XRP/USD market overview: Largest Thai bank hints at using Ripple, market reaction is muted

XRP/USD is currently trading for $0.379. It had a slightly bullish Thursday wherein its price went up from $0.371 to $0.38. This upwards movement was probably buoyed by the news that Thailand’s largest bank, Siam Commercial Bank (SCB), hinted that they are going to be using the XRP tokens. When asked on Twitter whether they are planning to use the XRP tokens or now, SCB replied with:

“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”

SCB had earlier conducted a cross-border payment trial using Ripple’s technology, wherein they reduced transaction times from two days to just one minute. If they do plan on using the XRP token, then they will inevitably become one of Ripple’s most valuable partners.

XRP/USD daily chart

• The nearest resistance and support levels are at $0.39 and $0.372, respectively.
• The upward trending line has provided strong support to the market.
• The moving average convergence divergence (MACD) indicator shows that the signal line has converged with the MACD line indicating the end of bullish momentum.
• Five out of the six latest sessions in the Elliot wave oscillator is bearish.
• The relative strength index (RSI) indicator is trending in the neutral zone.