Ripple price analysis: XRP/USD in a bear-hug, down 6/5% despite partnership craze
- XRP/USD is down 6.5%, as the bearish trend has resumed.
- Thailand-based SCB is happy with its Ripple partnership.
XRP/USD managed to recover to $0.5220 during Sunday trading, but the upside proved to be short-lived. The second largest coin with a total market value of over $19B is now changing hands at $0.4781, extending the decline from the Asian high of $0.5130. The coin has lost 6.5% since the beginning of Monday and
Ripple is expanding its partner network in the Asian region, where an acute problem with high remittance costs, big delays in payment processing and lack of a reliable pool of correspondent banks force the financial institutions to seek for innovative technological solutions.
Chief Technology Officer & Head of Operations in SCG Colin Dinn recently praised the outcomes of bank's partnership with Ripple, saying that it is not merely a vendor, but a business partner that steers the bank's transformation.
The Thailand-based SCB with over 111-year history believes the whole ecosystem for the broader ASEAN region can be built around Ripple technologies.
Ripple's technical picture
From the short-term point of view, XRP/USD is capped by a confluence of SMA50 and SMA100 (4-hour) at $0.4950. Once this hurdle is cleared, the recovery may be extended towards psychological $0.50, strengthened by the sloping trendline.
On the downside, the support lies with $0.4770 (SMA200, 4-hour) and $0.4600. A sustainable move lower will open up the way towards the recent low of $0.4157 (November 14).
Author
Tanya Abrosimova
Independent Analyst
