- Ripple price failed to break the resistance at $0.29, opening the Pandora box as the price slides towards $0.27.
- Ripple’s Xpring believes that XRP should tap into Ethereum’s smart contract capability using a financial bridge.
The cryptocurrency market is in shambles on Monday towards the end of the Asian session. Unlike the weekend session which was characterized by the struggle to break key barriers across the board, the first session on Monday is painted red. Ripple price is trading at $0.2748 after losing 3.25% of its value. Sellers are in the driver’s seat and are intentional on seeing XRP/USD dive under $0.27 support.
Ripple wants to link XRP and Ethereum financially
Ripple is apparently considering building a financial bridge between its token XRP and Ethereum (ETH). Xpring, Ripple’s investment arm believes that there should be an easy and effective way to swap value between two of the largest cryptos by market capitalization in the world. Xpring says that XRP is armed with liquidity but lacks the “compute layer to support complex smart contracts;” a feature that Ethereum outclasses other cryptos with.
We think the XRP to ETH and ERC-20 tokens bridge is important since XRP is one of the most liquid crypto currencies in the world, but doesn’t have a compute layer to support complex smart contracts for the growing Decentralized Finance (DeFi) market on Ethereum.
Ripple price analysis: XRP/USD likely to bounce on touching $0.27
Ripple price is trading under the moving averages on the 2-hour chart. The 50 SMA failed to support the price during the plunge from $0.2864 (intraday high). However, the same moving average is now limiting recovery. The 100 SMA is also a hurdle at $0.2848; likely to give the bulls a hard time in the path towards $0.30.
The RSI clearly shows that sellers have the mantle. The indicator has dropped from highs close to 70 (overbought region) to levels under 50. If the slope continues, XRP/USD could slide under $0.27 support and even test the next support at $0.26.
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