Ripple price retreat today giving up some of yesterday’s sharp gains that breached the down trend line that formed since the June 2 top. Ripple rally yesterday cancelled the recent bearish momentum as the XRPUSD boosted by the rally in Chinese equities and the risk-on sentiment that prevailed in markets across the globe on optimism of a fast economic recovery.
Ripple SVP of Customer Success, Marcus Treacher, in an interview said that Ripple, partnered with global financial institutions such as TransferGo, Azimo, and Siam Commercial Bank to reduce the transaction fees during the coronavirus outbreak. Through these partnerships, payments providers can continue to deliver faster and cheaper payments to the people who are most reliant on inbound remittances. Treacher said that Ripple focuses on expanding the On-Demand Liquidity (ODL) service, which uses XRP as a bridge currency between two fiat currencies.
Ripple has established On-Demand Liquidity corridors into Australia, Mexico, Philippines, and Europe, and looking to further expansion by opening corridors to APAC and EMEA in 2020.
Ripple Price Analysis
Ripple price is 1.53% lower at $0.1859, giving up some of yesterday’s gains. Ripple managed with an impressive move yesterday to break the descending trend line giving bulls a breath of life. The technical picture for Ripple remains bearish despite yesterdays rebound. Only a break above the 50-day moving average at 0.1921 would cancel the bearish momentum.
Traders continue to focus on lower levels; the first support for Ripple stands at $0.1827 the daily low. The next support for Ripple will be met at $0.1773 the low from yesterday’s trading session. If Ripple price breaks below 0.1773, the price could correct further towards the $0.1737 the low from July 5.
On the flip side, the initial resistance for Ripple will be met at $0.1896 the daily top. If Ripple breaks above $0.1896, the next strong resistance will be met at $0.1921 the 50-day moving average. A break above 0.1921, might open the way for a move to the next resistance for Ripple at $0.1946 the 100-day moving average.