- XRP/USD is currently trading within a contracting triangle, pending an upside breakout.
- Ripple price is still in danger of a slide towards $0.60, but there is a major support zone at $0.62 – $0.61.
The CEO of Ripple, Brad Garlinghouse has been very bullish when it comes to Xrapid and Xcurrent payment solutions. These cross-border payment solutions have been developed to achieve faster transactions while keeping the cost on the bare minimum. Ripple is working to ensure there is continued uptake of the technology into the traditional banking sector including online payment companies like Western Union and MoneyGram.
Ripple price, on the other hand, is battling to leave the bearish pressure behind and attack the psychological $0.8. However, for a couple of days now, the gains have not been able to make it beyond $0.68. XRP/USD is currently trading within a contracting triangle, which could mean that the cryptocurrency is approaching a breakout that could have it testing the key support area at $0.70.
On one hand, indicators like the MACD and the moving averages are signaling a continued presence of selling pressure. On the other hand, there is a weak bullish momentum that is threatening to break past the bearish trendline. The chart shows that the immediate support level is at $0.66, but $0.64 will play a big role in halting declines in the event of an extended trend reversal. Significantly, Ripple price is still in danger of a slide towards $0.60, but there is a major support zone at $0.62 – $0.61.
XRP/USD 1-hour chart
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