Ripple's xRapid solution may be launched next month, but XRP/USD sliding towards $0.27 amid broad bearish sentiments

XRP is changing hands at $0.2728, down 3% in recent 24 hours. The third largest coin with market value $10.8B and average daily trading volumes at $249M is moving in lockstep with broad cryptocurrency market, retracing from the recent recovery highs registered at $0.2856 (September 13).

XRP's technical picture

XRP is capped by SMA200 (1-hour) currently at $0.2733. Once it is out of the way, the upside may be extended towards $0.2780 area guarded by SMA50 (1-hour) and SMA100 (1-hour). A sustainable movement above $0.28 is needed to allow for the recovery towards $).2870 (23.6% Fibo retracement weekly) with an ultimate bullish goal at $0.30.

On the downside, the support is created by $0.2700 handle, followed by $0.2666 (Monday's low).

Ripple's cryptocurrency solution may go live next month.

Ripple company is about to launch its commercial application for xRapid as early as the next month, according to Sagar Sarbhai, head of regulatory relations for Asia-Pacific and the Middle East at Ripple.

"I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production," the executive said in an interview with CNBC.

XRP-based xRapid uses cryptocurrency as a bridge between currencies to allow for faster and cheaper cross-border transactions. The company has entered partnership deals with high-profile financial institutions, including Santander, American Express, MoneyGram and Western Union. Though they have stayed away from using cryptocurrency and only experimented with xRapid technology.  

According to Sarbhai, over 120 banks and financial institutions are using Ripple's blockchain-based product xCurrent, which is handy for international transactions. The banks use the blockchain-based platform to send messages to one another and confirm each stage of a cross-border payment in real-time.

XRP/USD, 1-hour chart