Ripple market overview: XRP/USD finds support at $0.33

XRP/USD is going through a period of correction as the price went down from $0.342 to $0.332 this Thursday. XRP/USD found support at the $0.33 line. Despite the drop, Ripple holders got a couple of great news in the adoption front:

• Germany’s second-largest stock exchange launched new exchange-traded products (ETPs) that track XRP and LTC.
• Banco Santander will spend heavily on One Pay FX in the next four years.

Boerse Stuttgart and XRP ETPs

Germany’s second-largest stock exchange, Boerse Stuttgart, launched new exchange-traded products (ETPs) that track Litecoin (LTC) and Ripple’s XRP. The ETP was issued by XBT Provider. Ryan Radloff, CEO of CoinShares, parent company to XBT Provider, said in a statement: 

“This is an important moment for traditional investors and the crypto community alike as LTC and XRP now, effectively, have an ISIN number… For traditional investors who are interested in trading, and already have accounts with brokers such as Avanza or Nordnet, but may not care to set up new accounts with new, often unregulated, crypto exchanges, two new crypto assets are now available, this is another important step in the professionalization of the infrastructure around this asset class.”

Boerse Stuttgart is a wholly owned subsidiary of Swedish exchange Nordic Growth Market (NGM). They reported trading volumes of 71.2 billion euros in 2018.

Banco Santander on One Pay FX

Banco Santander announced that they are planning to spend $22 billion on digital technologies in the next four years. One of the primary beneficiaries of this initiative will be the RippleNet powered One Pay FX. One Pay FX had a 230% growth in monthly volumes from May to December 2018. Santander hopes to improve its real-time payment system with this initiative.

XRP/USD daily chart

• XRP/USD has found support on the $0.33 line as the market goes through a period of price correction.
• The last session brought the price back inside the 20-day Bollinger band.
• The Bollinger band also indicates that the market is becoming increasingly volatile.
• XRP/USD is still trending comfortably above the 20-day simple moving average (SMA 20) curve.
• The Elliot wave oscillator shows that despite the last two bearish sessions, the market sentiment remains bullish.
• The MACD indicator shows that market momentum remains bullish.