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

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