The rally could be due to the announced reinforcement of xRapid
XRapid is a cross-border banking solution. Ripple announced three exchanges as a partner, Bitrex in the United States, Bitso in Mexico and Coin.Ph in the Philippines. Banks connected to Ripple Labs will be able to open an account at the listed exchanges and exchange local fiat money for XRP. The XRP can be used to facilitate cross-border transactions at the top of the Ripple register. If XRP funds are transferred from the United States to Mexico, for example, the recipient can convert XRP to Mexican pesos using the Bitso exchange.
The long-term XRP downtrend could be reversed
While the announcement may have triggered some speculative purchases, XRP has been in recovery mode since August 13th. However, there continues to be a long-term bearish trend, although this could be reversed if an extensive reverse head and shoulders pattern is formed towards $ 0.46936.
At 11:19 pm yesterday, XRP was aiming for $ 0.35428 as a potential upside that is the basis of the reverse head-and-shoulders model. The shoulder level is aligned to $ 0.31282. Technically, XRP is oversold and should expect downward correction in the short term. However, the prejudice remains with the bulls for now.
The XRP rally was bigger than either of the bitcoins or ethereum, both of which seem to have been stopped by strong resistance. On Friday, the BTC rose by around 3% while the ether (ETH) improved slightly to 5%.
Now it's fine until August 18th Saturday. The XRP price has opened well over $ 0.35 but has been lowered so far throughout the day. At 3:19 pm UTC was already at $ 0.319644, down more than 5 percent during the day, but there are still more than 8 hours of trading. While the price reached well over $ 0.35, it did not stay there today but fell far below that level. It remains to be seen if the decline continues, but the bulls should be a little worried. The current price of XRP can be found here.