Ripple Price Prediction: XRP Bulls Valiantly Fightback Despite Bearish Sentiment
Daily Ripple XRP Technical Analysis
- Ripple price managed to flip the 20-bar SMA in the 4-hour chart from resistance to support.
- XRP is presently sitting under the 20-day SMA.
Ripple price experienced a bullish fightback this Thursday and made up for the losses it suffered on Wednesday. As things stand, the price is still trending horizontally, stuck underneath the 20-day SMA.
$0.24 Support Line Holds For Ripple Price
By checking the tail of this Wednesday and Thursday's candlesticks, we can see that the Ripple price has repeatedly tried to flirt with the $0.24 support line but failed. The MACD shows sustained bullish momentum.
Image: XRP/USD daily
The 4-hour chart also gives credence to our bullish outlook:
- The 4-hour price has managed to flip the 20-bar SMA from resistance to support.
- The parabolic SAR has changed from bearish to bullish.
- The MACD shows increasing bullish momentum.
All these factors tell us that the market sentiment in this time frame is positive.
Image: XRP/USD 4-hour
However, do note that the 200-bar SMA is on the verge of crossing over the 50-bar SMA to form the death cross pattern. This is a very negative sign for Ripple price and shows that a future mark correction may be in the cards.
Lulu Exchange Partners With Ripple
Lulu International exchange has recently announced its partnership with Ripple and Federal Bank. The exchange noted that the collaboration would allow a real-time payment system to function seamlessly between the United Arab Emirates (UAE) and India. The system will reportedly be faster and more affordable for exchange customers.
We are proud to announce our partnership with Ripple and Federal Bank to enhance real-time payments from UAE to India that are faster and more affordable than ever before. Step into any of our 76 branches in the UAE or call 600 5222 04 to know more. #ripple #luluexchange @Ripple
Cross-border payments are supposed to be faster and more secure with RippleNet. The recent partnership is an important milestone given the high remittance volumes between the UAE and India. However, it is unclear whether they will use XRP tokens for any of these cross-border transactions.
Lulu Exchange has 76 branches across the UAE. RippleNet’s Asheesh Birla mentioned that the Asia-Pacific region is the busiest region for customer demand and transaction growth for Ripple. Now, with the new partnership, Ripple has become the first enterprise to provide a blockchain-based remittance solution for the two countries. This is expected to cause additional growth in customer demand for Ripple in the region.
Ripple-backed Moneygram also announced a partnership with Lulu Money to extend its presence in the Asia-Pacific region. Adeeb Ahmed, Managing Director of LuLu Financial Group, said:
This partnership will revolutionize how the region manages its high volume of remittances, launching unique services into the market, changing the way people approach digital transactions and remittances. We believe this marks a new era for digital money transfers and remittances in the Asia-Pacific region and the world.
Ripple Price Is Expected To Reach These Levels
While the short-term market sentiment is positive, it seems highly unlikely that the Ripple price will cross over the 20-day SMA ($0.283) any time soon.