Ripple price allergy to $0.35 sends it below $0.33: XRP now in 50 banks courtesy of R3
|- R3 collaboration with Instamatch Global will pilot transactions settlement with XRP.
- Bullish momentum is resuming the uptrend after XRP/USD tested $0.32 support.
Ripple is lethargic on today following the retracement from the highs slightly above $0.3450. For a couple of days, the digital asset formed higher highs and higher lows to the extent of breaking above the resistance at $0.33 and even zoomed past $0.34. However, it seems, XRP is allergic to $0.35 hence the retracement to the support at $0.32.
In other news, one of the world’s leading blockchain enterprises, R3 in its latest partnership with Instamatch Global, will see both firms test Corda Settler developed by R3 for transaction settlement using XRP. Instamatch Global, is company that provides a network for institutional funds market lending. The collaboration will include a pilot platform with at least 50 banks. The Corda Settler has been designed to enable companies to transfer funds in both crypto and traditional assets utilizing a distributed ledger.
Meanwhile, Ripple is exchanging hands at $0.33 after gains of 1.54% on the day. Before the gains in the last two days, XRP/USD was stable in a range between $0.3 - $0.30. All cryptocurrencies corrected higher leading to a significant boost in the market capitalization to levels marginally above $134 billion. Ripples market cap corrected higher as well to the current $13.5 billion, similarly, the 24-hour trading volume hit highs of $1.1 billion but has corrected to $936 million.
Ripple is immediately supported by the 1-hour 50-day Simple Moving Average (SMA) currently at $0.328; coinciding with the 61.8% Fib retracement level. A bullish momentum is resuming the uptrend after XRP/USD tested $0.32 support. The former support range at $0.3 - $0.31 will prevent further declines in case the bears increase their grip. On the flipside, XRP must claim a position above $0.35 in order to shake off the bear pressure and continue with the journey to $0.4.
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