Price Analysis

Ripple Extends Its Services Yet XRP Lacks Traction

With an increasing amount of need for digital and instant payments from anywhere in the world, the importance of real-time payments is an absolute need and area of growth for businesses. Moreover, in times like the ongoing Coronavirus Pandemic, people are longing for a complete package of quick and reliable digital gateway that can enable upgraded global payments services.

With Fiat being the foremost answer, the ongoing struggle to curb the spread of this contagious disease—COVID’19 blocks the way for Fiat and anything which involves meeting physically.

In this regard, Blockchain has been facilitating businesses with instant and reliable payments to speed up the process of global payments. In lieu of a blockchain solution to real-time payments, RippleNet is one such platform that is working towards providing suitable and required infrastructure for enabling quick and reliable global payments.

The institutions or businesses that have got access to RippleNet facilitated to have to get equipped with On-Demand Liquidity (ODL) service. Ripple’s native digital asset—XRP acts as a connector between two currencies and ensures that the payment is sent and received with the utmost speed.

With this, XRP can lead to revamping the entire look of the finance industry to extend the benefits of advanced payment options from anywhere in the world.

Ripple, as a smart platform, is doing everything to make its native crypto worthy and expand its reach and invite investors for massive adoption. In this regard, not just the adoption of XRP, but Ripple is emerging has emerged as an innovator, Collaborative, and Productive technology to evolve with the pace of the world.

XRP Price Analysis

XRP News
XRP/USD Chart By TradingView

On the 4-hourly chart, XRP is trading around the monthly lows at 0.1793 against the US Dollar and is also hinting towards expanding volatility. At the current trading price, the currency is lacking support from 50-day and 200-day daily MA due to diminishing momentum. The price trend of XRP is drawing a higher low pattern with a visible downtrend when emphasized on the Month-To-Date movement of the coin. Over the past 15 days, XRP has been consolidating below $0.20 with a strong bearish crossover.

The month-to-date performance of XRP/USD has been maintaining a complex of the flat and descending trend. XRP price dip below $0.190 led to losing support from 50-day MA as the coin has slid below $0.17 as well.

Many altcoins of the market are seen hitting fresh highs and are testing the stringent resistances. However, XRP does not seem to belong to the group of those cryptos. The bearish candlewick in the intraday has led to bearish crossover on the MACD chart. The RSI of the coin is at 31.62 and is inclined towards the selling zone after an intraday setback from the price area below $0.19. The major support to watch out for lies at $0.17, and the major resistance is $0.19 and $0.195.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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