Ripple Technical Analysis: XRP Struggles To Break Above 200-day SMA As Coinbase Officially Delists Token
Daily Ripple XRP Price Analysis
- Ripple price is currently sandwiched between the 20-day and 200-day SMAs.
- The 4-hour chart has flashed a sell signal in the form of a green-nine candlestick.
Ripple has been officially delisted from Coinbase this Tuesday, as the price continues to trending horizontally around $0.30. Is there any respite for XRP or is this trend going to continue? Let’s take a closer look with technical analysis.
Ripple Fails To Break Above 200-day SMA
On January 11, Ripple dipped below the 200-day SMA, and since then, it has been trending horizontally at this level. We can see that the Ripple price has repeatedly tested this level, but it has failed in doing so thus far.
Image: XRP/US daily chart
Looking at the 4-hour chart, we can see that the Ripple price has flashed the sell signal in the form of a green-nine candlestick in the TD sequential indicator. This has dropped XRP from $0.309 to $0.29. As of now, the Ripple price has found support on the 50-bar SMA.
Image: XRP/USD 4-hour chart
Ripple Remittance Corridor Connects Malaysia and Bangladesh
Ripple has recently announced a new partnership with Malaysian mobile wallet firm Mobile Money. According to a press release, Mobile Money will use the RippleNet global payments network to connect to bKash. With over 45 million users, bKash is Bangladesh’s largest provider of mobile financial services (MFS).
The partnership will facilitate a seamless corridor between Malaysia and Bangladesh. Both bKash and Mobile Money will have access to all of the RippleNet features. Local banking partner Mutual Trust Bank (MTB) providing remittance settlement under the purview of Bangladesh Bank.
Kamal Quadir, CEO of bKash, said:
We are constantly exploring innovative ways to give simple solutions to our customers. bKash is happy to have partnered with Ripple in collaboration with Mutual Trust Bank of Bangladesh to deliver a cost-effective, fast, transparent and reliable remittance sending experience to more than 10 million non-resident Bangladeshis all over the world.
According to Mobile Money founder Lee Eng Sia, the COVID-19 pandemic has created a need for reliable remittance solutions. This led to Mobile Money partnering with Ripple to provide digital solutions for Bangladeshi workers.
Ripple Price Levels Is Expected To Reach What Levels?
Ripple is expected to keep trending horizontally, unless it breaches one of the levels that it is sandwiched by, aka the 20-day SMA or the 200-day SMA.