Ripple price stops for breath between the 100 and 200-day moving averages after the recent rally that drove the price from the early July lows at 0.1750 above the 0.20 mark as the bulls are gaining traction above the 100-day moving average.
The number four cryptocurrency capitalize the risk-on sentiment the previous week amid better than expected economic data that points to a fast recovery in the global economy. The recent rally in equities pushed higher and the cryptocurrency market, while XRPUSD managed to gain over 14% the last two weeks.
Today, Bitcoin (BTCUSD) is 0.21% lower at 9,287, Ethereum (ETHUSD) is 0.31% lower at 243.50 while the Litecoin (LTCUSD) is 1.21% higher at 45.24. Singapore government announced that have developed a blockchain-payment system that would offer faster and cheaper international settlements.
The final phase of the blockchain-based payments network named “Project Ubin” saw the Monetary Authority of Singapore team up with state investor Temasek and J.P. Morgan to develop the prototype multi-currency payments network. The commercial application includes cross-border payments in fiat currencies, forex, and settlement of foreign currency-denominated securities and other use cases.
Ripple Price Analysis
Ripple price is 0.10% lower at $0.2009 consolidating close to recent highs and between the 100 and 200-day moving average. XRPUSD keeps the positive momentum intact above the 100-day moving average. Bulls need a credible break above the 200-day moving average that might be the beginning of another leg higher.
On the downside, the immediate support for Ripple price stands at $0.1989 the daily low. The next support for Ripple will be met at $0.1961 the 100-day moving average. If XRPUSD breaks below 0.1961, the price could correct further towards the $0.1924 the 50-day moving average.
On the flip side, initial resistance for Ripple will be met at $0.2017 the daily top (lower top). If Ripple price breaks above $0.2017, the next strong resistance will be met at $0.2042 the high from Sunday’s trading session. A break above 0.2042, might open the way for a move to the next resistance for Ripple at $0.2088 the 200-day moving average.