Ripple market overview: XRP/USD lock-step trading stalls under $0.32

  • New payment corridor launched between UK and Poland by banking giant Santander.
  • Ripple’s immediate upside is capped by the descending trendline.

Following the devastating drop last week, XRP/USD trading pair took a pit stop at $0.32. A reversal that occurred from the support initially stepped above $0.34 but hit pause at $0.35 on Friday last week. Ripple continued to lose ground over the weekend sessions this time breaking under both $0.32 and $0.30 support areas.

The losses are happening amid news that Ripple’s partner, the banking giant Santander is launching new payment corridor on One Pay FX, a platform powered by Ripple. The new payment corridor is the United Kingdom and Poland. According to Ripple’s senior VP of customer success Marcus Treacher, the payment corridor will allow customers to send and receive up to 10,000 euro every day to and from the countries and at zero transactions fees.

Also Read: R3 blockchain consortium startup contemplates going public via an IPO

Meanwhile, Ripple is trading at $0.3138 after recovering from the levels marginally under $0.30. The immediate upside is capped by the descending trendline. The support turned resistance at $0.32 will also limit movement north while the 50 SMA 2-h currently at $0.3284 will hinder growth.

Do not expect any rapid movement upwards in the near-term as the Relative Strength Index (RSI) stays horizontal above the average. The slightly upward slopping Moving Average Convergence Divergence (MACD) suggests that bulls are gaining traction.

XRP/USD 2-h chart

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