Ripple Price Retraces After Upsurge Following SCB Deal
Ripple price surged briefly yesterday to 0.22555 after news of a partnership agreement between Ripple Foundation and Siam Commercial Bank (SCB) emerged. According to the news reports, the Thai banking conglomerate is to use Ripple to develop a mobile app which is to be powered on the Ripple blockchain to enable it carry out instantaneous, cross-border payments at reduced cost.
This news propelled Ripple price 15% in the first few days of this year, but the XRPUSD was unable to sustain the price surge and is presently heading lower after Bitcoin prices retreated versus the US Dollar.
This latest partnership adds to the banking partnerships signed between Ripple and major banking institutions across the world. Ripple’s CEO had announced an ambitious global expansion plan in December after receiving $200m from an extra round of funding.
The app is to be known as SCB Easy, according to the announcement of the deal made by the bank’s Senior Vice President (SVP) in-charge of Commercial Banking.
XRPUSD is currently trading at 0.2048, which is still a gain of 5% for the pair this month. Price is now pullback to the broken resistance at 0.19623, which is expected to serve as the new support in role reversal. A break of this support level targets the December 16 2019 low of 0.18303.
However, a bounce off this support level could provide enough upside momentum to target the 0.21409 resistance level, which is where previous lows of 24 Sep and 4 Dec 2019 can be found. Further upside push that breaks this price level could then have the opportunity to target 0.23428 and possibly 0.25038.