Ripple Market Update: XRP/USD range-bound between $0.29 resistance and $0.28 support
|- Ripple settles in a narrow range between $0.28 and $0.29 as consolidation begins.
- An ascending channel is likely to remain intact in the coming sessions and could be a factor in the run-up above $0.30.
Ripple's price failed to react in tandem with Bitcoin’s surge above $10,000 in the weekend session. The attempt to rise towards $0.30 hit a high of $0.2895. A reversal that ensued following the loss of momentum dipped under the 50SMA in the 2-hour range. However, the bulls have been keen on holding the ground above $0.28 support.
Ripple and MoneyGram
Ripple key strategic partner MoneyGram has been expanding the use of XRP in its cross-border transfers. The international payments provider is now using Ripple’s On-Demand Liquidity (ODL) in five of its payment corridors. MoneyGram’s 10% of the total transactions from the US to Mexico (the largest corridor) is utilizing XRP and ODL. The use of XRP in cross-border transfers is set to increase immensely in the course of 2020.
Ripple price analysis
Ripple price continues to move upwards within the confines of an ascending channel. Although, after failing to break past $0.29, the main action has been mostly sideways trading. A recent dip to $0.2650 support saw XRP recovery immediately settling above $0.28. At the moment, the 50 SMA on the 2-hour chart is capping gains slightly above the market of $0.28053.
Unless the resistance at $0.29 is broken, $0.30 will remain nothing but the light at the end of the tunnel. All technical levels including those by the RSI and the momentum indicator suggest that XRP is bound for more sideways action in the coming sessions.
XRP/USD 2-hour chart
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