Ripple ballistic rise loses steam: XRP/USD could test $0.31 critical support
|- Ripple’s competitor SWIFT plans to integrate blockchain settler from R3.
- Investors rush to take profits following the ballistic rise.
- Ripple price expected to find support at $0.31 and resume the uptrend in the near-term.
Ripple price led the bullish reversal on the cryptocurrency market yesterday. The digital asset made an incredible move in an engulfing bullish candle after it broke from the narrow range resistance at $0.2950. Ripple was supported at $0.2850 since the drop on Monday this week. The bullish correction not only stepped above $0.33 but also formed highs around $0.3382.
The ballistic rise came just in time when the traditional banking system SWIFT announced plans to integrate a blockchain solution developed by R3’s Corda Settler. The blockchain solution utilizes a distributed ledger to process transactions happening between the fiat currencies and the digital assets.
Meanwhile, Ripple has reverted back to the red following the rejection from the highs mentioned above. The drop has ignored the rising trendline support (15-minutes range). Moreover, XRP/USD has slipped further below $0.32 support to the current $0.3183. The declines are bound to continue as observed from the slow stochastic indicator (15-minute range) which has re-entered the oversold and still maintains a downward trajectory.
Additionally, the Relative Strength Index (RSI) in the same range is almost making it into the oversold region to show that the trend is strongly favoring the bulls. However, we expect XRP to find support at $0.31 and from there reverse the trend upwards; failure to which it could trim gains to the recent lows close to $0.28.
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