Ripple has continued to make waves in Japan and its strategic collaboration with Japanese financial giant, SBI Holding has been an important catalyst for the growing popularity of the firm in the country.
According to the Hiroyuki Mihara, the COO Bitbank, one of the largest crypto exchange in Japan, Ripple’s relationships with Japanese firms could be the reason behind increasing popularity of Ripple and XRP. The COO, in a recent interview with Blockinpress, said
“Ripple has good relationships with many companies, including SBI Holdings of Japan. Of course, we have good relationships not only with Japanese companies but also with the whole world. That’s why Japanese people see it as a reliable cryptocurrency, which seems to be the biggest reason, because of the perception that it is easy to use through these relationships.”
However, what might affect XRP trade volume in the country is Ripple’s decision to pull back from providing XRP over-the-counter at scale toward the end of the second quarter, “in light of the OTC desks’ ability to source institutional demand for XRP in the open markets”.
OTC trading has been very popular among the crypto traders in the country. Addressing the same, Mihara stated,
“OTC is the most popular in the Japanese market. I think this is something special for the Japanese market. I know that Sell & Buy order books like Binance order books are popular in Korea. But in Japan, OTC order books are the most popular, so they are different.”
The country has been extremely bullish on cryptocurrency, in general. Besides, the Governor of Tokyo, Yuriko Koike, revealed plans to launch Tokyo’s native digital currency based on Proof-of-Concept [PoC] protocol. Recently, Deputy Prime Minister of Japan and Minister of Finance, Taro Aso who was also the keynote speaker at the FINSUM fintech conference in Tokyo spoke in an affirmation regarding the need to adopt emerging tech while addressing crypto.
Another catalyzing factor, that led to XRP gaining traction in the country may be the petition to make XRP the official cryptocurrency of the Tokyo 2020 Olympics. The petition created by Ken Takahashi in 2018, was signed by 14,110 supporters. This was occasioned with Ripple’s flurry of collaboration, including its tie-up with MoneyTap.
Ripple Price (XRP) Facing Uphill Task, Can Bulls Make It?
- Ripple price is still struggling to surpass the main $0.2650 resistance area against the US dollar.
- The price is showing a few positive signs, but it must break the $0.2650 resistance level.
- There is a major breakout pattern forming with support near $0.2585 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could either rally above $0.2650 or it might resume its decline below the $0.2580 level.
Ripple price is trading well below the $0.2650 resistance against the US Dollar, and ranging vs bitcoin. XRP price could soon make the next move either above $0.2650 or towards $0.2500.
Ripple Price Analysis
In the past 2-3 weeks, XRP price made many attempts to surpass the $0.2650 resistance area against the US Dollar. However, the bulls failed to gain momentum above $0.2640 and $0.2650. On the other hand, Ethereum was able to break the $185 resistance area to start an upward move. Therefore, ripple bulls need to gain pace above $0.2650 to start a solid upward move in the coming days.
The last swing low was formed near $0.2566 and the recent high was near $0.2628. At the moment, the price is correcting lower below $0.2610 and trading well above the 100 hourly simple moving average. An immediate support is near the $0.2600 level. It coincides with the 50% Fib retracement level of the recent wave from the $0.2566 low to $0.2628 high.
The main support on the downside is near the $0.2590 level and the 100 hourly simple moving average. Additionally, the 61.8% Fib retracement level of the recent wave from the $0.2566 low to $0.2628 high is near $0.2590. More importantly, there is a major breakout pattern forming with support near $0.2585 on the hourly chart of the XRP/USD pair.
Therefore, ripple price seems to be preparing for the next major break either above $0.2650 or towards $0.2500. This time, the chances of an upside break above $0.2650 are high. If the bulls gain control above $0.2650, the price could climb higher significantly towards $0.2850 or even $0.3000 in the near term. Conversely, if it fails again near $0.2650, there could be a fresh decline towards the $0.2500 support.
Looking at the chart, ripple price is confined in a broad range below the $0.2650 resistance. There could be more ranging moves, but sooner or later, the price is likely to break the $0.2650 resistance area.
Hourly MACD – The MACD for XRP/USD is currently placed nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower towards the 50 level.
Major Support Levels – $0.2600, $0.2580 and $0.2550.
Major Resistance Levels – $0.2640, $0.2650 and $0.2720.
Ripple bulls woke up and pushed XRP/USD towards $0.27 in a matter of minutes
- XRP/USD gains over 2% of its value in a matter of minutes.
- The further upside is limited at this stage.
Ripple’s XRP has jumped from $0.2600 to $0.2680 in a matter of minutes. By the time of writing, XRP/USD has retreated to $0.2670, though the upside momentum remains strong. The third largest digital asset has gained over 2% since the beginning of the day and 1.4% on a day-on-day basis.
The fundamental triggers of the move remain unknown so far.
Looking technically, the price has returned to the area below the upper line of four-hour Bollinger Band currently at $0.2676. Considering that the Relative Strength Index (RSI) is reversing to the downside on the intraday timeframes, XRP/USD is vulnerable to the technical correction after a strong movement. The first area of support is located on the approach to $0.2660 ( the upper line of one-hour Bollinger Band). Once below, the sell-off may be extended towards $0.2610-$0.2600 area strengthened by SMA200 (Simple Moving Average) four-hour.
On the upside, a new attempt at $0.2680 looks unlikely thus far; however, if it is cleared, the upside trend wil gain traction with the next focus on $0.2775 (SMA50 daily).
Ripple technical analysis: XRP/USD keeps crawling along horizontally
- XRP/USD went down from $0.262 to $0.261 so far this Tuesday.
- The SMA 20 curve acts as immediate market support.
XRP/USD daily chart
XRP/USD daily price keeps trending along horizontally. The price has gone down so far from $0.262 to $0.261 this Tuesday. The 200-day simple moving average (SMA 200) and SMA 50 curves are trending above the XRP/USD price. The SMA 20 curve acts as immediate market support.
XRP/USD 4-hour chart
The 4-hour XRP/USD is consolidating within a triangle formation. The price broke above the red Ichimoku cloud. The SMA 200 acts as market resistance while trending above the SMA 50 and SMA 20 curves. The Elliott oscillator shows 11 straight bearish sessions.
XRP/USD hourly chart
The hourly XRP/USD chart is trending in a downward channel formation. The narrowing of the 20-day Bollinger jaw shows decreasing market volatility. The latest price session has dropped below the SMA 50 curve, while it above the SMA 200 and SMA 20 curves. The relative strength index (RSI) indicator is trending around 50.
|Today last price||0.2607|
|Today Daily Change||-0.0010|
|Today Daily Change %||-0.38|
|Today daily open||0.2617|
|Previous Daily High||0.2637|
|Previous Daily Low||0.2569|
|Previous Weekly High||0.2665|
|Previous Weekly Low||0.2511|
|Previous Monthly High||0.3308|
|Previous Monthly Low||0.2392|
|Daily Fibonacci 38.2%||0.2611|
|Daily Fibonacci 61.8%||0.2595|
|Daily Pivot Point S1||0.2578|
|Daily Pivot Point S2||0.254|
|Daily Pivot Point S3||0.251|
|Daily Pivot Point R1||0.2646|
|Daily Pivot Point R2||0.2676|
|Daily Pivot Point R3||0.2715|