- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now on a rise and close to the 60 level.
- Major Support Levels – $0.2450, $0.2470 and $0.2500.
- Major Resistance Levels – $0.2300, $0.2270 and $0.2250.
Ripple is facing a lot of issues close to the $0.2200 resistance against the US dollar but it has strong bull protection at the $0.2080 level despite the decline in price. Following the latest XRP news, we take a closer look at the price analysis below.
The Ripple price is correcting the lows after it failed to go past the $0.2200 resistance level against the US dollar. The price remains well supported on the downside close to the $0.2080 level and there was even a break below the connecting bullish trend line with the support of $0.2125 on the hourly charts of the XRP/USD pair. The pair could drop even to the $0.2080 support before it reaches above the $0.2125 level on the hourly charts.
After it formed strong support near to the $0.2000 level, XRP started increasing steadily above $0.2100 against the US dollar and both Ethereum and Bitcoin climbed higher which helped the asset increase above the $0.2200 resistance area. However, the Bull protection did nothing to push the price above this level and a downside correction phase started after. During the downfall, a price level of $0.2198 was reached and XRP broke the $0.2160 support level. There was another break below the connecting bullish trend line at the support level of $0.2125 as per the hourly charts of the pair. Ripple’s price is now trading below the 23.6% Fib retracement level from the upward move of $0.2003.
The next key support level will be at $0.2080 and $0.2070 and a 100-hourly simple moving average. Therefore, XRP will likely find a strong buying interest if it goes towards the $0.2080 area in the long term. If there’s a downside break below this level, it could invalidate the bullish view and XRP could dive for the $0.2000 support. The first resistance for XRP is close to the $0.2125 area which the price will likely surpass above. The main resistance is close to the $0.2200 level and a successful daily closure will be set at the $0.2200 resistance area with a possible opened gate towards the $0.2320.
Looking at the charts, the XRP price is correcting lower but the bulls are active now at $0.2080 but closing below $0.2070 could decrease the chances of a future break above $0.2200.
The Key Levels To Watch For A Ripple (XRP) Rally At This Phase
Wells Fargo Considers Partnering Will Ripple Pursuing Better Technology
“We need to be a technology company.”Wells Fargo now considers adding Ripple and it is extremely welcomed by the users. Ripple is a blockchain network operated by a company that claims to sustain the decentralized aspect of the system. Major banks including Standard Chartered, Banco Santander and MUFG Bank, American Express and SBI have already chosen Ripple in order to use it as a payment system.
Analysts Believe That The XRP Price Chart Is “Absolute Trash”
Siam Commercial Bank Partners With Ripple For Cross-Border Payments
“It is so difficult to send and receive money today. People must physically go to a bank branch, fill out long and complicated forms, and wait for payments to be received – with no transparency. With our service, their loved ones from abroad can transfer payment and receive money immediately.”Also, the report provides the information that in the presentation of SCB Easy, the payment was successfully completed within 40 seconds which is a direct consequence of the quick and low-cost system of Ripple. The new partnership between Ripple and Siam Commercial Bank will additionally provide cross-border EMVCo QR payments in the near future.In the second half of 2019, there was an announcement by Ripple that it has the goal of expanding and enlarging its share of the South American market. Ripple has already achieved few partnerships with some of the biggest and mightiest banks in Brazil to further the use of XRP for remittance payments. Also, the managing director of Ripple for South America noted that Ripple will continue to work with more establishments not only in Brazil but the wider South American region, in order to achieve bigger market share providing accessible payment solutions to customers.
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