XRP fails to breach $0.3870 key resistance amid market rally: Technical Analysis
Last week Ripple [XRP] traded in the range of $0.35 and $0.38. On January 6, the price spiked and it entered the bullish trend zone. The bullish surge yesterday was led by Litecoin [LTC] which appreciated by nearly 10 percent. Today, the crypto is well supported above the EMAs and the bulls are trying hard to break the $0.38 price barrier. XRP has gained nearly 1.16 percent in the last 24 hrs and is currently trading at $0.366519 and the price is likely to rise because it is above the 12-day EMA. The total market cap of the crypto industry stands at $136.34 billion and the flag bearer of the crypto community, Bitcoin is hovering around $4000 mark.
After witnessing the highs on December 6, the digital asset has found support at $0.3647 and the key resistance level stands at $0.3870. Currently, XRP is trading in the range of $0.3727 to $0.3850. The MACD has started to decrease as it shows a downward trend. The hourly RSI indicator stands at 49.1693 which shows that the short-term momentum is with the sellers. While the short-term momentum points upwards, there is a strong possibility that the coin may go down in the near future.
At the time of writing, XRP is down by 1.01 percent and one XRP is equivalent to 0.00009076 BTC.
In a positive development for the San Francisco-based fintech company, Kuwait Finance House announced on Sunday the launch of its instant cross-border remittance service using Ripple’s blockchain technology. As per the tweet, the zero fees “Instant International Transfer” service is available now in Saudi Riyal SAR where customers can make remittance transactions to beneficiaries at Al Rajhi Bank.
In another positive development last week, Ripple announced its partnership with the National Bank of Kuwait (NBK) to launch a cross-border-payments product on the blockchain.
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