Ripple Market Overview: XRP/USD goes down despite positive developments

  • Uquid now allows users to pay for services with XRP.
  • XRP/USD went down from $0.36 to $0.33 this Thursday.
  • The market has currently found support at the 20-day simple moving average (SMA 20) curve.

Uquid, a payment platform, will now allow users to pay for a variety of services with Ripple. Users can use Ripple to pay for:

  • Mobile top-ups.
  • Mobile data.
  • Electricity bills.
  • Grocery vouchers.
  • Insurance.
  • Pharmacy vouchers.
  • Transportation.
  • TV Bills.

Despite this news, XRP/USD has gone down from $.36 to $0.33 this Thursday, charting an 8.3% fall in value. The crypto market as a whole has taken a hit this Thursday. Technical analysis shows that a further drop in value is expected. 

XRP/USD Daily Chart

  • The market has currently found support on the 20-day simple moving average (SMA 20) curve.
  • The SMA 200 curve acts like market resistance.
  • Market forms a triangle formation, from which the price has had a bearish breakout.
  • The relative strength index (RSI) indicator has crept towards the neutral zone.
  • The two latest sessions of the Elliot Wave Oscillator is bearish.
  • The signal line has converged with the moving average convergence divergence (MACD) line which means that market momentum is with the bears.

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