Ripple price is under selling pressure today mirroring a sharp drop of bitcoin price and a sell-off in global equities on Monday morning. Ripple price looks that ends the recent consolidation phase with a break below the 100-day moving average, which might signal the initiation of a fresh leg lower. Ripple showed some signs of weakness the previous week with a flash crash that reached 0.1715.
The Ripple Head of Global Banking Marjan Delatinne in an interview said that Ripple was working on the development of a cross-border payment system for Brazil.
Ripple is planning to extend its services to countries such as the Philippines and Brazil.
Three Brazilian banking groups, Santander, Banco Rendimento and Bradesco, currently use Ripple’s blockchain-based financial services network RippleNet for payments. Delatinne added that ODL could be utilized with the XRP token as a bridge between two fiat currencies for cross-border transactions.
All cryptocurrencies are trading lower today. Bitcoin (BTCUSD) is 2.25% lower at 9,128. Ethereum (ETHUSD) is 3.21% lower at 224.36, while Litecoin (LTCUSD) is 3.02% lower at 42.68. The total top 100 cryptocurrencies capitalization has dropped now at 258,63 billion.
Ripple price is 2.85% lower at $0.1846 as the momentum now turns bearish as the Ripple price breached below the 100-day moving average. XRPUSD spend almost 20 days inside the 100 and 200-day moving averages, which signals that the break to the downside might be the initiation of a leg lower.
On the downside, immediate support for Ripple stands at $0.1818 the daily low. The next support for Ripple will be met at $0.1745 the low from May 25. If Ripple breaks below the 0.1745, the Ripple price could correct further towards the $0.1719 the low from June 9.
On the other side, the first resistance for XRPUSD will be met at $0.1903 the daily top; If Ripple breaks above $0.1903, the next hurdle will be met at $0.2037 the 50-day moving average. A break above 0.2037 might open the way for a move higher. Next resistance zone to watch is at $0.2121 the 200-day moving average.