Ripple price tumbled yesterday and hit two month lows amid a sell-off in cryptocurrencies and other risky assets across the globe. Today XRPUSD managed to rebound and as of writing the price is 2.78% higher at 0.2094, while bitcoin is giving up 1.66% at 7900, and ethereum is 2.50% higher at 204.37.
In the search for positive news, the People’s Bank of China (PBoC) has secured $4.7 million in funding from the central government for its blockchain trade finance platform. The funding will support for research and development projects. The central bank initially revealed the Chinese blockchain platform in Shenzhen on September 2018. The platform will provide transfers and create a ledger for secure information sharing between businesses and government departments.
The Ripple XRPUSD capitalization is now at 9.21 billion with trading volume reaching 3.14 billion (above average) in the last 24 hours.
XRPUSD recovers some of yesterday’s heavy losses that drove the ripple price to fresh two month lows. The technical outlook is bearish now as the price the previous week failed to break above the 200-day moving average while on Sunday broke the critical 100-day moving average support line.
On the upside, initial resistance for XRPUSD stands at $0.2117 the daily top; If XRPUSD breaks above the next resistance level will be met at $0.2329 the 100-day moving average. More offers might emerge at $0.2462 the high from March 7th.
On the flip side, the first support for Ripple stands at $0.2013 the daily low. Next support for the XRPUSD will be met at $0.1992 the low from January 10th. If the price moves below, then the next support area stands at $0.1937 the low from January 6th.