The Ripple price has found support at the 50 moving average and looks set for a move higher to test the recent highs.
XRP has shrugged off news of litigation from a group of Australian banks last week and is looking to follow the recent bounce in Bitcoin. The Aussie banks, including Westpac and ANZ, are challenging the release of Ripple’s “PayID” platform in the country after the firms claimed that it has copied their own payments system. Ripple Labs were forced to halt the platform in Australia and the country would be a small part of a potentially global audience. It remains to be seen if Ripple can arrange a workaround to launch a similar service down under.
In news last week, the Ripple Labs blog announced that the project’s University Blockchain Research Initiative (UBRI) had expanded to 40 different countries. The UBRI seeks to accelerate academic research, technical development, and innovation in blockchain and digital payments. The initiative gives students an opportunity to work closely with Ripple technology and could boost its adoption in the future.
Bitcoin is testing the $12,000 level once again and the coin will look to test the recent highs around $12,500. A break above that resistance would set up a move to $14,000, which is the key obstacle to the all-time highs near $20,000. In the near-term, Bitcoin strength will determine where XRP heads to next.
Ripple Technical Outlook
The price of XRP has bounced from support at the 50 moving average and this has also seen the coin clear resistance at the 0.2800 level. The market looks set for a test of the August 17th high at 0.3283 and a move higher would aim to get to the longer-term highs of 0.5000. A close below 0.2800 would be a good place to change the long bias. For more in-depth advice on support and resistance levels check out the Investing Cube Trading Course.
Ripple Price Daily Chart