- Ripple trims gains in the wake of the 11% ballistic rise on Wednesday.
- XRP/USD is likely to resume the uptrend on touching the buyer concentration level at $0.3111.
Ripple recorded more than 11% rise yesterday following the news the traditional banking system for funds transfers SWIFT is going to be integrating a blockchain solution from R3’s Corda Settler. The CEO of Ripple XRP has been reported saying that a partnership with SWIFT is still possible but for now SWIFT will be working closely with R3.
The above-mentioned gains were short-lived as bears rushed in to trim that gains. Ripple is currently trading at $0.3122 after correcting lower 3.59% on the day. The correction is, however, not unique to Ripple alone as of most the assets have retreated into the red again. Bitcoin is slightly in the red while trading at $3,413 while Ethereum has lost 1.24% of its value and is exchanging hands at $107.
As per the Confluence Detector tool, XRP/USD is currently supported by the 15’ Bollinger band middle section. Slightly above this level, the building bullish momentum will come head to head with the resistance at $0.3208; highlighted by the hourly 10-day Simple Moving Average (SMA) and within the daily Bollinger band middle line. If the bulls can manage to pull XRP above this resistance, the journey towards $0.35 will remained considerably smooth due to the weak resistance as shown by the tool.
On the flipside, the support at $0.3111 is very vital to the bulls. It has a higher concentration of the buyers and is likely to act as a bouncing wall for the digital asset. However, if the bears manage to extend the declines below this level, XRP is poised for more declines towards $0.28.
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