Tanya Abrosimova
Independent Analyst
- XRP/USD reverse earlier gains, $0.50 handle may be at risk.
- SWIFT denies integration with Ripple products.
XRP/USD touched $0.5056 low before reverting to $0.5160 ahead of European opening. The third largest virtual coin has lost nearly 3% in recent 3% hours and partially reversed the gains from the beginning of the week. Ripple's market value is registered at $20.6B, while an average daily trading volume dropped from $1.2B to just $600M by press time.
No SWIFT yet
Meanwhile, a SWIFT spokesperson denied rumors about the company's upcoming network upgrade would include the integration with Ripple's products.
“I’m not sure where those rumors are coming from but the upcoming standards release … is entirely unrelated to RippleNet. Its primary purpose is to ensure all payments include a tracking reference (UETR, Unique End-to-end Transaction Reference) which will allow banks to track their GPI payments end-to-end in real time,” a SWIFT representative commented in the interview with Financial Magnates.
Ripple's technical picture
XRP/USD needs to return to the area above $0.5265 (the lower border of the recent channel) to mitigate the short-term bearish pressure. Once this happens, the upside may be extended towards $0.54 and $0.5570, where a fresh selling interest is likely to appear.
On the downside, the first support is created by the intraday low of $0.5068. It is followed by psychological $0.50 and $0.4780 (SMA50, 4-hour). A sustainable move lower will bring $0.4620 (SMA200, 4-hour) in focus.
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