XRP Price Analysis: XRP/USD Runs Through the Big $0.5000, Where Next?
- XRP/USD bulls run through key near-term resistance, moving above the psychological $0.5000 mark.
- Another partner added to Ripple’s xRapid solution – SendFriend an international remittance platform.
- Next major upside target eyed at $0.6000 and then $0.6700 for the bulls to tackle.
Ripple’s native token XRP has been on a solid bull run of late, outperforming several of its peers within the market. XRP/USD bulls smashing through and firmly back above the psychological $0.5000 mark. It is technically very key, as a stubborn supply area has been breached. The price hitting the highest level seen since 5th October.
The Company Behind XRP – Recent News Flow
Another partner added to Ripple’s ever-growing list is SendFriend, an international remittance platform, which is based on the distributed ledger will be the latest to use Ripple’s xRapid technology. SendFriend are backed by the likes of; MIT Media Lab, Barclays, MasterCard and others. The leadership team include former MoneyGram and World Bank staff.
SendFriend are aiming for a reduction in costs and ensure that they facilitate a smooth delivery of their service. This will be done with the leveraging of Ripple’s xRapid. Of note, Ripple’s xRapid is a solution that is designed to utilize XRP. In this case, its use for powering instant cross-border transfers between financial institutions.
Technical Review – XRP/USD
Over the last eight trading sessions, XRP/USD has closed on the daily in the green for seven of those. The price gained over 20% within this period, at the time of writing, running at three consecutive sessions of gains. As mentioned earlier, there was a chunky supply area that had given the bulls a tough time through October. Several attempts to break above, however, being dealt a blow each time.
The advance being observed, after the most recent resistance area take-out, leaves the door wide open. A return within the $0.6000 territory should be eyed. XRP/USD last traded here on 1st October. Back on 21st September, the bulls firmly ran above the $0.5000 area of resistance to then spike up to $0.7980, just shy of $0.8000. This aggressive run was however short lived.
XRP/USD has most recently run through the daily 61.8% Fibonacci and a close above on the candlestick will be key for further upside. In-line with the above-mentioned next target of the $0.6000 area, it is worth noting the 50% Fibonacci is seen there. The next firm area of resistance thereafter, likely to come around the 38.2% Fibonacci, is the $0.6700 area.
In terms of daily support, this should now be respected at the $0.5000 area. Any failure of this holding can see this recent bull run very quickly reversed. Fast short-term runs like the one seen of late tend to be vulnerable to much deeper sell-offs – this being the case should the support fail to hold. Further south for support, $0.4500 on top of the breached bull flag is a known demand area.
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.
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