Tanya Abrosimova
Independent Analyst
- XRP/USD stays above $0.33 amid market indecisiveness.
- Guardian published a story about SWIFT inefficiencies, indirectly supporting Ripple's case.
Currently, XRP/USD is locked in a narrow range marginally above $0.30. The second largest coin with a market capitalization of $12.3 recovered from early Asian low of $0.2982; however, the upside stopped short of $0.3030 amid indecision and low trading activity.
Looking technically, the coin needs to engineer a sustainable move above $0.3060 area to get a chance for recovery towards $0.31. However, the task is pretty hard as there are numerous technical resistance levels on the way, including SMA50 and the upper line of Bollinger Band (1-hour chart) around $0.3030 and SMA100 (1-hour) at $0.3056.
On the downside, the local support comes at the psychological $0.3000, which is closely followed by the middle line of the Bollinger Band (1-hour chart) and the Asian low at $0.2982. The lower border of Bollinger Band 1-hour at $0.2960 is likely to stop the decline and trigger a short-term recovery. However, if it is cleared, the sell-off may continue towards $0.2900.
Meanwhile, the Guardian suddenly supported Ripple's agenda with a story devoted to SWIFT inefficiencies.
Marcus Treacher, the global head of strategic accounts at Ripple, said that the piece reminded us of how it was essential to develop crypto, blockchain, and digital assets like Ripple.
"Timely reminder of why our Ripple mission is so important. Building the #IoV for super-fast, transparent and reliable payments worldwide," he wrote in his Twitter account.
The Guardian touches upon difficulties with SWIFT transfers beyond the developed world. Payments in countries like Zambia may take days, and even weeks with no guarantees it will arrive at all. Stories of huge amounts go missing are far from being unusual, which supports Ripple's case that offers an instantaneous blockchain-based solution.
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