- XRP bulls back in action after Ripple announced a partnership with Finastra.
- Ripple retreats after stepping above $0.30 but support is expected at $0.28 and $0.24.
Ripple bulls are defiantly making a comeback in a generally lethargic market. Prior to the compelling move today, Ripple price tested the support at $0.28. The slide from levels above $0.29 occurred as a reaction to Bitcoin’s dive brief dive under $8,000. However, XRP bulls managed to complete the leg up stepping above $0.30.
The intriguing recovery comes after Ripple, the blockchain startup announced a partnership with Finastra, one of the world’s largest software developers tailored for the financial sector. The collaboration will see Ripple’s blockchain services incorporated into Finastra’s payment solutions to enable the faster cross-border transfer of payments.
Meanwhile, as per coinstats, Ripple’s price is teetering at $0.2966 amid a strong bullish momentum. It continues to move upwards within an ascending channel. The channel has been tested severally on both sides. However, it is adamantly limiting gains to the upside while strongly protecting Ripple from acute declines.
XRP/USD 4-hour chart
Also offering support has been the Exponential Moving Average (EMA) which is currently playing catch up. Another key support is the 61.8% Fibonacci retracement level taken between the last swing high of $0.3274 to a swing low of $0.1976 (marginally below $0.28).
Looking at the four-hour chart from a technical perspective, Ripple’s upward action is likely to take a breather under $0.30. The Relative Strength Index (RSI) is almost hitting levels above 70. Oversold conditions are likely to force a reversal. However, the Moving Average Divergence Convergence Divergence (MACD) suggests that there is enough bullish power to keep Bitcoin above $0.28 if not $0.29.
Ripple Key Technical Levels
Spot rate: $0.2979
Relative change: -0.013982
Percentage change: 4.92%
Support: $0.28, $0.24 and $0.22.
Resistance: $0.30, $0.32