Ripple Price Prediction: XRP Finds Support At the $0.55 Line
Daily Ripple XRP Technical Analysis
- Ripple price has strong resistance at $0.63.
- In the 4-hour chart, the XRP is stuck between two key levels.
Prior to today, the Ripple price failed at the $0.63 resistance barrier and dropped to $0.55 over the next two days. So far today, the XRP has recovered to $0.57. Let’s take a closer look with technical analysis.
Ripple Price Starts Recovery
Looking at the daily Ripple price chart, the 50-day SMA has crossed over the 200-day SMA to chart the bullish cross pattern. Plus, the RSI is about to creep into the overbought zone, which means that the asset is getting overpriced.
Image: XRP/USD daily
Looking at the 4-hour Ripple price chart, XRP had four straight bullish sessions before the bears completely negated the gains made. However, the buyers have immediately taken back control. The MACD shows decreasing bearish market momentum.
Image: XRP/USD 4-hour
Ripple Partners Looking To Make Crypto Core Revenue Source
SBI Holdings, a Japan-based financial services firm, is planning to establish a cryptocurrency joint venture. As per a Reuters report, SBI is looking to expand its current crypto endeavours into a prominent revenue system. SBI also happens to be one of the most supportive Ripple partners.
SBI’s CEO Yoshitaka Kitao said the firm would “definitely” turn the venture into a core earner for the company while adding that SBI is considering large scale mergers and acquisitions (MA). Kitao said that SBI is in discussions with two companies that could potentially turn into joint-venture partners. He has not disclosed any names.
SBI’s move appears to be promoted by cryptocurrencies’ entrance into the financial mainstream. Kitao added:
Institutional investors – mainly hedge funds – have recently started investing in cryptocurrencies … Not just institutional investors but also Elon Musk.
Elon Musk-led electric vehicle company Tesla recently revealed its $1.5 billion Bitcoin investment. Kitao said in order to become “number one,” SBI would have to buy a leading company or form alliances with other major global enterprises.
Ripple Price Is Expected To Reach These Levels
As things stand, we expect the Ripple price to flip the 20-bar SMA ($0.59) in the 4-hour chart from resistance to support. If the buyers manage to do that, they will have the space to grow XRP and make it touch the $0.63 resistance barrier.