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
-636905526402282113.png)
- 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.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
More from Rajarshi Mitra
