XRP faces the tough battle against Selloff


  Ripple Price XRP

On Friday 7 September, the price of Ripple (XRP) is recovering, although the intraday outlook is still mixed. Ripple is trading around 0.2905.

Foundations

XRP news is mostly neutral. This week, TransferGo has launched a payment channel in India based on XRP technology, which will allow real-time transactions.

The channel will be available throughout Europe and, going forward, will prevent most of the payment methods currently in circulation. two or three days. It is not yet known what the XRP TransferGo product is, but the reason for basing transactions on XRP is clear enough: this token is widespread in India and opens the door to unlimited opportunities.

Another payment service launched by TransferGo is also based on XRP. Even if it is a little slower, it will be completely free.

Ripple's CEO, Brad Garlinghouse, said this week that it does not make sense to replace the fiat currencies with the criptos. Regular money does their job well enough, he added. To challenge this point, the speed and usability of digital money must become much more effective, and while cryptocurrency may work well for foreign transactions, it is not yet so useful for daily payments.

Technical analysis

[19659005] With the last fall of XRP, there was a downward trend, while the channel support test led to a temporary rebound. Currently, there is a new form of descending wave. In case the 0.2780 support is interrupted, the downward trend will continue with the price moving towards the lower projection channel towards 0.2140.

On H1, XRP is ending its local uptrend and forming an internal downtrend channel. Once the 0.2780 support is decomposed, the new channel support and the low key at 0.2365 will become the next target. Meanwhile, local resistance is at 0.3036.

Analysis by Dmitriy Gurkovskiy, Chief Analyst at RoboForex

Image from Shutterstock

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