Ripple market overview: XRP/USD still chopping chunks off the gains

  • XRP/USD is now struggling to defend key support areas.
  • Ripple working to ensure that it establishes not only for as SWIFT’s competitor but a global leader in remittances.

XRP/USD trading pair is in the red for the third day this week. The crypto’s attempts to return to the levels close to $0.5 have been thwarted by selling pressure. From being among the best performing altcoins last week, XRP/USD is now struggling to defend key support areas. The recent fall found anchorage at the 38.2% Fib retracement level between the last swing high at $0.47 and a low at $0.2927.

A correction from the support touched $0.42 but dipped under $0.4 shortly after. The price has sustained above the trendline support for the past few days. The upside, has, however, been limited under the 61.8% Fib level in turn holding Ripple within a narrow range with support at $0.38. The slow stochastic oscillator rejection from the overbought means that the prevailing trend leans more to the bears than the bulls. On the flipside if the price can come out of the range resistance at $0.40, we could then see a correction towards $0.5 as the entire market grinds higher.

XRP/USD 1-hour chart

Ripple as a company and the provider of cross-border financial solutions has been working to ensure that it establishes not only for as SWIFT’s competitor but a global leader in remittances. Recently, the CEO Brad Garlinghouse said that huge banks will have no choice but to join Ripple. He maintains that Ripple has more advance systems to SWIFT which is costly, time consuming and at times unreliable.

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