Ripple Technical Analysis: 20-Day SMA Prevents Further Downtrend
Daily Ripple XRP Price Analysis
- Ripple price crashed by nearly $0.50 over the last four days.
- The 4-hour chart has sustained bearish market momentum.
On April 4, the Ripple price found support at the 20-day SMA and jumped from, $0.576 to $1.83 to April 14 – more than tripling its overall valuation. However, the sellers have since taken back control and crashed XRP to $1.33.
Ripple Price Reached An Intraday Low of $1.13
Over the last three days, the Ripple price has crashed by $0.50. It actually reached an intraday low of $1.13 before it found support at the 20-day SMA. The MACD is about to reverse from bullish to bearish and the parabolic SAR has flipped from positive to negative, so a further drop in XRP is expected.
Image: XRP/USD daily
The MACD in the 4-hour Ripple price shows increasing bearish momentum and XRP has flipped the 20-bar and 50-bar SMAs from support to resistance. Plus, the 50-bar SMA is looking to crossover the 20-bar SMA to form a bearish cross pattern. However, do note that TD Sequential Detector is on course to flashing the sell signal in the form of a red-nine candlestick.
Image: XRP/USD 4-hour
Australian Remittance Service Taps Into XRP
Novatti Group, an Australian firm focused on delivering innovative payment solutions, has recently partnered with Ripple. Through Ripple’s XRP-powered platform On-Demand Liquidity (ODL), Novatti plans to facilitate instant, cross-border payments.
According to a statement on Ripple’s website, ODL will allow Novatti Group to use the technology to power payments to Southeast Asia. An excerpt reads:
The partnership initially focuses on remittances between Australia and the Philippines through the country’s largest non-bank, Filipino-owned remittance service provider, iRemi. Live now, Novatti expects to process several thousand transactions a month through RippleNet and is planning to quickly scale the service to more fintech customers and other countries in Southeast Asia.
Ripple owns over half of all existing XRP, and the firm rolled out ODL in late 2018. Using ODL, crypto exchanges can accept cash and move the equivalent value in XRP across borders, where it can be converted back to fiat currency.
Ripple Price Is Expected To Reach These Levels
The bulls can reverse this current negative market momentum by reclaiming the $1.55 resistance barrier. If it does that, the Ripple price will be able to reach $1.85.