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  • XRP/USD consolidates gains after the recovery from the recent lows.
  • The next strong resistance comes at $0.2660.  

Ripple’s XRP, the third-largest digital asset with the current market value of $10.6 billion gained over 3% of its value after a sell-off on the cryptocurrency market. The coin is changing hands at $0.2450, still over 16% lower from this time a week ago.    

Ripple’s network is growing  

The 2nd largest bank in Korea, Shinhan Bank, confirmed its partnership with Ripple. As a result, two of the largest banks in the country are now Ripple customers: and Shinhan Bank and  Wooribank.  

XRP’s technical picture  

Looking technically, a move above $0.2400 mitigated the initial bearish pressure and created preconditions for further recovery. However, the upside may be limited by $0.2650. This strong barrier is created by a confluence of technical indicators, including  SMA200 (Simple Moving Average) four-hour, and  the middle line of a daily Bollinger Band. The next resistance awaits us on approach to $0.2700 (SMA50 daily and  the middle line of four-hour Bollinger Band).  

On the downside, the support is created by $0.2400.  Once it is out of the way, the sell-off is likely to gain traction with the next focus on  psychological $0.2300 strengthened by the lower line of a daily Bollinger Band located on approach. The next support comes at the recent low of $0.2168.    

XRP/USD, one-day chart