- Ripple price fails to sustain gains above $0.22 level in spite of a falling triangle breakout.
- Ripple believes that joining the ISO 20022 Standard Body is the “next step in global interoperability.”
Ripple price has been stable above $0.21 for several days now. Intriguingly, as Bitcoin extended the bullish leg above $10,000, XRP/USD broke a falling triangle resistance. The breakout boosted XRP past the initial hurdle at $0.2200 but the momentum fizzled out at $0.2225.
Meanwhile, the price has retreated to $0.2197 (market value) and is slightly above the opening value of $0.2187. The retreat from the recent high could dive back into the falling triangle pattern. According to the RSI, Ripple sellers have an upper hand. The indicator is in moving south after hitting a wall at 70 (overbought). If the motion remains unchanged, the downward price action could continue.
Support is anticipated at the 50 SMA (currently at $0.2117) and 100 SMA ($0.2166). If push comes to shove and declines extend, other key areas to keep in mind include $0.2100, $0.2050 as well as $0.2000.
XRP/USD 1-hour chart
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Ripple set to join ISO 20022
Ripple claims to be the first blockchain-focused company to join the world’s ISO 20022 Standards Body. This follows arguments between Swift and the European Central Bank (ECB) regarding the decision made by the interbank messaging network to move the ISO 20022 migration date for cross-border money transfers from November 2021 to the end of 2022. According to Ripple:
To help enable this next step in global interoperability and meet the evolving needs of our customers, Ripple is now part of the ISO 20022 Standards Body — the first member focused on Distributed Ledger Technology (DLT).
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