Ripple price analysis: Its a long road to consolidation; Kuwait Finance House to use KuwaitNet
|- XRP consolidation is a long journey.
- Stuck in a parallel channel drifted lower.
Ripple, the payments solution cryptocurrency, continues to stay in the red while the long term consolidation process continues from the technical point of view. Although whether it manages to bounce from the lows hit earlier, is the first key test of a try at breaking higher from this long term consolidation.
XRP/USD is down more than 1 percent at $0.5993, just below $0.60 mark in a low volume, low volatility trade. On the daily chart, the price of this payments solution cryptocurrency continues to stay in a consolidation zone of a parallel chanel and the first key test of its attempt to break higher of this consolidation could be seen when it tries to bounce from earlier low of $0.569, not far from current levels.
From the fundamental news persective, Kuwait's biggest islamic lender Kuwait Financial House announced it wil join RippleNet and use their blockchain technology to save costs and improve the speed for cross border payments.
XRP/USD daily chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.