At this time the scenario for Ripple (XRP) may seem bearish, but pay attention to the dynamic resistance that the price has broken in the last hours of the market. Which targets could be reached?
The resistances to keep under observation are:$ 0.8874 and subsequently $1.13 , the supports are $0.6336 and $0.28.
The two long-term moving averages (100 and 200) are currently flat but keep the same distance from each other. At the moment the price is oscillating within this channel of exponential averages between $1.02 and $0.7190.
There was also break above the 50% Fib retracement level of the last drop from the $0.9675 high to $0.5178 low.
The current price structure is bearish because of the many sell zones, starting with $0.8000 up to $0.9700. If the price gains enough strength to go through these levels, it could reach the price of $1.0000.
XRP buyers need to break the trend line resistance at $0.7065 and the 100 hourly simple moving average to gain momentum.
On the downside, the $0.6000 level is a major support. Any further declines could send XRP price back in a major downtrend toward the $0.5000 level or even $0.4000 in the near term.
On Wednesday Ripple announced another major partnership. The company signed the deal with the large Chinese payment provider LianLian, that will use Ripple’s xCurrent service to process real-time cross-border payments. But once more, the news didn’t seem to support XRP, which continues to trade in a tight range, following the other cryptocurrencies.
Brad Garlinghouse, CEO of Ripple Technologies, spoke yesterday at Yahoo!Finance All Markets Summit: Crypto. He clarified again that XRP is designed for international payments and transfers.
“I think of Ripple as payment company, which uses blockchain and digital tokes to solve the problem of payments and liquidity.”