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- A recovery was denied at $ 0.4 while the bullish trend became bearish.
- Ripple and NEM Foundation work together to form "Blockchain for Europe".
Ripple's XRP opened the lowest trading week. The price has reached lower and lower levels for the three-day journey. The hourly chart shows a descending channel that has been formed. A recovery was denied at $ 0.4 while the uptrend became bearish with a rebound to channel support at $ 0.33.
A support can be observed in the central section of the canal, however, bears are likely to push the price further south. The 100 SMAs in the same range are below 200 SMAs to show that the resource is likely to shift south instead of correcting itself higher in the short term.
On the other hand, the relative strength index (RSI) renewed the trend after the XRP rebounded from its lows to $ 0.3417 (Wednesday intraday). If the bulls play their cards well, XRP / USD could break the resistance of the channel and face the 100 SMA obstacle to $ 0.36. The MACD is in the negative region but relatively higher compared to Tuesday levels. This shows that there is a bullish pressure that signals an inversion.
Ripple's XRP was one of the few coins that has notably resisted bear pressure in the market. However, this does not mean that it was immune to the teeth and the claws of the bears. The asset is sitting comfortably in the second position in the market after passing Ethereum. Various experts and enthusiasts say that XRP has the potential to also move Bitcoin.
Still linked to Ripple, the blockchain solutions provider in collaboration with the NEM Foundation has entered into a pact to establish a regulatory association for the European region called "Blockchain for Europe". Ripple is working to ensure that regulators positively see blockchain and cryptocurrency and not as a threat. Observations of one of Ripple's head states:
"Ripple is delighted to be a founding member of Blockchain for Europe, which is a critical moment for policymakers in Europe as they seek to develop the right regulatory framework to reap the benefits of both digital assets and blockchain technology "
XRP / USD 1 hour chart
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