Ripple price trades higher for the third consecutive session after the bitcoin halving event. Cryptocurrencies attract some buying interest after the event with bitcoin trading above $9,600. Ripple price failed to break above the 100-day moving average the week before the halving while during the weekend before the bitcoin halving corrected back to the 50-day moving average.
XRPUSD managed to bounce from the support around 0.1940 area (50-Day SMA). Ripple mirrors the last trading session the bitcoin move higher.
Chris Larsen: XRP to replace Swift
Ripple founder Chris Larsen in an interview, said that XRP would replace Swift, the international payments platform used by more than 10,000 banks around the globe.
Ripple cannot be mined; instead, XRP controls a list of recommended validators that are trusted to process the transactions. Ripple plans to remove its control over the list, which has fueled accusations that the XRP Ledger is centralized.
The People’s Bank of China (PBOC) issued a fresh warning against crypto investors to look out for illegal fundraising schemes involving blockchain and cryptocurrencies. The report addresses 16 questions investors can ask before investing to determine whether a cryptocurrency scheme could be a scam.
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Ripple Price Technical Analysis
Ripple price is 1.62% higher at $0.2044 as the pair regains the short term positive momentum after tested the 50-day moving average successfully. Now the short term picture is bullish and a test of the 100-day moving average at 0.2132, is possible. The long term outlook remains bearish, and only a credible break above the 100-day SMA might reverse the momentum.
On the upside, first resistance for XRPUSD price will be met at $0.2054 the daily high; If Ripple remains bid above $0.2054, the next hurdle will be met at $0.2132 the 100-day SMA. A move above the 100-day moving average would open the way for a bigger move higher. Next resistance area to watch is at $0.2229 the 200-day moving average.
On the flip side, initial support for XRPUSD stands at $0.1982 the daily low. The next strong support will be met at $0.1948 the 50-day moving average. In case of a break below $0.1948 support level, Ripple price could correct further towards the $0.1847 the low from May 11.