Ripple Price Rises As Singapore’s Largest Bank Opens Crypto Exchange
Following yesterday’s drop, Ripple price has staged a rebound this Tuesday as the largest bank in Singapore, DBS Bank is reported to have launched a soft version off a cryptocurrency exchange.
According to reports monitored from several websites, DBS Bank has launched a fiat-to-crypto exchange which will feature the trading of 4 cryptocurrencies and four fiat currencies. Ripple, Ethereum, Bitcoin and Bitcoin Cash will be traded in pairs against the US Dollar, the Hong Kong Dollar, the Singaporean Dollar and the Japanese Yen.
A custodial service to be known as the DBS Digital Custody will allow the bank to warehouse all assets on the exchange in an institutional-style facility. Presently, the exchange will attend to only institutional-level clients and professional market makers. Retail participants would have to go to professional market makers to access and trade on the exchange, which would be authorised and licensed by the monetary authority of Singapore.
The news was well-received by the cryptocurrency markets, and Bitcoin prices surged beyond the $13,400 level late in the London session. This surge in bitcoin prices has also rubbed off on Ripple price in a correlated manner.
Ripple price is currently trading at 0.25224, which corresponds to a gain of 1.75% on the day.
Technical Outlook for Ripple Price
Ripple price action only XRPUSD Duty chart indicates that yesterday’s decline found support at the 0.24425 price mark. A bounce here reflected the attempts by buyers to force prices upwards. Buyers built on this momentum on Tuesday, buoyed by the news from Singapore to stage a recovery which has nearly reclaimed yesterday’s losses. This recovery move looks set to challenge the 0.25345 resistance. A break above this resistance level targets the 0.25983 resistance. This price forms the only barrier between the resistance at 0.25345 and the upper channel boundary.
On the flip side, a failure to break above the immediate resistance at 0.25345 could lead to rejection and a pullback towards the channel’s lower border. Only a subsequent breakdown of this channel allows Ripple rice to target the 0.24000 psychological support with 0.22928 and 0.21955 lining up as additional support levels to the south.