Ripple price analysis: This downside rejects key support areas, While Ripple partners with Mitsubishi

  • Ripple cross-border payment services continue to attract corporations due to the speed and low cost of transactions.
  • Ripple price is limited below $0.69, but supported at $0.65 on the lower side.

Ripple has been exploring lower levels since the trading session yesterday, where it tested the resistance level a $0.75. The downside movement was unstoppable breaching below $0.7 and even testing the key support area at $0.65. Attempts by buyers to force a reverse trend to the upside have been thwarted by the increasing negative pressure below $0.69.

Ripple payment services continue to expand to various parts of the world and corporations like Mitsubishi are adopting the services to achieve faster and cheaper cross-border payment systems. Mitsubishi latest announcement says that they will be testing Ripple (XRP) for international remittance. Standard Chartered UK is also expected to take part in the testing process.

Ripple price is down 8% on the day at the time of publication, besides it is trading at $0.67. Indicators on the chart are showing that the market is in favour of the bears in the short term. Ripple opened the trading session at $0.69 before dropping sharply to $0.66. However, on the upside, it has encountered resistance from the 50 SMA which continues to move farther from the 100 SMA. XRP/USD immediate support is at $0.67, but a broader look at the chart puts the next vital support area at $0.65 but $.066 could stop the declines as well.

XRP/USD 15’ chart

 

 

BEST BROKERS TO TRADE CRYPTO

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 securities. 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 Forex 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.