Undulation price analysis: XRP / USD remains strong at $ 0.28, as SBI Japanese announces payments with Ripple technology

  • Ripple is stable above $ 0.28, although the rise is limited to the Fib 61.8% retracement level.
  • MoneyTap was mentioned for the first time by the CEO of SBI Ripple Asia; It will be available for iOS and Android.

The price of the ripple broke out from the descending wedge model discussed in a previous FXStreet analysis. The planned breakdown has not occurred. Instead, Ripple pulled up from the support at $ 0.25 and settled above $ 0.27. Ripple is currently stable above $ 0.28, although the upside is limited to the Fib 61.8% retracement level with the previous swing alt of $ 0.305 and a minimum swing of $ 0.254.

Significantly, one of the largest financial institutions in Japan, SBI Holdings has announced its intention to implement an application that will run on both iOS and Android platforms. The interesting thing is that this payment service will be powered by Ripple blockchain. MoneyTap was mentioned for the first time by SBI CEO Ripple Asia, Takashi Okita on the official app's website. However, it is not clear when the official launch will start, but the website said that Android and iOS users will be able to start using the service in the fall.

The price of ripple rises by a slight 0.43% on Friday while the prevailing trend is generally bullish. Buyers do not see the time of $ 0.30, but first you have to face the immediate resistance to 61.8% of Fibo and $ 0.29. On the other hand, Ripple has established stability at $ 0.28, but the 50SMA (1 hour) will offer additional support at $ 0.2722, in addition to the main support at $ 0.25.

XRP / USD Chart 1 hour

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