- Ripple has formed a high at $0.3215 before correcting lower 0.53% on the day.
- The vital support at $0.30 is key to Ripple’s recovery towards $0.35.
The much-awaited contracting triangle breakout finally occurred during the Asian session on Thursday. Unfortunately, no significant movement was made above the immediate resistance at $0.32. Ripple has formed a high at $0.3215 before correcting lower 0.53% on the day.
Japan’s Financial giant SBI Holdings, one of Ripple’s main partners recently announced the formation of a new company referred to as MoneyTap. The new company concentrates mainly on cashless payments using Ripple’s xCurrent technology. A notice released to that effect says:
“Money Tap will further accelerate innovation by further promoting the introduction of new technologies, etc. with the full cooperation of Ripple in the United States, and in addition to participating in the foreign exchange consolidation consortium and other financial institutions.”
Meanwhile, Ripple is supported by the 50% Fibonacci retracement level taken between the last swing high at $0.3481 and a swing low at $0.28. A bearish trend is building at the time of writing although the bulls are still present according to the levels shown by the RSI and the MACD indicators on the 4-hour chart. Both the 50 SMA and the 100 SMA 4-hour currently at $0.31 and $0.3156 will act as immediate support lines in case XRP slides further below the Fib level. The weekly support at $0.3150 will come in handy while the vital support at $0.30 is key to Ripple’s recovery towards $0.35.
XRP/USD 4-hour chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.