Ripple Price Analysis: XRP/USD consolidating at the Bollinger Bands middle curve

The cryptocurrency market is in a dull state following the non-eventful Bitcoin halving. The pomp and dance that was expected left investors without joy as the price action remained stable. Ripple price has also taken the slow approach and is currently in consolidation within a range; $0.19 (initial support) and $0.20 (first resistance).

The price is holding at the Bollinger Band middle curve following a minor recovery from the previous week’s low at $0.1750. The prevailing sideways price action is likely to last longer with the RSI lethargic horizontal movement marginally under 50 (average). However, the recovery from levels slightly under 30 (oversold) clearly shows that buyers are relatively in control.

Conforming that buyers are in driver’s seat is the MACD’s upward roll from weekend lows at -0.00623. A bullish divergence from the MACD shows that bulls have an upper. They only lack a catalyst to catapult XRP above the critical $0.20 level and allow the focus to shift to higher levels; $0.25 and $0.30 respectively.

XRP/USD 4-hour chart

Ripple’s blockchain solution adopted by UAE bank to power cross-border transactions

RAKBank, the ninth-largest bank in the United Arab Emirates has announced a partnership with Bangladesh-based Bank Asia for a new payments corridor. The service will be powered by Ripple’s distributed ledger payments solution for financial institutions. Users will now be able to send and receive money internationally between the two institutions in less than 24 hours. RAKBank CEO Peter England said in a statement:

This solution empowers the Bangladeshi expats to instantly and securely send money back home to Bangladesh in just a few simple clicks."