- XRP/USD broke below critical support zone amid global crypto sell-off.
- A sustainable move above $0.4170 is a pre-condition for a recovery.
XRP/USD is changing hands at $0.4056, losing over 13% in recent 24 ours. The downside momentum is gaining traction following the break below critical congestion zone $0.4400-$0.4430. The third largest coin has the market capitalization of $16.2B, while an average daily trading volume is registered at $660B, nearly double from Wednesday’s figures.
What’s going on
Ripple’s XRP is one of the worst-performing coins out of top-10. The asset has lost nearly a quarter of its value in recent 7 days, retracing after a strong rise at the end of September caused by the upcoming xRapid launch into commercial operation. As it often happens, the news was overhyped, the coin was overpriced, while traders were overexcited. Now everything returns to a normal balanced state, in line with the global market.
XRP/USD, the technical picture
From the technical point of view, XRP/USD is trying to settle above $0.4000 after a short-lived dip to $0.3850 during early Asian hours. The local resistance is noted at the congestion zone $0.4150-70. Once itis cleared, the recovery will gain traction and push the price towards $0.4400-$0.4430 (former support). Pivot Point weekly, Support 2 on approach to $0.4350 is likely to slow down the upside, while the ultimate resistance is created by 61.8% Fibo retracement under $0.4500.
On the downside, the local support is produced by the psychological $0.4000, followed by $0.3850 (Asian high). Once this hurdle is out of the way, the sell-off may be extended towards $0.36.
XRP/USD, the daily chart
Ripple price prediction: Zooms out of the ‘crypt’ with eyes glued on $0.35 – Confluence Detector
- The CEO of SBI Holdings predicts that XRP will come to overtake Bitcoin in terms of market capitalization.
- Ripple has no shortage of support zones while the upside remains undeterred.
Ripple continues to trade within a strong support zone between $0.3 and $0.35. In a short-term outlook, XRP/USD is bullish above $0.34.
The CEO of SBI Holdings has predicted that XRP will come to overtake Bitcoin in terms market capitalization. The prediction comes after the Japan-based financial institution announced $ billion in revenue. The CEO, Yoshitaka Kitao is very bullish on XRP:
“There is basically no value for Bitcoin. The fact that Bi coins are going to be used more and more in practical use is not easy when it comes to that price. So I think that ‘XRP’ in the crypto world is probably the number one crypto asset.”
In the interim, Ripple is trading at $0.3422 following a 5.5% on the dat. The crypto is strongly supported at $0.3308; the 5-hour Simple Moving Average (SMA) and the Bollinger Band 1-hour Middle. Ripple has no shortage of support zones with additional support at $0.3272, $0.3201 and $0.3094.
On the flipside, the path to the upside mainly undeterred with the first hurdle at $0.3522 (previous high 4-hour chart). Ripple must correct above $0.35 and establish a higher support in order for the gains to progress towards $0.38 and eventually touch $0.4.
Ripple’s XRP Price Prediction: XRP/USD must breakdown $0.35-0.35 – Confluence Detector
- Ripple’s XRP price is seen trading up in positive territory by around 5% in the latter part of the session.
- XRP/USD bulls have extended to the upside as buying pressure picks up pace, following a pennant pattern breakout.
Ripple’s XRP was seen holding decent gains of 5% in the latter part of the session on Tuesday, as the bulls extend further to the upside. XRP/USD has been trading within a pennant pattern structure, which the bulls managed to escape, inviting greater buying pressure over the past few sessions.
XRP/USD as noted above, was moving within the pennant for nine sessions, within consolidation mode, before it was able to break free. This came after an initial aggressive surge higher out from a descending wedge from December-February.
Looking via the daily confluence detector, there are some barriers in the way of greater upside. $0.3513, 61.8% monthly Fibonacci, 100SMA (daily), $0.3655, daily pivot point resistance and lastly $0.3725, which is a monthly pivot point resistance.
XRP/USD daily confluence detector
The Ripple Effect: R3 Bringing XRP to 50 Banks in New Blockchain and Crypto Pilot
Enterprise blockchain company R3 is partnering with Instamatch Global, a digital network for institutional money market lending. Instamatch is testing R3’s Corda Settler and its ability to settle transactions with XRP in a pilot with 50 banks.
Corda Settler is designed to give companies a new way to move crypto and traditional assets on a distributed ledger. The platform supports XRP as its first crypto payment rail.
Instamatch says it’s building a decentralized app (DApp) that integrates Corda Settler in order to power transactions in real time.
“Coupling the DApp with the latest settlement API (R3 Settler/XRP), we are able to offer the high speed of payments necessary for execution of intraday trades. Our money market offering in R3 Corda is a highly secure, GDPR compliant DApp allowing banks, family offices, corporations, utilities etc. to exchange liquidity amongst each other.
Instamatch is based in Switzerland. The company’s mission is to “change the way money market transactions take place by digitalizing traditional voice brokerage and by moving from local to global execution.”
The pilot with the banks is now live, according to XRP Research Center. The names of the banks involved have not yet been disclosed.