Ripple price analysis: Lethargic after bullish swing

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  • Ripple consolidates the gains above $0.56 on failure to sustain growth above $0.55.
  • Ripple surges on rumors of SWIFT support while Apple Pay plans to integrate XRP.

Ripple has begun another consolidation phase in the wake of the biggest swing among the top ten cryptocurrencies in the market. The asset recorded gains in the excess of 15% yesterday breaking past $0.5 and stepping above $0.55, read more on the analysis here.

The buyers are holding tight to prevent declines below $0.53. On the upside resistance is seen at $0.55 and $0.56 respectively. The bullish signals from yesterday are steadily turning bearish with the RSI at 54. The MACD momentum indicator signal is a strong sell signal hat heading towards the mean line.

The trendline supported is currently offering support but a strong support is observed at $0.4. However, before that $0.45 will try to halt declines if a reversal dips below $0.5. Ripple appear to be slowing down inside range with the upper limit at $0.56 and a lower limit at $0.52.

The third largest crypto in the market has is riding on positive news surrounding the impending integration with SWIFT, the world’s leading remittance service provider. Likewise, Ripple is using its blockchain solutions to enter new markets like Asia and Middle East. Wirex also announced that XRP will added to Apple Pay in the coming days. These and a lot more surrounding Ripple is the reason why Ripple is trading in the green after a bullish swing from a range with a limit at $0.47.

XRP/USD hourly chart

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