- Ripple pulled a breakout above the falling wedge pattern but failed to make headway above $0.28 leaving $0.29 untested.
- RippleNet continues to fly Ripple’s flag with global expansions: a major Gulf region bank signs to use RippleNet for cross-border transactions.
Ripple tried to flex its recovery muscles on Monday but failed. The leg up broke the falling wedge pattern resistance which further paving the way for correction past the 50 simple moving average (SMA) on the one-hour chart. The resistance at $0.28 was also cleared, however, the bulls lost their mojo at the 100 SMA leaving $0.29 untested.
The price action on Tuesday is relatively bullish following a positive correction from the opening price of $0.2676 to an intraday high of $0.2689. XRP/USD has since adjusted to the prevailing market value of $0.2680.
As XRP struggles to clear the barriers for a comeback above $0.30, Ripple is expanding its global presence using RippleNet. A major commercial bank in the Gulf region has joined the global payment service, RippleNet. The National Bank of Fujairah (NBF) will utilize Ripple’s blockchain to facilitate cross-border payments.
Technically, Ripple has a short-term bearish bias. The relative strength index (RSI) is leveling close to 30 (oversold region). This follows a retreat from a zone close to 70 (overbought region). Similarly, the moving average convergence divergence (MACD) increasing negative divergence suggests that the sellers have the upper hand. Providing support on the downside is $0.26 while the immediate upside is capped by $0.27. Other resistance zones to look out for include $0.28, $0.29 and $0.30.
XRP/USD 60’ chart
-637048892765377351.png)
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.