Ripple And XRP: Price Recovery Is Reportedly Possible If The Coin Can Remain Above This Level
Ripple had a really successful 2019, and 2020 was starting great as well until the disaster called coronavirus struck the markets.
One of Ripple’s goals for this year was to boost the mainstream adoption of the digital asset XRP and to boost the whole XRP ecosystem.
Despite the enormous market volatility, the projects behind the coins are going further and they continue with the developments.
The crypto market looks better today, with Bitcoin struggling to regain a bit of the lost value.
Ripple’s XRP holdings’ value dropped
The value of Ripple’s XRP holdings has plummeted during the past month amidst the crypto-wide market reversal.
XRP is currently trading in the green, just like the other important coins in the market. At the moment of writing this article, XRP is priced at $0.149667.
Tanya Abrosimova, an analyst at FXStreet, said the outlook for XRP might be improving after it pushed above $0.15 – the middle line of the 1-hour Bollinger Band.
“Bollinger Bands use two lines of the standard deviation to measure volatility and evaluate price action. Abrosimova is now looking to see if the crypto asset can tackle resistance at $0.1750,” the online publication the Daily Hodl writes.
Abrosimobva said: “A sustainable move above this area will allow for an extended recovery towards SMA100 1-hour at $0.1930, which is followed by a stronger barrier created by psychological $0.2000.”
We recommend that you read the complete analysis that she wrote.
Ripple takes over the remittance corridor between the US and Mexico
Ripple was recently in the news after the Mexican crypto exchange Bitso was reported to be now processing 2.5% of remittance transactions from the US to Mexico, according to the latest reports.
Bitso head of finance Bárbara González Briseño attributed this to the company’s partnership with Ripple.
Ripple has been boosting the ODL product – On-Demand Liquidity, which was formerly known as xRapid.
The name of the product was changed following a rebranding process.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.