Ripple Price Analysis: XRP/USD stuck between rising channel support and resistance


  • Alipay user to benefit from faster Ripple-powered cross-border payments following the integration by Malaysian-based Tranglo.
  • To reach $0.3, Ripple price must bring down the ascending channel resistance.

The magical massive movements experienced across the board in the cryptocurrency market last week have not only subsided but also turned into bearish corrections. For this reason, Ripple's price is trading 0.37% lower on Wednesday. The Asian session dealt with the same selling pressure and the European has kick-started amid the same selling activity.

Looking at the cryptocurrencies live rates table, I can tell that the trend is gradually turning bullish, at least for the top five digital assets. Ripple is exchanging hands at $0.2358 at the time of writing as volatility shrinks.

Tranglo integrates Ripple’s RippleNet

One of the leading Southern Asia fintech firms, Tranglo is reportedly integrating Ripple’s cross-border technology. The firm's project manager, Estee Lau says that Tranglo has been working on the implementation of RippleNet since last November. Tranglo powers payments in over 18 countries. The support will also serve Alipay users, following their recent partnership, allowing them to send and receive money quickly and securely using the app.

“Tranglo expects the collaboration to especially benefit migrant workers around the world, particularly in Asia, where the cross-border payment hub has a foothold in the remittance market through local partners.”

Ripple price technical picture

The resistance at the 50 SMA on the 1-hour is giving the bulls a hard time. In addition, correction above the key $0.24 hurdle might take longer. However, if not overcome, the bulls are likely to get discouraged, losing balance and allowing for losses towards $0.22.

From a broader technical perspective, Ripple is still in the January nurtured uptrend. The rising channel support continues to be critical to the trend. I expect a bounce back up if the support is tested again. On the flipside, the channel resistance must come down for XRP to move majestically in the direction of $0.30.

XBT/USD 1-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 & Analysis

Editors’ Picks

Crypto Today: Bitcoin, Ethereum and Ripple meet the ultimate resistance

BTC/USD pair is exchanging hands at $9,765 after a bearish Asian session on Monday. There was a struggle over the weekend to break that barrier at $10,000.

More Cryptocurrencies News

Ripple Price Analysis: XRP/USD spirals as $0.27 beckons

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 ...

More Ripple News

Ethereum Price Analysis: XRP/USD dumps $7 from $275 weekly close

Ethereum had impressed many analysts and crypto enthusiasts with its weekly close above $275. Many had started seeing the grand gesture as the beginning of the journey to $300. However, sellers had a hidden ...

More Ethereum News

Litecoin Technical Analysis: LTC/USD ignores golden cross as rejection $80 continues

Litecoin price digs deeper into the Bollinger Band lower curve amid high volatility and a stronger bearish grip. If the short term trendline support gives in, there is a chance the price would slide back to the support at $65.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast

BTC

ETH

XRP