Ripple’ XRP price analysis: Is this the step XRP needs for a reversal?

Ripple has shown great stability in this tough times. Although there have been moments of despair leading to sudden drops in value, that asset still has the ability to force a reversal as investor look forward to the new year. At the time of writing, XRP is trading at $0.3416 and is up 1.75% on the day.

The declines that ensued on Wednesday failed to find support with the 23.6% Fib level with the last upward move at $0.319 and a downward move of $0.3283. The buyers, tired of the frequent battering from the bears forced a bounce in an elongated candle. XRP/USD zoomed above the resistance at the 61.8% Fib level but came to a halt before touching base with $0.344. Retracement from the resistance has been supported at $0.3380 and XRP is trading at $0. 3416.

Ripple’s XRP is likely to continue moving sideways in the short-term. Indicators applied to the chart like the RSI do not signal movement in either direction. The RSI is motionless around the 57% level while the DMI is also horizontal at 26.21. The current sideways trend has the strength to continue dominating, at least for now. XRP has a support at $0.3380 but the swing low support at $0.3283 will stop extended declines in case if a bearish reversal.

In other news, R3 a DLT firm which pioneered an open source enterprise service referred to as Corda back in 2016 has announced the plans to add XRP to its all new software suite. The suite is called Corda Settler otherwise known as Cordaapp. The application focuses of providing blockchain solutions to modern business. XRP has become the initial token to be added to Cordaapp. A blogpost published by R3 gives details of the new layer stating:

“The Corda Settler is an open source CorDapp that allows payment obligations arising on the Corda Network to be settled via any parallel rail supporting cryptocurrencies or other crypto assets, and any traditional rail capable of providing cryptographic proof of settlement. Uniquely, the Corda Settler will verify that the beneficiary’s account was credited with the expected payment, automatically updating the Corda ledger. In the next phase of development, the Settler will support domestic deferred net settlement and real-time gross settlement payments.”