Ripple’s XRP has been trying to pierce through the pivot level and 61% Fibonacci retracement level of $1.12 over the weekend with no luck.
However, it does appear its price may have bottomed out at the support level of $0.89.
The price of RIPPLE has clearly breached the resistance of the descending channel appearing on the image and has stabilized above it, which supports the chances of achieving some gains in the coming period, so that the price will test the resistance of the most important short term trading at $1.35.
Therefore, the bullish trend is likely to be supported today by the SMA 50, unless we see a break of $0.89 and stability with daily closing below it.
Ripple remains the 3rd largest cryptocurrency by market cap, trailing behind Bitcoin and Ethereum.
Ripple’s company just signed a massive deal with UAE exchange to have them join RippleNet network for cross-border payments. UAE Exchange is hoping to bring customers an “enhanced, new payments experience” by incorporating Ripple’s blockchain technology into their payments systems. Now, what XRP investors need to keep in mind is that it’s not clear if UAE Exchange will use Ripple’s cryptocurrency in its processes. But Ripple is hoping that by adding a market leader like UAE Exchange to RippleNet, they can bring instant, certain, low-cost payments to the millions of retail customers in the UAE who send money abroad.