XRP Price Analysis: xRapid Payment to the Philippines Has the Bulls Determined to Break Down Big Barriers

  • XRP price late on Wednesday was trading in minor positive territory, but well supported by an ascending channel formation.
  • The bulls must break down near-term strong supply, which tracks from $0.3300-0.3350.

XRP: Recent Price Behavior

XRP/USD has demonstrated some encouraging signs over the past two days, as the market bulls come back to life. The price has gained over 7% within the mentioned period, thanks to decent buying around the $0.3050 mark coming into play. Despite this recent advance, there is still a lack of firm committed direction for XRP at present. In terms of XRP/USD, it is trading back to where it was at the beginning of the month.

The price remains locked within the confinement of a narrow range, a high of $0.3320 and a low down at $0.3050. A range that has been in play since 27th February, as the market continues to find some stable footing. The movements generally continue to be subject to high volatility, with no firm trend in sight for now. In terms of clear direction, this was last seen after the big bull run at the back-end of 2018. The price entered into a trend south, with bearish momentum maintaining its course from late December 2018 up to the end of January 2019.

xRapid Technology in Action

Mercury FX, a global currency exchange provider, announced that its new xRapid payment corridor to the Philippines is now active. The company completed its first payment with the use of Ripple’s technology; funds were sent across for a private client to pay for his honeymoon in the Philippines. Mercury FX has offices all over the world including Hong Kong, Cape Town and London. The firm has said that the new xRapid payment corridor to the Philippines is now up, running and ready for use.

Mercury FX tweeted:

“Mercury has just made history and completed the first-ever commercial payment using xRapid to the Philippines. The payment was made for an individual client to pay for his honeymoon at the Edgewaterdive Spa Resort in the Philippines.”

Mercury FX further added:

“We are now open for business for the company and individual payments to Mexico and the Philippines with XRP.”

Technical Review – XRP/USD

XRP/USD 1-hour chart.

Price action via the hourly chart is moving within an ascending channel formation, supporting the price currently in its move north. Bulls will be eyeing another retest of the above supply zone, tracking from $0.3300-$0.3350. XRP/USD has not traded above the noted area since 26th February; it also suffered here at the start of the month being attacked heavily by sellers.

XRP/USD 4-hour chart.

The steady support can is viewed via the 4-hour chart; despite the decent move north, caution must still be considered. Typically, ascending channels or wedge patterns such as the formation seen can be subject to breakouts to the downside. Near-term support should be noted at $0.3200, the lower acting trend line.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.