Ripple Market Update: XRP/USD range-bound between $0.29 resistance and $0.28 support

Ripple settles in a narrow range between $0.28 and $0.29 as consolidation begins.
An ascending channel is likely to remain intact in the coming sessions and could be a factor in the run-up above $0.30.

John Isige FXStreet

Ripple's price failed to react in tandem with Bitcoin’s surge above $10,000 in the weekend session. The attempt to rise towards $0.30 hit a high of $0.2895. A reversal that ensued following the loss of momentum dipped under the 50SMA in the 2-hour range. However, the bulls have been keen on holding the ground above $0.28 support.

Ripple and MoneyGram

Ripple key strategic partner MoneyGram has been expanding the use of XRP in its cross-border transfers. The international payments provider is now using Ripple’s On-Demand Liquidity (ODL) in five of its payment corridors. MoneyGram’s 10% of the total transactions from the US to Mexico (the largest corridor) is utilizing XRP and ODL. The use of XRP in cross-border transfers is set to increase immensely in the course of 2020.

Ripple price analysis

Ripple price continues to move upwards within the confines of an ascending channel. Although, after failing to break past $0.29, the main action has been mostly sideways trading. A recent dip to $0.2650 support saw XRP recovery immediately settling above $0.28. At the moment, the 50 SMA on the 2-hour chart is capping gains slightly above the market of $0.28053.

Unless the resistance at $0.29 is broken, $0.30 will remain nothing but the light at the end of the tunnel. All technical levels including those by the RSI and the momentum indicator suggest that XRP is bound for more sideways action in the coming sessions.

XRP/USD 2-hour chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

Ripple and MoneyGram

Ripple price analysis

XRP/USD 2-hour chart

Legal Text

Markets move fast. We move first.

Editor's Picks