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  • XRP/USD is moving within a tight range amid low volatility.
  • In the long-run, the coin is on recovery track.

XRP/USD is hovering $0.2000 mostly unchanged on a day-to-day basis. The third-largest digital asset with the current market value of $8.7 billion has retreated from the intraday high of $0.2023, but the short-term trend remains bullish at this stage. Ripple’s coin locked in a tight range moving in sync with the market; the bulls may need some fresh catalysts to get going.

Ripple expands in South Korea

A San Francisco-based fintech startup partners with South Korean fintech firms such as Coinone, Sentbe and Hanpass. According to Camille Jeong, the business development manager of Coinone Transfer, the benefits of Ripple’s technology help retain customers that send money overseas.

The unique Ripple-powered benefits of our service and innovative marketing brought people in. Our superior customer experience kept them coming back and our retention rate is now more than 80%.

South Korean immigrants are attracted by low fees and fast settlements offered by the remittance company. Coinone offers won-based overseas remittance services to 12 countries via  payment corridors within the RippleNet platform.

XRP/USD: Technical picture

On the intraday basis, XRP/USD is moving inside a triangle pattern with the upper boundary at $0.2020. Considering that this barrier is reinforced by the upper line of 1-hour Bollinger Band and the intraday high, the bulls may have a hard time making their way above this level. The intraday RSI is mostly flat in the neutral territory. 

Meanwhile, the initial support comes at $0.1980, which is the lower boundary of the above-said triangle. A sustainable move below this level will increase the downside pressure and open up the way towards 1-hour SMA100 at $0.1930 followed by psychological $0.1900 and 1-hour SMA200 at $0.1850.

XRP/USD 1-hour chart

In the long-term time frame, XRP/USD continues the recovery from March 13 low hit at $0.1129. The price is on the way to the fourth bullish week in a row, which is the longest bullish period since October 2019. The RSI on a weekly chart implies that the coin may continue growing with the next target at $0.2170 (the lower middle of the weekly Bollinger Band). Once it is out of the way, the upside is likely to gain traction with the next focus on weekly SMA50 at $0.2780.

XRP/USD weekly chart