Ripple price analysis: XRP/USD exploring how deep the rabbit's hole goes, down 7% on the day
|- XRP drops like a stone, $0.7100 under threat
- Market ignores xRapid-based cross-border payment tests and keeps selling XRP.
Ripple smashed several support levels during Asian hours, extending Thursday's sell-off. The dropped below $0.7600, which triggered a cascade of stop-losses and pushed the price even lower, to $0.7150 by the time of writing. The bearish pressure is still strong, as seen on the hourly chart below, though $0.7100 may calm down the angry bears for a time being. Though, once it is broken, 0.6920 with 50-DMA will come into focus.
Ripple successful launched pilot trial of cross-border payments between US and Mexico based on xRapid network didn't impress investors, who doubt that it will have any effect on XRP position. Meanwhile, the company registered 40-70% cost reduction and faster transactions. The xRapid-powered transactions were processed in just over 2 minutes instead of 2-3 business days taken by traditional means.
Asheesh Birla, the SVP of Product at Ripple stated:
“It’s encouraging to see positive xRapid results because they validate what many in our industry already know: certain digital assets have utility. XRP’s utility lies in its speed and scalability, which makes it the perfect fit for cross-border payments. The XRP Ledger can send 1,500 transactions per second.”
XRP/USD, the hourly chart
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