Ripple Price Prediction: XRP/USD zooms above $0.24, breakout or bull trap?

• Ripple buyers’ confidence grows immensely following the correction above $0.24.
• XRPL Labs will soon launch Xumm application to offer access to traditional banking services.

Ripple price is sitting above the critical $0.24 following a surprise move the bulls made on the bears on Wednesday. The crypto has remained relatively bullish since the beginning of the week. Not to mention the weekend session ended with XRP in the green.

The European session is characterized by a growing bullish momentum. The break above the critical resistance at $0.0.24 appears to have encouraged the buyers to increase their entries based on the confidence they have in the recovery trend. XRP is doddering at $0.2402 and is up 0.48% on the day.

XRPL Labs looks forward to the launch of Xumm banking app

XRPL Labs, Ripple’s initiative branch is preparing for the launch of Xumm banking application which will utilize the XRP token. The app is designed to allow access to traditional banking services, however, there is no interference from a third-party. The release is expected to open up XRP to more adoption in the financial sector.

Xumm’s developer, Wietse Wind has also created two other products within the ecosystem, XRPTipBot, and XRParrot. Xumm is meant to open up banking services to every individual. It will be able to maintain fiat currencies, store information including transaction data and balance information. In other words, it will allow users to have a bank without the need to depend on one.

Dear #XRPCommunity With the release of XUMM approaching, we at @XRPLLabs are thinking about our future (XRPL - don't worry). We are contemplating the possibility of introducing "XUMM Pro". That would allow us to roll out even more features (time, infrastructure, etc.) pic.twitter.com/JOLq0fL60i

— Wietse Wind { : } (@WietseWind) January 27, 2020

Ripple confluence levels

Meanwhile, it is important for traders to know the key resistance and support zones for XRP. The confluence tool clearly shows XRP having climbed above most of the key hurdles, which will function as support areas in the coming sessions and in the case of a reversal. Initially, the first support is at $0.2382 as highlighted by the Fibo 61.8% one-week, the previous low 4-hour, the Bollinger Band 15-minutes and the SMA ten 1-hour. Various other support zones exist towards $0.22, including $0.2332, $0.2307, $0.2232, $0.2158 and $0.2133.

On the upside, movements above $0.24 must brace themselves for the resistance shown at $0.2431, $0.2456, $0.2531, $0.2605 and $0.2705.

More confluence levels

 

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