price exhibits indications of exhaustion as it hovers in the vicinity of the $34,000 range. Ethereum (ETH) experienced a consolidation period lasting approximately two months, where its price remained confined within the range of $1,748 to $1,591, as its correlation with Bitcoin (BTC) trended toward the negative side.

Bitcoin down (1.98%) at 34244.00, Ethereum down (0.69%) at 1,788.5, Litecoin down (1.1%) at 68.57, Solana down (12.39%) at 38.95, Doge coin down at (1.15%) at 0.67 as of writing time.

Key Economic Events & Data Release Today:

(USD) Unemployment Rate (Oct) Forecast 3.8%, Previous 3.8% at 18:00.

(USD) Nonfarm Payrolls (Oct) Forecast 180K, Previous 336K at 18:00.

(USD) ISM Non-Manufacturing PMI (Oct) Forecast 53.0, Previous 53.6 at 19:30.