Ripple news flash: XRP briefly jumps to past $0.33; 100 SMA caps the upside

  • Ripple’s upside is immediately limited by the 100 simple moving average (SMA) 4-hour.
  • The current bullish sentiments are likely linked to the news that Ripple is eyeing the global expansion of its xRapid system.

XRP/USD has jumped above $0.3300 in the afternoon (GMT) session. From an intraday low formed at $0.3213 to the current $0.3331; the buyers seem to be coming back. This represents a 2.12% rise in value on the day. The gains come at a time when the market is generally in a sea of red.

However, Ripple’s upside is immediately limited by the 100 simple moving average (SMA) 4-hour. Both the price overview and price prediction discussed Ripple dancing with the 38.2% Fib retracement level from the last drop from $0.3700 to a low around $0.2877. On stepping above this Fib level, the buying interest increased pulling the price above $0.3300. Ripple is currently trading marginally below the 61.8% Fib level but immediately supported by the 50 SMA 1-hour.

The current bullish sentiments are likely linked to the news that Ripple is eyeing the global expansion of its xRapid cross-border payments system. This development comes after piloting the system in both Mexico and the Philippines. The Senior Vice President of Product at Ripple Asheesh Birla said on Tuesday that there is an overwhelming response from Mexico and the Philippines and called for the global expansion of the remittance system.

Meanwhile, Ripple initial resistance is the 100 SMA at $0.3400, the 61.8% Fib level, $0.3500 while $0.3700 is the ultimate medium-term resistance level. As far support is concerned, XRP will find solace at $0.3300, 50 SMA, $0.3200, $0.3100 (23.6% Fibo) and finally the major support at $0.2800.

XRP/USD 1-hour chart

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