The price of Ripple’s XRP token has managed to hold support above $0.40 today after getting hit back by resistance at $0.43. The asset enjoyed several days of impressive gains early last week and threatened to break above $0.50 at points but retraced to around $0.37 when the market dipped. It has since managed to climb back above the significant $0.40 price level.
XRP is now up 25 percent over the past seven days, ten percent higher than Bitcoin (BTC) with only 14 percent gains but slightly lower than Ethereum (ETH) which is up an incredible 33 percent this past week.
Ripple developments
Attending the recent cryptocurrency event Consensus 2019, Ripple CTO David Schwartz said: “If we are going to rebuild payments, if we are going to rebuild money, we need to work together and develop an ecosystem.” He was referring to new partnerships that Ripple is building around the world, including a new ‘corridor’ to Brazil. It would appear from comments he made during a Q&A that Ripple’s main international remittance application, xRapid, will soon be opening up a payment corridor to the South American nation.
Speaking at the same conference, Ryan Zagone, Ripple’s Director of Regulatory Relations, said “With blockchain and crypto, I think there’s recognition now that these will be part of our future infrastructure,” in reference to foreign technological develops in the United States.
Analysis
Initial support for XRP lies at around $0.395 with stronger support at $0.370. It will likely face strong resistance again at $0.43 but if it can break through this point for a second time then there is a strong bullish case for a move above $0.50.
With the relative strength index (RSI) at 60.3 and MACD at 0.025, XRP remains mildly bullish and in buying territory.
XRP is up 1.48 percent today, currently trading at $0.401 with a market cap of $16.90 billion.
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