Ripple Price Analysis: XRP/USD bows to the rejection at $0.24
|- Ripple ignores the support on BitPay as losses threaten the support at $0.2200.
- Upward movements are unlikely in the near term, based on the prevailing technical picture.
After opening the session on Thursday at $0.2368, Rippled only managed to hit an intraday high at $0.2369. However, the high selling activity, emanating from the recent rejection at $0.24, forced XRP to dive to a low of $0.2302. While exchanging hands at $0.2306, XRP has lost 2.6% of its value on the day (in the course of the Asian session).
BitPay Integrates XRP payments
BitPay, a platform at the forefront of supporting cryptocurrency payments for merchants around the world has announced the integration of XRP payments. The support comes after a partnership between Ripple’s Xpring and BitPay last October. Ethan Beard, Senior VP at Xpring believes that the support will increase the utility of XRP.
"BitPay provides new and practical opportunities for the utility of digital assets. We hope to build upon this progress, to make it easy for everyone to integrate money into their apps. We’re excited to further our partnership with BitPay and enable the use of XRP for everyday purchases, which benefits merchants and consumers alike,” said Beard.
Ripple price technical picture
Ripple price upside movement is held back by the growing resistance at the 100-day SMA, currently holding ground at $0.24. Higher levels are also capped at $0.25 and $0.26 respectively. On the downside, XRP hoping to bounce off the trendline support. The zone $0.22 has been established as another support above the 50-day SMA support at $0.21193.
Technically, Ripple is bound to continue with the downtrend momentum especially with the RSI slopping towards 50 (average) and the Elliot Wave Oscillator featuring a second bearish session on the day.
XRP/USD daily chart
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