Ripple price was rejected from the $0.5520 level recently against the US Dollar. XRP/USD may range trade in the short term, but it could decline further.
Key Talking Points
- Ripple price failed to capitalize and found a key resistance around $0.5520 against the US Dollar.
- There is a significant bearish trend line forming with resistance around $0.5200 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
- The pair may correct higher, but it will most likely face sellers near $0.5100 and $0.5200.
Ripple Price Forecast
Earlier this week, there was a minor upside reaction in Ripple price from the $0.4532 low against the US Dollar. The XRP/USD pair traded higher, but it failed to break a major resistance zone near $0.5520.
The price also failed to stay above the 100 simple moving average (2-hours) and $0.5200. It declined and traded below the 50% Fib retracement level of the last upside wave from the $0.4532 low to $0.5529 high.
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In its ever-increasing incursion into the cryptocurrency industry, the Japanese financial group SBI has invested in a cryptocurrency equipment based in Taiwan. portfolio developer.
SBI Holdings, the financial services division of the Japanese group SBI, announced its 40% stake in the Taiwanese crypto manufacturer CoolBitX. An announcement from SBI Holdings does not reveal the exact amount of investment in CoolBittX, a hardware manufacturer specializing in cold wallets.
With its growing portfolio of business and operations related to cryptocurrency, SBI Holdings has revealed its intention to utilize CoolBitX’s security technology for risk management within its business in areas such as customer asset maintenance. The Japanese conglomerate specifically mentions “CoolWallet” from CoolBitX, a hardware device used to store private cryptocurrence keys that interface with iOS and Android devices via Bluetooth.
[SBI] through its venture capital subsidiary SBI Investment, has become one of the first traditional conglomerates in the world to invest in Kraken bitcoin exchange early 2016. The Japanese financial group has pursued its investment as lead investor in bitFlyer, the largest and best-funded cryptocurrency exchange in Japan. At the end of 2016, SBI announced its intention to launch its own cryptocurrency exchange, which would be the first platform of exchange supported by the country’s banks. Despite its registration with Japan’s financial regulator, the launch of the exchange was postponed for security reasons, as has been reported recently.
SBI also plans to issue its own digital currency based on the blockchain, directly negotiable with the Japanese yen, for use in instantaneous payments and P2P transfers. SBI Holdings has notably co-launched SBI Ripple Asia with Ripple, based in San Francisco, to propel the adoption of cross-border real-time blockchain-based payments between banks in a number of countries around the world. 39; ASEAN.
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It even traded below the $0.4950 pivot level and tested the $0.4750 support. The price is now trading well below the $0.5200 level and the 100 simple moving average (2-hours).
The current downside wave is finding support near the 76.4% Fib retracement level of the last upside wave from the $0.4532 low to $0.5529 high. There could be a minor upside wave towards the $0.5100 level and the 100 SMA.
However, there are many barriers on the upside near the $0.5100 and $0.5200 levels. There is also a significant bearish trend line forming with resistance around $0.5200 on the 2-hours chart of the XRP/USD pair.
Should the price correct higher from the current levels, it may find hurdles near $0.5100, 100 SMA and $0.5200. Only a close above the trend line resistance at $0.5200 may decrease selling pressure.
Above $0.5200, the price faces a tough challenge near the $0.5520 level. On the downside, supports are at $0.4750 and $0.4550. A break below these levels could put a lot of pressure towards $0.4200.
Trade safe traders and do not overtrade!