- Cryptocurrency market slightly bullish in the wake of the start of the week declines.
- Ripple’s XRP embraces $0.28 support; bulls battle to reclaim supported above $0.30.
A wave of green is currently sweeping across the cryptocurrency market. These slight gains come after a couple of days of declines. Ripple’s XRP along with most of the cryptocurrencies started the week with a dive. XRP/USD butchered several support levels starting with $0.31, $0.29 and refreshed the lows of December around $0.28.
Ripple is making big strides when it comes to enabling faster, cheaper and secure cross border funds transfer using its self-developed blockchain solutions. RippleNet currently has signed more than 200 banks and payment providers around the world. The company also launched the xRapid system to help solve the problems of liquidity for banks and exchanges and help them launch new markets in different parts of the world.
Meanwhile, Ripple’s XRP is seem trading at $0.29 while immediately supported by both the hourly 50-day and the 100-day Simple Moving Average. The ongoing bullish trend is likely to step above the short-term resistance at $0.2925 and extend the gains above $0.30. XRP/USD is also supported at $0.2875 and the recent lows at $0.2832. The prevailing trend is strongly bullish with most of the technicals being positive.
XRP/USD 1-hour chart
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