Ripple price analysis: Low and below, XRP may break April lows; Ripple's Rao says India's RBI may reverse its ban on cryptos in the future

XRP on the way to hit April lows, might break it lower.
India's RBI may reverse its ban on cryptos, says Ripple's Dilip Rao

Manoj B Rawal Independent Analyst

Ripple, the crypto that provides payments solution blockchanin, is trading in the red and is in all likelyhood heading towards breaking its April lows, which is placed at $0.4543, about 13 percent away from current price levels and given the pace of recent sell-off in the crypto world, it may not take too long for XRP to breach that.

XRP/USD is trading more than 1 percent down on day at $0.5265, almost at the low point of the day. On the daily chart, XRP is forming a descending trendline channel and signals that the lows hit in April would not hold for long and its just about time. Having said that, given that it has been falling consistently in recent weeks, a pull back from those levels can't be ruled out.

Ripple's infrastructure innovation head Dilip Rao was quoted in a Times of India report that the company is betting on Basel norms and the RBI’s own panel report on digital currencies for a new framework that could lead to rescinding the ban.

XRP/USD daily 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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