Ripple Market Overview: XRP/USD goes down despite positive developments
|- Uquid now allows users to pay for services with XRP.
- XRP/USD went down from $0.36 to $0.33 this Thursday.
- The market has currently found support at the 20-day simple moving average (SMA 20) curve.
Uquid, a payment platform, will now allow users to pay for a variety of services with Ripple. Users can use Ripple to pay for:
- Mobile top-ups.
- Mobile data.
- Electricity bills.
- Grocery vouchers.
- Insurance.
- Pharmacy vouchers.
- Transportation.
- TV Bills.
Despite this news, XRP/USD has gone down from $.36 to $0.33 this Thursday, charting an 8.3% fall in value. The crypto market as a whole has taken a hit this Thursday. Technical analysis shows that a further drop in value is expected.
XRP/USD Daily Chart
- The market has currently found support on the 20-day simple moving average (SMA 20) curve.
- The SMA 200 curve acts like market resistance.
- Market forms a triangle formation, from which the price has had a bearish breakout.
- The relative strength index (RSI) indicator has crept towards the neutral zone.
- The two latest sessions of the Elliot Wave Oscillator is bearish.
- The signal line has converged with the moving average convergence divergence (MACD) line which means that market momentum is with the bears.
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