- Ripple price sentiment is positive despite the drop.
- The 200-day SMA has crossed over the 20-day SMA to form a bearish cross.
On June 4, the Ripple price faced resistance at the 20-day SMA and dropped from $1.04 to $0.54 till June 22. During this drop, XRP managed to flip the 200-day SMA from support to resistance. Let’s see what happened after that.
Ripple Price Faces Resistance At The Confluence Of 20-day and 200-day SMAs
From 23 to June 30, the Ripple price went from $0.54 to $0.70. As you can see, the buyers have tried to repeatedly take down the 200-day SMA over the last three days but have failed to do so. As things stand, XRP has dropped to $0.66. Despite this drop and charting the bearish cross with 200-day and 20-day SMAs, the daily chart has flashed two buy signals:
- The MACD indicates sustained bullish market momentum.
- The parabolic SAR has reversed from negative to positive.
Image: XRP/USD daily
In the 4-hour time frame, the Ripple price is repeatedly flipping the 20-bar SMA from support to resistance as the buyers and sellers continue their game of tag. The Bollinger Band has started to constrict which shows decreasing price volatility.
Image: XRP/USD 4-hour
SBI, Hamamatsu Iwata Bank To Conduct international Remittances With Ripple
Japan’s SBI has been a long-standing partner of Ripple since 2016. SBI Remit, a subsidiary of banking giant SBI, recently announced its collaboration with a major Japanese bank – Hamamatsu Iwata. This partnership aims to build a RippleNet based international remittance platform.
SBI’s press release underlined that the number of workers traveling to Japan from other countries has been significantly rising lately. Hence, the partnership aims to cater to the international remittance needs of these workers. The official statement reads:
Our mission is to provide financial services centred on remittances to foreign residents, and we use Ripple’s distributed ledger technology, which is characterized by speed of deposit and low fees.
Hamamatsu Iwata Credit Bank already runs an international remittance platform, and now, with this latest partnership, SBI Remit will help the bank expand its overseas markets. SBI Remit, for that matter, already uses Ripple’s remittance network RippleNet to facilitate fast and low-cost transactions from its end.
Notably, the Asian-Pacific region is gradually becoming the blockchain company’s geographical forte. The popularity of Ripple’s ODL has made it one of the most trustworthy choices in the international fund transfer space.
Companies like InstaReM in the UK and BeeTech in Brazil have already successfully formed ODL bridges across the Atlantic Ocean using RippleNet. What’s more, Lynx Global and Finfan also revealed their new Ripple-Net-based ODL corridor between Australia and Vietnam a couple of weeks back.
Ripple Price Is Expected To Reach These Levels
If the buyers lose steam, the Ripple price can potentially drop back to the $0.54 support wall. To reverse the effects of the bearish cross, XRP needs to push above the 20-bar and 200-bar SMAs.