Ripple Price Analysis: XRP/USD engages reverse gears, puts $0.25 on target

  • Ripple soars over the weekend, jumping above $0.26 to form February highs at $0.2622.
  • Ripple’s RippleNet helps goLance pay its freelancers faster, cheaply and conveniently.

Ripple price rallied slightly over the weekend session, where it achieved a February high around $0.2622 (Fibo swing high). In spite of the bullish momentum witnessed across the weekend, XRP is having yet another drab start for the new week. The Asian session on Monday has been laced with lower movements whereby XRP has corrected from $0.2598 (intraday high) to $0.2505 (market value). It is apparent that the bearish correction has the potential to last longer and even spill into the European session.

Ripple’s RippleNet adopted on goLance

A freelance company referred to as goLance is said to have adopted Ripple’s flagship product RippleNet payment service. goLance has been struggling with challenges due to the lack of financial services in some of the areas it operates around the world. The CEO of the company Michael Brooks says that using RippleNet has helped in getting rid of high banking fees. The company is able to send payments even on the weekends as the “XRP Ledger never sleeps.” Brooks explained in a recent interview:

"Our job is to make sure that people can buy groceries. That’s why we chose a stable, utility-based digital asset like XRP. We could have used Bitcoin but its value is too volatile and the recipient has the extra step of converting it to their fiat currency.”

He added in reference to Bitcoin:

If there’s a problem, I can’t call Bitcoin. Ripple is a service provider. I’ve visited their offices all over the world and work with their teams to make our payments experience faster and more efficient.

Ripple technical picture

Ripple is trading within an ascending channel as observed on the 2-hour chart. The price has escaped the channel resistance following the brief weekend surge. However, on XRP hitting the ‘absolute ceiling’ at $0.2622, lower correction took center stage pushing XRP right in the channel.

If declines continue, the 61.8% Fibo above $0.24 is likely to offer support. Aside from that, more support is expected at 50 SMA, the channel support, $0.23 and $0.21. The current downward correction could last longer based on the trend of the RSI and the Elliot Wave Oscillator.

XRP/USD 2-hour chart


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 assets. 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 Open Markets 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Forecast: BTC whales plotting a bullish attack

Bitcoin (BTC) is changing hands at $10,750, mostly unchanged since the start of the day. The cryptocurrency attempted a recovery to $11,000 on Monday but was thrown back inside the range by aggressive short-term sellers.

More Bitcoin News

Top 3 Gainers: OMG, SXP, and STORJ explode 70% and are eying up more gains

The entire cryptocurrency market is bouncing back up, strongly gaining more than $28 billion in market capitalization over the past week. Some of the biggest gainers include OMG, SXP, and STORJ. 

More Cryptocurrencies News

LINK goes through consolidation, preps for a breakout

LINK broke above the downward trending line this Thursday and is currently trending horizontally between the $10 support line and the SMA 20 curve.

More ChainLink news

Bitcoin's mass adoption passes the point of no return

Bitcoin was created in response to the Financial crisis of 2008 and developed within a narrow circle of computer geeks, coders, and libertarians fixated on personal freedom, anonymity, and independence from all sorts of authorities. 

More Bitcoin News


Bitcoin Weekly Forecast: Keep calm and HODL on until the USA elects the president

Bitcoin (BTC) partially regained the losses incurred at the beginning of the week; however, the upside momentum is still too weak to take the price out of the bearish territory and ensure a sustainable recovery. 

Read the weekly forecast