- Ripple price is slowly recovering, but struggling to gain momentum above $0.2800 against the US dollar.
- The price is facing a lot of hurdles on the upside near the $0.2820 and $0.2840 levels.
- There is a key bearish trend line forming resistance near $0.2840 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Both Ethereum and bitcoin are recovering above $188 and $9,000 respectively.
Ripple price is struggling to correct higher against the US Dollar and bitcoin. XRP price is likely to decline again if it fails to surpass $0.2840 and $0.2850.
Ripple Price Analysis
This past week, there was a sharp decline in ripple below the $0.3000 support area against the US Dollar. XRP/USD declined heavily and broke many supports near the $0.2950 and $0.2850 levels.
Moreover, there was a close below the $0.2850 level and the 100 hourly simple moving average. As a result, there was a break below $0.2800 and the price traded as low as $0.2701.
Later, there was an upside correction above the $0.2750 resistance level. Besides, the price traded above the 23.6% Fib retracement level of the downward move from the $0.2923 high to $0.2701 low.
Ripple even recovered above the $0.2800 level, but it is facing a strong resistance near the $0.2840 and $0.2850 levels. Additionally, the 50% Fib retracement level of the downward move from the $0.2923 high to $0.2701 low is acting as a resistance.
More importantly, there is a key bearish trend line forming resistance near $0.2840 on the hourly chart of the XRP/USD pair. The 100 hourly SMA is also positioned near the trend line and the $0.2850 resistance.
Therefore, ripple price must surpass the $0.2850 resistance and the 100 hourly SMA to start a decent recovery in the near term. The next key resistance is near the $0.2900 and $0.2910 levels.
On the downside, an immediate support is near the $0.2750 level. If there is a bearish break below the $0.2750 support, the price could revisit the $0.2700 support area. Any further losses may perhaps push the price towards the $0.2650 support area.
Looking at the chart, ripple price is clearly facing a lot of important hurdles near the $0.2840 and $0.2850 levels. A clear break above the $0.2850 resistance might start a recovery towards the $0.3000 resistance area. If not, there is a risk of more losses below the $0.2750 and $0.2700 support levels.
Hourly MACD – The MACD for XRP/USD is still moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently under pressure below the 50 level.
Major Support Levels – $0.2750, $0.2700 and $0.2650.
Major Resistance Levels – $0.2840, $0.2850 and $0.29
Ripple (XRP) Price Remains At Risk Of More Losses
- Ripple price is trading in a bearish zone below the $0.2840 resistance against the US dollar.
- The price is struggling to hold the key support area near the $0.2700 level.
- Yesterday’s major bearish trend line is active with resistance near $0.2800 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Ethereum is trading above $180 range support and bitcoin is down more than 3.5%.
Ripple price is facing an uphill task against the US Dollar and bitcoin. XRP price is likely to continue lower as long as it is trading below $0.2820 and $0.2840.
Ripple Price Analysis
In the past few hours, there was an increase in selling on ripple below the $0.2840 resistance area against the US Dollar. XRP/USD mostly followed a bearish path below $0.2800 and the 100 hourly simple moving average.
Moreover, the price moved below the last low and traded to a new weekly low near $0.2682. At the moment, the price is correcting higher above $0.2720. Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $0.2852 high to $0.2682 low.
However, there are many resistances for ripple on the upside near the $0.2765 and $0.2780 levels. Besides, the 50% Fib retracement level of the recent decline from the $0.2852 high to $0.2682 low is near the $0.2765 level.
More importantly, yesterday’s major bearish trend line is active with resistance near $0.2800 on the hourly chart of the XRP/USD pair. The 100 hourly SMA is also positioned near the trend line and $0.2800 to act as a barrier for the bulls.
Therefore, a clear break above the trend line, $0.2800, and the 100 hourly SMA could start a decent increase. The next key resistance is near the $0.2840 level, above which there are chances of more upsides towards the $0.3000 resistance area.
On the downside, an initial support is near the $0.2700 level. If there is another bearish break below the $0.2700 support, the price could even decline below the $0.2682 low. The next key supports on the downside are near the $0.2650 and $0.2640 levels.
Looking at the chart, ripple price is clearly trading in a bearish zone below the $0.2800 and $0.2840 resistance levels. A convincing close above $0.2840 is needed for the price to move into a bullish zone. If not, there is a risk of more losses below $0.2700.
Hourly MACD – The MACD for XRP/USD is about to move into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and is below the 50 level.
Major Support Levels – $0.2700, $0.2680 and $0.2650.
Major Resistance Levels – $0.2765, $0.2800 and $0.2840.
Ripple price analysis: XRP/USD dancing with the 38.2% Fibo, $0.28 is still unconquered
- Ripple launches another assault on $0.28 short term resistance zone.
- Ripple price likely to settle with a narrow range between $0.28 and $0.27.
Ripple is forcing a recovery amid a generally bullish environment across the crypto space. Unlike Monday, the entire market is in the green. Leading the recovery on the day is NEO, EOS and Bitcoin Gold having corrected higher 2%, 1.35% and 1.23% in that order.
Following the return movement to the key support at $0.27, Ripple bulls have been on a mission to break the short term resistance at $0.28. However, limiting the gains is the 38.2% Fibo taken between the last swing high of $0.3153 to a swing low of $0.25 and the descending trendline.
The price is also below the 50 Simple Moving Average on the 4-hour chart currently at $0.2886 and the 100 SMA at $0.2920. According to the Relative Strength Index (RSI), Ripple will settle in the narrow range and trade sideways in the coming sessions. The range spans from $0.270 support to the resistance at $0.28.
Peru’s Interbank to utilize Ripple’s On-Demand Liquidity for cross-border payments
- Previously, the bank used Ripple’s payment messaging system xCurrent.
- Ripple states that 24 of its 300+ clients have signed up to use On-Demand Liquidity.
Banco Internacional del Peru, also known as Interbank, recently announced that it will be utilizing Ripple’s XRP-powered payment product called On-Demand Liquidity (ODL). Previously, the bank used Ripple’s payment messaging system xCurrent. At the Ripple’s Swell conference in Singapore, Interbank’s blockchain specialist Joisie Mantilla said:In Peru, we started thinking about cryptocurrencies when they first started appearing in the US. The bank has done a great job trying to attract talent that is really focused on innovation. And we have an innovation lab inside the bank.
So we work as a team that is allowed to fail and try different things, and we started working with xCurrent in that way. And now, after a year of working with xCurrent, we have decided to move forward this year and use the cryptocurrency to do our transactions.
Ripple’s On-Demand Liquidity was formerly known as xRapid. On-Demand Liquidity utilizes Ripple’s cryptocurrency XRP to act as a link between two fiat currencies. Ripple stated that 24 of its 300+ clients have signed up to use ODL since its launch in October 2018. According to Mantilla, the bank is bound to use new technologies. She said that many financial institutions in Latin America are increasingly using advanced innovations in their infrastructure for cross-border payments.
The need that we have found is both our products of either corporate payments or just remittances are outdated. We’re not being competitive in the market anymore. There are so many fintechs, especially coming from Brazil or from the US itself that are targeting Peru as one of their next steps to flourish.
As per the Corporate Financial Institute (CFI), Interbank is one of the largest banks in Peru, with $41.3 billion in total assets. The company reported $2.9 billion in total revenue in 2017.