Ripple Weekly Analysis: XRP/USD relentless until $0.20 is conquered


  • Ripple price steps above $0.1745 resistance in a stable cryptocurrency market; eyes glued on $0.20 psychological level.
  • Ripple donates $200,000 to aid in the fight against the COVID-19 pandemic.
  • Ripple potential collaboration with central bank digital currencies could catapult it to the helm of cross-border payments.

Ripple price is struggling to erase several weeks of underperformance amid a stable cryptocurrency market. From a monthly low around $0.1080, XRP/USD has zoomed higher to test the hurdle at $0.1800. An intraday high of $0.1803 has been achieved on Friday. However, Ripple has adjusted downwards to $0.1717 during the European session.

The larger cryptocurrency market is in the red. Bitcoin price has spent the entire week focused on breaking the hurdle at $7,000 but gains have been unsustainable above $6,900. Meanwhile, BTC/USD is doddering at $6,692 while the trend is bearish and the volatility expanding.

Ethereum price has not been spared the cut with losses amounting to 1.56% on the day. The selling activity at $142 is making the buyers lives unbearable as their efforts are watered down into retracement towards the initial support at $135.

Industry Update: Ripple is determined to win the fight against COVID-19

Ripple has made headlines this week with the donations the company made towards the fight against the Coronavirus pandemic. The company was among the first to adjust to a remote working strategy for its employees. Ripple said that the well-being of its staff is a priority.

Going beyond the remote working strategy, Ripple donated $200,000 to a couple of funds in the United States; Tipping Point Community and Silicon Valley Community Foundation. The funds have been split in half for the two organizations.

Ripple’s adoption to grow with Thailand’s Siam Commercial Bank integration

Thailand’s Siam Commercial Bank (SCB) is in the process of developing a payments application that will utilize Ripple’s technology to allow tourists to pay for goods and services without the need to do a currency conversion. SCB is not new to Ripple as it had already launched SCB Easy, a platform that utilizes Ripple’s cross-border money transfer solution, RippleNet. Arthit Sriumporn, the senior vice president of commercial banking at SCB said in a statement:

Tourists simply scan the QR code to pay for something instantly without dealing with exchange rates or having to carry around large amounts of local currency.

It’s something new in the market that will change the tourism landscape and make lives better.

Ripple head-to-head with Swift

Ripple’s partnership with MoneyGram has been in the spotlight for a while now. MoneyGram has reported over $11 million in revenue made from the sale of XRP tokens. More payment corridors are likely to be launched in the second and third quarters of 2020.

From the beginning, Ripple presented itself as a worthy opponent of SWIFT. Both RippleNet and On-Demand Liquidity (ODL) blockchain solutions have already been adopted by various leading banks around the world. Some central banks have also adopted Ripple’s infrastructure.

The future of international money transfers could very well be tied to Ripple. As central bank digital currencies (CBDCs) emerge, Ripple would be a platform they can depend on for the transfer of value as well as conversion. A move that could see Ripple's adoption surpass SWIFT.

Ripple Price Forecast: XRP/USD $0.20 is the bullseye

After stepping above the 23.6% Fibo of the last drop from $0.3468 to a low of $0.1086, Ripple is focused on clearing the hurdle at $0.20 in the coming few days. This week’s trading has been relatively bullish compared to the previous week where XRP mainly confined in a range between $0.14-$0.15.

XRP/USD climbed above $0.1745 but failed to conquer the resistance at $0.18. The RSI retreat from the average (50), shows that Ripple is unlikely to tackle this resistance. Initial support is established at $0.17 while other key support areas include the trendline, $0.16 and the zone between $0.15-$0.14.

Higher support at $0.17 would allow the bulls to focus on pushing above $0.20 and tackle the confluence resistance created by the 38.2% Fibo, the 50-day SMA and the 100-day SMA at $0.2277. A calm weekend session is expected in readiness for a rally early next week.

XRP/USD daily chart

XRP/USD price 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

Bitcoin Price Analysis: Bearish technical signals point to a test of the 6K area

Bitcoin is looking bearish on Wednesday as the price moved 3% lower after rejecting higher levels. The market bounced off the blue trendline and pushed through the 55 and 200 hourly moving averages.

More Bitcoin News

Ripple Price Analysis: Bearish technical signals could seen XRP to 0.1600

Ripple has had a good run at testing upside targets recently but it seems there was no breaking 0.1800 for now. Now it seems the trendline in black on the chart has been broken to the downside.

More Ripple News

ETH/USD locked in a range; short-term recovery capped by $134.40

ETH/USD is changing hands at $132.00, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. The second-largest digital asset has been moving within a short-term bearish trend amid high volatility. 

More Ethereum News

Monero Price Analysis: XMR pushes higher towards the 50.00 level

Monero has caught a bid late in the US session on Wednesday after trading lower for most of the day. The price has just recently moved through the moving averages (55 & 200) which can be considered a bullish sign. If the black resistance line at 48.20 ...

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Coronavirus will either kill Bitcoin or make it stronger

Bitcoin is about to finish the second positive week in a row. The first digital coin has recovered from $5,680 and came close to psychological $7,000 during the week.

Read the weekly forecast

BTC

ETH

XRP