Ripple price analysis: At a make or break level on short term charts; reveals results of pilot tests using XRP crypto

Trades lower on day, at a critical point on intra day charts.
Ripple reveals results of pilot tests using XRP.

Manoj B Rawal Independent Analyst

Ripple price is trading lower on day and at a critical point of the day on the intra day charts, wherein it would either bounce back or may even break down below to turn short to medium term trend into negative.

XRP/USD down more than 3 percent at $0.77 almost near day's low of $0.7683. On Thursday Ripple revealed results of pilot test using XRP cryptocurrency that showed 40-70% reduction in costs compared to other foreign exchange providers and an average payment time of two minutes, compared to two to three days for typical cross-border payments, as per this Forbes article.

XRP, if broken and sustained below this level of $0.76-0.77, then next key levels are $0.69 where XRP's 21 days SMA resides and $0.60 which is its earlier swing low in the last sell-off.

XRP/USD 120-minute chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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