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Ripple Technical Analysis: XRP/USD important support level in focus

  • XRP/USD trades 3% lower today as the crypto market turns bearish again.
  • The 0.2180 previous wave low support level will now be in focus.

XRP/USD 1-Hour Chart – Market holds under 0.22

Ripple is looking bearish today and on the hourly chart the previous wave low is under threat.

On the chart there is also a converging channel line to be aware of for support.

The market has rejected the lows and pushed up higher over 2 candles but this happens in cryptos watch out for a break.

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XRP/USD Daily Chart 

This is how the level looks on the daily chart and if the wave low breaks it could open up a move to the lows near the 0.20 psychological level.

A move beyond that point to take Ripple to new lows. The price is really in a tough zone at the moment.

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Ripple Price Analysis: Ripple finds support at important Fibonacci level

  • All of the major cryptos fell in the US session and XRP dropped 6%.
  • The XRP/USD pair found support at the 50% Fibonacci level.

XRP/USD 4-Hour Chart

All the major cryptocurrencies fell on Wednesday in the US session.

The price of XRP/USD is down around 6% so far in the session.

Support has been found on the trendline which confluences with the 50% Fibonacci retracement.

Just below that level, the red support zone also matches a Fib level at the 61.8% retracement zone.

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Additional Levels

XRP/USD

OVERVIEW
Today last price0.2815
Today Daily Change-0.0171
Today Daily Change %-5.73
Today daily open0.2986
TRENDS
Daily SMA200.2802
Daily SMA500.2436
Daily SMA1000.2332
Daily SMA2000.2554
LEVELS
Previous Daily High0.303
Previous Daily Low0.276
Previous Weekly High0.3395
Previous Weekly Low0.2672
Previous Monthly High0.254
Previous Monthly Low0.1846
Daily Fibonacci 38.2%0.2927
Daily Fibonacci 61.8%0.2863
Daily Pivot Point S10.2821
Daily Pivot Point S20.2655
Daily Pivot Point S30.255
Daily Pivot Point R10.3091
Daily Pivot Point R20.3196
Daily Pivot Point R30.3362

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Ripple Reveals $54,000,000 in XRP Remittances Sent From US to Mexico in One Week

Ripple says it’s now pushing significant volume in one of the largest remittance corridors in the world.

In a new interview on CNN’s First Move, Ripple CEO Brad Garlinghouse says the company’s XRP remittance platform processed $54 million worth of transactions from the US to Mexico in the first week of February.

“Last week, we did $54 million of XRP flows into Mexico. That’s 7.5% of all flows from the US dollar to Mexican peso. That’s up from 3% in December. So this is growing very quickly.”

According to Garlinghouse, the rapid growth is a sign that Ripple is solving a problem that benefits the everyday customer.

“You have to focus on a real problem, a real customer and drive that utility. With 7.5% of liquidity into Mexico are being driven through XRP, you start to really see that it is not a science experiment.”

Ripple partnered with the Mexico-based crypto exchange Bitso to facilitate XRP settlements into the country, and the exchange is now processing 10% of MoneyGram’s flows into Mexico using XRP.

Bitso senior analyst Emilio Rivero Coello says that cryptocurrency can settle transactions in a matter of seconds while reducing fees by 2.83% to as much as 5.62%.

“In the last couple of months, Bitso has seen exponential growth in the volume of remittances sent from the United States to Mexico.

By leveraging the technology of a cryptocurrency exchange, Bitso is able to provide other financial institutions with on-demand liquidity for global payments. This allows transactions to be sent in less than 90 seconds, which is profoundly less time that the 3 to 5 days it takes using traditional methods.”

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Ripple Latest News – Top Headline for Ripple XRP, February 19th, 2020

  • McCaleb declares his XRP sell-off does not influence the crypto market
  • Ripple XRP price recovery facing major resistances

Ripple Latest Update – In a recent medium post from prominent blockchain observer Whale Alert, he reported that Stellar CTO Jed McCaleb sold off over 1 billion XRP between 2014 and 2019. The post also tried to check if McCaleb’s sale of XRP will influence the price of the digital asset. XRP News Now – Whale Alert stated that compared with other whole trade volumes daily, the amount McCaleb is selling seems trivial.

XRP (XRP) Price Today – XRP / USD

#NamePrice
3XRP(XRP)$0.2995

XRP Twitter – Commenting on this, McCaleb stated in a recent interview that it is odd that people are concerned in his recent token trading, mentioning that other people have also sold much more than him. He went thus:

“I have been transparent from the beginning. The market has known for years that I have been selling my XRP at a slow, steady rate. My investment decisions are not based on any desire to negatively impact other companies in this industry. I think the history to date shows there is no impact on the market, and I don’t see any reason why that will change.”

Ripple XRP price recovery facing major resistances

Ripple Price Today USD – XRP price began an upside move above the $0.2850 resistance level against the U.S dollar. Though XRP price is still encountering major resistance close to $0.3000 and $0.3080. XRP price is currently correcting higher from the $0.2677 swing low against the U.S dollar. There is currently a major bearish trendline establishing with resistance close to $0.3000 on the hourly chart of the XRP/USD pair.

XRP price update – XRP price even surged above the $0.2950 resistance level. Notably, there is a major bearish trend line establishing with resistance close to $0.300 on the hourly chart of the XRP/USD pair. Above the trend line, there is a major resistance establishing close to the $0.3070 and $0.3080 levels. XRP News Now – Also, the 50% Fib retracement level of the major decline from the $0.3470 high to $0.2677 low is also close to the $0.3080 area. Hence, a positive close above the $0.3080 resistance level is required for a firm surge in the forthcoming sessions. If there is a clear close above $0.3080 and $0.3100, there are possibilities of another XRP price rally towards the $0.3200 and $0.3320 levels.

XRP price prediction 2020 – Also, there are possibilities of another failure close to $0.3000 resistance level and the 100 hourly Simple Moving Average. If this happens, the XRP price might continue to trade lower towards the $0.2850 and $0.2800 levels. The major support level for XRP is still close to the $0.2650 level, beneath which XRP price could commence a firm decline towards the $0.2500 support level in the near term.

XRP Price Forecast 2020 – Ripple XRP Price Forecast 2020 

XRP News Now -The MACD for XRP/USD pair is gradually moving into the bullish zone, while the RSI for XRP/USD pair is just well above the 50 levels, with a bearish sign. The major resistance levels are $0.3000, $0.3070 and $0.3080, while the major support levels are $0.2850, $0.2800 and $0.2650.

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