The overall market correction has not affected Ripple as other coins; its rate has even increased by around 0.5% over the last 24 hours. The next reasons could have stopped the possible decline.
The largest oil field development company in Thailand announced a partnership with Ripple to make cross-border payments. Besides, the Saudi British Bank (SABB) launched an instant cross-border transfer service powered by Ripple.
These 2 pieces of news detained the fall of XRP.
Let’s take a look at the technical analysis.
On the 1-hour chart, there is a Triangle pattern, which closes at the $0.2990 mark. Nevertheless, there is a probability of successful fixing above $0.3. In this case, a rebound upward is possible. If this does not happen, XRP will remain in the zone of decline for the resistance of $0.2920. However, experts do not predict that this situation will be long-term. Overall, Ripple has achieved good results so far, which is reflected in the XRP’s report for the first quarter.
If we look at the situation of XRP on the 4-hour timeframe from technical analysis, it should be noted that the new wave of decline has reached the support line of a long-term scale.
This situation may indicate a market willingness to further decline after testing, overcoming and consolidating below the area of long-term support. It is worth mentioning that the quotes have accelerated the decline and trying to break through the support line of the current corridor. Such a breakdown will allow the price to fall to the support level of $0.26. That may occur if the psychological level at $0.28 is broken.
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov