Ripple Price Analysis: XRP/USD stuck between rising channel support and resistance
|- Alipay user to benefit from faster Ripple-powered cross-border payments following the integration by Malaysian-based Tranglo.
- To reach $0.3, Ripple price must bring down the ascending channel resistance.
The magical massive movements experienced across the board in the cryptocurrency market last week have not only subsided but also turned into bearish corrections. For this reason, Ripple's price is trading 0.37% lower on Wednesday. The Asian session dealt with the same selling pressure and the European has kick-started amid the same selling activity.
Looking at the cryptocurrencies live rates table, I can tell that the trend is gradually turning bullish, at least for the top five digital assets. Ripple is exchanging hands at $0.2358 at the time of writing as volatility shrinks.
Tranglo integrates Ripple’s RippleNet
One of the leading Southern Asia fintech firms, Tranglo is reportedly integrating Ripple’s cross-border technology. The firm's project manager, Estee Lau says that Tranglo has been working on the implementation of RippleNet since last November. Tranglo powers payments in over 18 countries. The support will also serve Alipay users, following their recent partnership, allowing them to send and receive money quickly and securely using the app.
“Tranglo expects the collaboration to especially benefit migrant workers around the world, particularly in Asia, where the cross-border payment hub has a foothold in the remittance market through local partners.”
Ripple price technical picture
The resistance at the 50 SMA on the 1-hour is giving the bulls a hard time. In addition, correction above the key $0.24 hurdle might take longer. However, if not overcome, the bulls are likely to get discouraged, losing balance and allowing for losses towards $0.22.
From a broader technical perspective, Ripple is still in the January nurtured uptrend. The rising channel support continues to be critical to the trend. I expect a bounce back up if the support is tested again. On the flipside, the channel resistance must come down for XRP to move majestically in the direction of $0.30.
XBT/USD 1-hour chart
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