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Bex500 School

XRP/USD is Close To Falling Beneath Triangle’s Edge

Recent news reports that Ripple has joined an instant payment network consortium. Fintech Ripple became a member of the recently created Open Payments Coalition, which launches PayID, a global payment system based on simple and clear identifiers. The consortium unites more than 40 participants with a user base of over 100 million people.

PayID works on the principle that a single ID can be used to send and receive payments between institutions, currencies, and cryptocurrencies. The technology will allow someone to send Ripple’s XRP to anyone around the world, who would receive the payment as the local fiat currency of their choice.

Technical Analysis

On the daily chart, we can notice that XRP/USD is in the sideways trend. The MACD histogram at the moment began to decrease in the region below zero, which can be considered as a signal for another attempt at a bullish transition.

Above the current price, the first resistance level is at $0.1900, then the second at $0.1955 (the middle line of the daily Bollinger Band) and the third one at $0.2000.

If the $0.1825 level of support eventually falls, XRP can be expected to drop to as low as $0.1475, which is around the point it bounced in March.

Key Support & Resistance Levels
Support: $0.18, $0.175, $0.171.
Resistance: $0.192, $0.20, $0.207.

Disclaimer

The material herein is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell cryptocurrencies or derivatives. The material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

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