Ripple price consolidates after yesterday’s strong rally at six-week highs after the successful break to the upside of the recent consolidation phase. XRPUSD is testing the 100-day moving average for the second consecutive day, yesterday the crypto pair stalled at the 100-day moving average while today managed to break above that resistance abut as of writing returned below the 100-day moving average.
On positive news, the Siam Commercial Bank (SCB) initiated a partnership with Ripple to offer its banking clients the ability to sends their funds quickly and cheaply via RippleNet. The Siam Commercial Bank will release a mobile app, called SCB Easy, and will also launch its Outward Remittance Service on it based on the Ripple technology solution. The mobile app will be available to 16 million clients.
The Bitcoin price is 2.54% higher today at $7,962. Ethereum (ETHUSD) is 4.58% higher at 205.91. Litecoin is 0.50% higher at $46.03. The Ripple market capitalization has surpassed now 9.47 billion with the trading volume reaching 2.76 billion in the last 24 hours.
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Ripple price is 0.25% higher at $0.2154, making fresh six week highs and testing the strong resistance at the 100-day moving average. The short term positive momentum is under threat at the 100-day moving average. The last time that Ripple was above the 100-day moving averages was at March 8. A break above 0.2171 (100 day MA) might be the start of another leg higher targeting 0.2300.
On the technical side, first resistance for Ripple will be met at $0.2189 the daily top; If Ripple remains actively bid above $0.2189, the next hurdle will be met at $0.2288 the 100-day moving average. A move above the 100-day moving average might open the way for a bigger rally. Next supply zone to watch is at $0.2461 the high from March 7.
On the other side, immediate support for XRPUSD price stands at $0.2141 today’s low. The next support area will be met at $0.1940 the low from yesterday’s trading session. In case of a move below the $0.1940 support level, the Ripple price could correct further towards the $0.1783 the 50-day moving average.