On Monday the Ripple price jumped above the $0.65 psychological level as buying pressure dominated the market. However, bulls soon ran out of steam and retreated to close the day at around $0.622. Before that, XRP dropped from a high of $0.710 to a low of $0.513 between July 4 and July 20. During the downfall, XRP flipped the 50-day and the 100-day SMAs from support to resistance and reversed the parabolic SAR from positive to negative on the daily chart.
Ripple and SBI Remit Partnership Bolsters XRP Above the $0.70 Psychological Level
Ripple has announced the implementation of its first On-Demand Liquidity (ODL) service in Partnership with SBI Remit, the largest money transfer provider in Japan. SBI Remit has gone live with Ripple’s ODL as part of an operation aimed at remitting payments from Japan to the Philippines.
The ODL implementation is expected to enable initiate more adoption of crypto-initiated services within the Asia Pacific region.
The partnership addresses the increasing demand for affordable remittance services among the Filipino diaspora, which is one of the largest in the world.
” The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation, beyond real-time payments in just the Philippines, but to other parts of the region as well,” said Nobuo Ando a Representative Director of SBI Remit
These news could be the force hind wind that is currently skyrocketing XRP price to the moon.
Ripple Price Upward Rally Eyes $0.80
XRP has been bullish since July 21 rising almost 41% from $0.513 to the current price at $0.71. The rally saw Ripple price flip the 50-day, 100-day and 200-day SMAs from resistance to support. However, the bullish momentum was not strong enough to keep XRP price above the $0.65 psychological level as it retracted on Monday to close the day at $0.631 on Tuesday. An area that now acts as immediate support coinciding with the 200-day SMA.
If you want to buy XRP, note that it broke outside the trading range defined by the descending parallel channel to rise above the $0.70 psychological level. XRP is currently trading at $0.719 and appears to be battling immediate resistance at $0.756. Note that a session closure above this level could see XRP explore the $0.80 zone.
Ripple Price (XRP/USD) Four-Hour Chart
Technical Indicators Show that XRP Is Bullish
Several technical indicators show that XRP remains bullish. For example, the Parabolic SAR has flipped from positive to negative, the MACD crossed above the signal line and is positioned above the zero line in the positive region, and the golden cross that has just occurred with the 50-day crossing above the 100-day SMA are all bullish crypto signals.
On the flip side, the entry of the RSI into the overbought region could indicate a retraction that could see Ripple price retract to seek support at the $0.65 psychological level before making another launch.’
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Nancy Lubale
