CoinFinex Daily Market Review for 24.09.2018

Ripple – XRP/UST

One of the best performers for the past week was Ripple. The cryptocurrency gained nearly 184% maximum difference during the trading sessions and currently is being traded for 0.55$. There are few reasons why this happened, one of them is the launch of xRapid solution. This is a new service that will allow financial institutions to use Ripple tokens for cross border transfers. However the new solution will be promoted from the next month and for now is not back up with any partnership with major financial institution. XRP/UST pair reached 0,79 maximum peak and this strong pullback triggered a lot of “take profit” limits which caused the immediate sell off and the currency dropped with 27%. Anyway, it seems stable on the current levels which means that the bullish trend may continue. It is very possible that the cryptocurrency will be traded in a short range during the start of this week. Breaking the 0.79$ resistance will open the way to the next resistance at 0.96$. However the mass sell off might cause the currency to correct back and if the support at 0.52$ is broken, the bears might try to drag the cryptocurrency down to 0.47$.

 

Stellar – XLM/UST

Stellar as his “big brother” XRP also started the week sharply. The cryptocurrency succeeded to break the resistance at 0.24$ and reached 0.31$ levels. However this triggered a lot of “take profit” positions and the sell off dragged the currency back to 0.25$ levels. If the bulls continue pushing and cross the resistance again, the target will be sustaining the price above 0.31$ for longer time in order to prepare a good BUY setup to move higher. If the resistance at 0.36$ is broken, it will open the way for the XLM to 0.52$ (next resistance). On the other side, bears might try to retest the bottom and to try to push XLM down to 0.18$ support line.

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