Ripple's Price Analysis: XRP/USD supported by the short-term upside trend line

  • XRP/USD settled above $0.1700, but the upside momentum is limited.
  • The strong support is created by the upside trend line at $0.1655.

Ripple's XRP is changing hands at $0.1730, mostly unchanged since the beginning of the day. The third-largest digital asset with the current market value of $7.5 billion recovered above $0.1700 after a short-lived sell-off on Monday. However, the further upside momentum seems to be limited at this stage. 

Santander launches Ripple-based payment app in Mexico

Spanish banking giant Santander plans to launch a solution based on Ripple technology in Mexico as early as this year, according to the data submitted to the US SEC.
The bank has launched its cross-border payment app, One Pay FX, in 2018. The app is based on RippleNet, but it does not use XRP. Santander believes that the solution provides transparency and makes payments more efficient at "competitive costs."

According to information filed with the SEC, One Pay FX is currently available to bank customers in Spain, the UK, Brazil, Poland, Portugal and Chile. In Mexico, Santander intends to launch the app "in early 2020"

Notably, the money transfer provider Intermex, a partner of Ripple, said that it would not use Ripple's solutions in Mexico.

XRP/USD: Technical picture

On the intraday charts, XRP/USD moves along the short-term upside trend from March 16 low. This trend line was verified as strong support on March 23 and more recently on March 29. Currently. it created a reliable backstop for XRP/USD at $0.1655, while SMA200 1-hour located right below this area serves as and additional support. Once it is out of the way, the downside is likely to gain traction with the next focus on $0.1600.

On the upside, the initial resistance is created by the upper boundary of the current consolidation channel at $0.1755. It is reinforced by the upper line of the 1-hour Bollinger Band. A sustainable move above this area will allow for an extended recovery towards $0.1800.

XRP/USD 1-hour chart

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