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  • Ripple price trimming gains after reclaiming $0.54 support: 50SMA support is holding fine.
  • MoneyTap allows people to send money instantly to bank accounts, phone numbers and event QR code linked accounts.

The entire cryptocurrency market is on an upward roll as buyers busk in the green. This bullish trend is a welcome breather after the bearish wave that swept through the market at the beginning of the week. Ripple (XRP) has not been left behind and has added 2.73% to its value on Thursday 4. XRP/USD had defended the support at $0.51 and prevent a dip to $0.50. Before the spike, Ripple price consolidated declines around $0.52 while the upside was limited at $0.53.

The bullish trend corrected higher above $0.53 hurdle and retraced higher past the 23.6% Fib level with the previous high of $0.5481 and a low of $0.51. Attempts to move higher have been limited at the swing high ($0.5481). Ripple is currently making lower corrections below the bullish trendline support. The 15′ 50 simple moving average is providing support at $0.536 while the longer term 100 simple moving average will stop downswings at $0.53.

Technical indicators in the chart show that the buyers are losing their hold on the price. For instance, then RSI is heading south below 50%. However, the bulls can still reverse the trend upwards if they defend the 50SMA support. Besides, the moving average support, other areas that will work as anchors are $0.525 and $0.51.

The latest news related to Ripple is that the Japan Banking Consortium released the xCurrent powered MoneyTap services in Japan. The system supports real-time payments using xCurrent payment solution from the San Francisco-based blockchain company. MoneyTap is being released strategically to cater for the times when banking services are not available in Japan. Users are bound to benefit from the 24/7 service, besides the instant transactions.

MoneyTap is an all-round service that supports sending and receiving of money to and from banks, cell phone numbers as well the accounts that have QR code links. The director of joint venture partnerships at Ripple, Emi Yoshikawa said in a comment:

“The release of the MoneyTap mobile app shows Ripple’s continued commitment to provide its partners across Asia and the world with blockchain”¦”

XRP/USD 15′ chart