Tanya Abrosimova
Independent Analyst
- XRP/USD is down 6.5%, as the bearish trend has resumed.
- Thailand-based SCB is happy with its Ripple partnership.
XRP/USD managed to recover to $0.5220 during Sunday trading, but the upside proved to be short-lived. The second largest coin with a total market value of over $19B is now changing hands at $0.4781, extending the decline from the Asian high of $0.5130. The coin has lost 6.5% since the beginning of Monday and
Ripple is expanding its partner network in the Asian region, where an acute problem with high remittance costs, big delays in payment processing and lack of a reliable pool of correspondent banks force the financial institutions to seek for innovative technological solutions.
Chief Technology Officer & Head of Operations in SCG Colin Dinn recently praised the outcomes of bank's partnership with Ripple, saying that it is not merely a vendor, but a business partner that steers the bank's transformation.
The Thailand-based SCB with over 111-year history believes the whole ecosystem for the broader ASEAN region can be built around Ripple technologies.
Ripple's technical picture
From the short-term point of view, XRP/USD is capped by a confluence of SMA50 and SMA100 (4-hour) at $0.4950. Once this hurdle is cleared, the recovery may be extended towards psychological $0.50, strengthened by the sloping trendline.
On the downside, the support lies with $0.4770 (SMA200, 4-hour) and $0.4600. A sustainable move lower will open up the way towards the recent low of $0.4157 (November 14).
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.