Ripple's XRP bull run linked to misconstrued Apple Pay speculation?

Some news wires attributing the XRP/USD bull run to some vague speculation.
XRP/USD price action has formed a bullish pennant pattern, subject to another break higher.

Ken Chigbo Independent Analyst

Ripple’s XRP held decent gains in the latter stages of trading on Tuesday, up just shy of 7%. Big thanks to the bulls running through stubborn resistance at $0.5000, seeing stops triggered to the upside.

Handle with a pinch of salt, but some news wires appearing to mislead readers, with headlines of XRP and an ApplePay integration. Seemingly rumours sparking from a beyond vague Twitter exchange with crypto wallet provider, Wirex and another user. The user tweeted Wirex, asking “Does/Will it work with Apple Pay?” – in relation to Wirex notifying of pre-paid cards availability in the U.S. To which Wirex responded “We're working on it!” This somehow has created rumours of a soon potential integration of XRP and Applepay.

XRP/USD cooled from the session’s highs, printed at $0.5668, to then enter into a consolidation state of trading through the second part of the day. Price action has however formed a bullish pennant pattern, subject to another potential run higher. Near-term resistance $0.5350, support seen at $0.5280, as part of the pennant formation.

XRP/USD 60-minute chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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