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Ripple Price Collapses 5%, Gold Price Falls $ 2



On Wednesday, April 7, multidirectional dynamics prevailed in the financial markets. The oil price rose by 35 cents and consolidated at $ 63.11 per barrel, energy carriers, thus, show resistance to negative sentiments and continue to be kept within the established range of $ 60- $ 65. Brent was supported by news on crude oil inventories in the US, the decline of which turned out to be stronger than analysts had expected: – 3.522 million instead of – 1.436 million. Gold quotes by the end of trading on Wednesday fell by $ 2 and held at $ 1,740.90 per troy ounce. The precious metal is trying to hold on to current values, as it is supported by fears of a pandemic and economic recovery. Multidirectional dynamics prevailed in the foreign exchange markets. The euro strengthened slightly against the US dollar, while the pound sterling came under pressure. As part of uneven trading, the Russian ruble managed to reduce the growth rate of USD, the pair USD / RUB lost 0.26% and at the end of the trading session was at the level of 77.06. Nevertheless, during Wednesday, the value of the dollar reached the level of 78 rubles, which in itself is a bad technical sign. EUR / RUB was held at the end of the trading day at 91.57, but at the moment it was above the level of 92. In our opinion, negative outlooks prevail for the ruble so far, and only the return of the USD / RUB pair quotes to below 75 will shift the balance of risks towards restrained strengthening of the Russian currency. A downward trend was observed in the cryptocurrency market on Wednesday. Bitcoin lost about 3% and, according to the CEX.IO exchange, on the evening of April 7, it was holding at $ 56.306. Ethereum losses on Wednesday were more significant, the ETH / USD pair fell by 6% and consolidated below the $ 2,000 level. It could not support the growth rate and ripple, the XRP / USD pair sank 5% and was held at 0.9328. The correction from the resistance zone in the region of $ 1 – $ 1.2 was predictable, however, the intrigue about the future fate of the cryptocurrency continues to persist. In our opinion, in the near future there will be a consolidation of the XRP / USD pair in the region of $ 0.7 – $ 0.9, however, further growth can only be triggered by fundamental factors. In general, we continue to adhere to the positive outlook for digital assets and believe that in the near future the bullish movement for major cryptocurrencies will continue .________________ Yuri Mazur, Head of Data Analysis, CEX.IO Broker

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