Ripple Price Prediction: XRP On The Verge Of Flashing Sell Signal
Daily Ripple XRP Technical Analysis
- Ripple price blocked on the upside by 200-day SMA.
- The MACD in the 4-hour chart indicates increasing bullish momentum.
Ripple price finally had a bearish session this Thursday after a hattrick of bullish days, as XRP dropped from $0.73 to $0.71. Before this, the sellers were managed to dip XRP from $0.695 to $0.533 between July 5 and July 20. Let’s see what happened after that.
Ripple Price Uptrend Blocked By 200-day SMA
Since July 21, the Ripple price has jumped from $0.53 to $0.71, crossing the $0.70 psychological level. During this jump, XRP managed to:
- Flip the 20-day and 50-day SMAs from resistance to support.
- Reverse the MACD from red to green.
However, note that the TD sequential detector tells us that XRP is on the verge of flashing a sell signal in the form of a green-nine candlestick.
Image: XRP/USD daily
In the 4-hour time frame, the Ripple price has jumped from $0.64 to $0.73 over two bullish candlesticks and is presently hovering horizontally around $0.71. The Bollinger Band is expanding to indicate increasing volatility. The relative strength index (RSI) tells us that XRP isn’t overpriced yet.
Image: XRP/USD 4-hour
Japan’s First On-Demand Liquidity Offering Now Live
In a recent blog post, Ripple noted that SBI Remit is teaming up with mobile payments service Coins.ph and digital asset exchange platform SBI VC Trade to transform remittance payments from Japan to the Philippines. SBI Remit is the largest money transfer provider in Japan. Using Ripple's On-Demand Liquidity, the three will provide faster, more affordable remittance options for customers, the fintech firm noted.
The Filipino diaspora is one of the ten largest in the world, with more than five million of its citizens living abroad. Many of them live and work in a foreign country so they can send money home to family members. But the traditional system of international payments for these migrants is often slow and expensive. The partnership aims to tackle this issue.
This is Ripple’s first ODL service implementation in Japan, setting the stage to drive more adoption of crypto-enabled services in the region, it said. By leveraging the digital asset XRP to eliminate pre-funding, the two companies can also free up capital and accelerate the expansion of their payments businesses, Ripple added.
Nobuo Ando, Representative Director of SBI Remit, said:
“We see tremendous potential in leveraging blockchain technology to transform not only the way payment transactions are made but in how we manage our business by unlocking trapped capital. The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation, beyond real-time payments in just the Philippines, but to other parts of the region as well.”
Ripple Price Is Expected To Reach These Levels
The Ripple price must conquer the 200-day SMA ($0.77) to reach the $0.80 psychological level.