Ripple market update: XRP/USD rebound stalls at $0.3200


  • PayPal new launched mobile app Xoom means more competition for Ripple.
  • XRP/USD recovered from lows around $0.28 but the upside is limited at $0.3200.

Ripple bulls are not contented with the recovery from the recent slump that touched $0.28. While XRP/USD stepped above the key $0.30, recovery has stalled on touching $0.32. Besides, the price is dancing at $0.31 following a subtle 0.95% correction on the day.

Meanwhile, PayPal new launched mobile app Xoom means more competition for Ripple. Xoom is currently targeting the European market by providing faster and cost-effective cross-border fund transfers. The application has already been branded the tag “Ripple Killer” and is going to serve people in at least 32 countries in the region who will have the ability to send funds to more than 130 countries around the world.

Read more: PayPal launches Xoom app, the "Ripple Killer," for international payments

Ripple technical picture

At press time, Ripple is trading at $0.3115 while stuck between the moving average resistance and support. The 50 Simple Moving Average (SMA) 2-h chart is providing support at $0.3103 while the upside the 100 SMA 2-h will hinder growth above $0.32.

The prevailing trend has a bullish bias especially with the Moving Average Convergence Divergence (MACD) almost crossing into the positive area. I expect XRP/USD to move sideways above the support oat $0.30 in the near-term. $0.28 is the major support in the event bearish pressure overwhelms the buying power.

XRP/USD 2-h chart

 

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