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XRP Loses Ground Again After a Japanese Ripple Exchange Manager Arrested for a Scam

By 10/18/2017 No Comments

XRP Update:  Ripple’s XRP lost ground as traded versus major counterparts including the USD, EUR and BTC for the second consecutive day on Wednesday, after a manager of Ripple cryptocurrency exchange arrested for a scam in Japan.

XRP Loses Ground Again After a Japanese Ripple Exchange Manager Arrested

Yuki Takenaka, the 31-year-old founder and head of a company operating the Ripple exchange, was arrested Wednesday for allegedly swindling ¥1.4 million ($12,470) from a depositor, according to the Japan Times. The news came after this week’s Swell conference in Toronto, and after news broke about Gates Foundation tapping Ripple to develop mobile payments services.


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From a technical point of view, versus the Mexican Peso, XRP tested the upper band of the brand new Ichimoku cloud which is in the process of formation on the daily time frame. Versus Bitcoin, it’s back to the key support level of 0.000036. Verus the USD, XRP has reached the lower band of the daily Ichimoku cloud and tested the support level of 0.1916 during Wednesday’s trading. If the bearish sentiment continues, we could see another drop towards the next support level at 0.1490.


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Japanese Yen lost ground

The Japanese Yen lost ground against major counterparts with the USD/JPY pushing towards the resistance level of 113. AUD/JPY and GBP/JPY also saw sharp gains during the early hours as Japan released a number of economic data including their  Merchandise Trade Balance.

On the Economic Calendar…

We have Australia’s jobs data and China’s GDP also during the Asian session. During the London session, UK’s Retail Sales (SEP) will be out at 8:30 AM GMT. UK retail sales figures have been posting one upside surprise after another for the past three months, so there’s a good chance of seeing consumer spending tick higher once more. During the New York session, the US will release their weekly jobs report. Initial Jobless Claims is expected to drop to 240k from last week’s 243k.

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