Ripple Market Overview: XRP/USD goes down despite positive developments

• Uquid now allows users to pay for services with XRP.
• XRP/USD went down from $0.36 to $0.33 this Thursday.
• The market has currently found support at the 20-day simple moving average (SMA 20) curve.

Uquid, a payment platform, will now allow users to pay for a variety of services with Ripple. Users can use Ripple to pay for:

• Mobile top-ups.
• Mobile data.
• Electricity bills.
• Grocery vouchers.
• Insurance.
• Pharmacy vouchers.
• Transportation.
• TV Bills.

Despite this news, XRP/USD has gone down from $.36 to $0.33 this Thursday, charting an 8.3% fall in value. The crypto market as a whole has taken a hit this Thursday. Technical analysis shows that a further drop in value is expected.  

XRP/USD Daily Chart

• The market has currently found support on the 20-day simple moving average (SMA 20) curve.
• The SMA 200 curve acts like market resistance.
• Market forms a triangle formation, from which the price has had a bearish breakout.
• The relative strength index (RSI) indicator has crept towards the neutral zone.
• The two latest sessions of the Elliot Wave Oscillator is bearish.
• The signal line has converged with the moving average convergence divergence (MACD) line which means that market momentum is with the bears.