Ripple price analysis: Falling wedge pattern formation; Western Union explores settlement project with Ripple

Ripple continued with uptrend above $0.330 as shared in the analysis published at the end of last week. There was a break above the resistance at $0.340 during the weekend trading. Ripple correcting higher stepping above $0.35 but the momentum lost steam short of $0.3550 resulting in bear correction. Since then XRP/USD has been trading lower highs and lower lows within a forming falling wedge pattern as observed on the 15-minutes chart.

The subtle upside corrections keep pulling back south upon contact with the bearish trendline. Ripple is currently trading at $0.334 following a 2.28% intraday drop. However, the trend is slightly bullish at the time of press. The technical indicators applied to the chart are sending bullish signals but the buyers are lacking a catalyst to sustain upside movement.

A break above the trendline resistance, which coincides with the 50SMA (15-minutes chart) and the next resistance target at $0.340 in order for XRP/USD to witness a sustained swing towards $0.350. The upper supply zone at $0.3550 is a significant hurdle towards $0.40. On the flipside, there are several support areas at $0.330, $0.325 and $0.30.

In other news, the global remittance firm, Western Union has confirmed that discussions with the blockchain company, Ripple Labs. Little is known of these discussions but if the settlement project sees the light of day, it would be a great boost for Ripple and the entire crypto industry.

Ripple is not new to remittances, in fact the company develops systems and solutions for cross-border money transfer. According to a report published by Bitcoin Magazine, the Western Union’s Director of Global Corporate Communications Kristin Kelly confirmed the ongoing discussions with Ripple saying:

“We have had preliminary discussions with Ripple regarding a pilot settlement project, but it is too early to discuss details at this time.”

XRP/USD 15-minutes chart