- Ripple price consolidates above the support zone at $0.26 to $0.27.
- The US to Mexico cross border remittance corridor XRP transaction hit $54 million last week.
Ripple continues to print a bearish picture this week following the rejection at last week’s high at $0.3463. The downtrend was unstoppable at $0.30 and the bulls forced to endure losses towards the key support at $0.26. Attempts by the buyers to take over control of the trend have been thwarted with XRP/USD barely making steps above $0.30.
Meanwhile, the American session on Wednesday suffered more declines as XRP retested the support at $0.27. Tentative support provided by the 50 SMA at $0.29 on the 2-hour chart barely noticed the sharp flyby the bears made.
The region between $0.26 and $0.27 is standing out as a credible support, able to withstand acute selling pressure. At the time of writing, Ripple price is trading at $0.2767 amid high volatility levels as shown on the cryptocurrencies live rates able by FXStreet.
The technical analysis depicts are bearish scenario for Ripple in the near term. The MACD is stuck in the negative region after the recent recovery failed to break above the mean line. A bearish divergence shows the sellers’ position on the market. Besides, the widening gap between the 50 SMA and the 100 SMA clearly shows that the price is largely in the hands of the sellers and the situation is likely to last through the next session.
XRP/USD 2-hour chart
 (26)-637177652344192203.png)
XRP remittances from the US to Mexico hit $54 million
Ripple cross border payment services continue to hit new milestones, especially for the Mexican corridor. A recent interview on CNN’s First Move saw the CEO of the company Brad Garlinghouse reveal that the platform hit $54 million in XRP transactions from the US to Mexico last week.
“Last week, we did $54 million of XRP flows into Mexico. That’s 7.5% of all flows from the US dollar to Mexican peso. That’s up from 3% in December. So this is growing very quickly.”
Garlinghouse sees growth as a sign that Ripple is offering a service that solves real-world problems faced by the day-to-day customer.
You have to focus on a real problem, a real customer and drive that utility. With 7.5% of liquidity into Mexico are being driven through XRP, you start to really see that it is not a science experiment.
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
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) 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?