Ripple price analysis: XRP/USD takes a huge plunge, down 15% on the day despite the release of initial pilot test transfer results using XRP cryptocurrency
|- Ripple (XRP) reduced transfer costs by 40%-70%, while the time was brought down from 3 days to 2 minutes.
- Ripple price immediate support is at $0.65, upside target is at $0.75.
Ripple price is extending declines on Friday, and like most of the coins and altcoins in the market, it is exploring new lows in May. XRP/USD rejected the support at $0.80 as well the next target at $0.75, which has opened the gate for lower corrections below $0.70. This is the first time Ripple is trading in the $0.69 range in May despite the support it got yesterday after it got the first listing (XRP/TRX) on Zebpay cryptocurrency exchange.
Ripple has been battling to prove that XRP can do much more than just buy and sell, that banks can use it for cross-border fund transfer. The network has released the results of the first pilot test using XRP and the data released has shed some light on the larger use of the cryptocurrency. The Director of Mercury FX, Alistair Constance took part in the pilot test commented saying “The exchange rates were very competitive, and the transaction times were unbelievable,” Constance continued, “It was lightning fast compared to using the correspondent banking network Swift.”
The director confirmed the data released by Ripple where there was 40%-to-70% reduction in the cost of transfer in comparison to the traditional foreign exchange systems. Moreover, the transfer time averaged at $2 minutes in relation to 3 days for normal cross-border payments.
Moving on to the analysis, Ripple price has found a support at $0.65 and is currently trading at $0.696. There is a bullish momentum as seen on the charts and Ripple could break above $0.0700 in the short-term. The RSI is recovering from the oversold levels, is pulling further into the negative region. On the upside, the target is at $0.75, but XRP/USD must clear the resistance at $0.700.
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