Ripple Price
Ripple price rebound today from monthly lows but the bears are in control as we have discussed in our latest Ripple analysis: Ripple Price Bearish Momentum Below the 100-Day SMA.
Italian banks expressed their plans to speed up the implementation of a digital currency (CBDC) backed by the European Central Bank (ECB) by participating in related projects and experiments the Italian Banking Association (ABI) announced today. The association set up a working group to research digital and crypto-assets. Several central banks around the world with PBOC driving the race in researching digital currencies, and some such as PBOC are close to issuing it to the general public.
Last week the Ripple Labs, and 40 other crypto – companies unite forces to form the Open Payments Coalition and launch a universal payments system PayID which might boost the cryptocurrencies industry. The new payment system will reach over 100 million users and allow it’s members to send and receive money across the globe in any payment network in real-time.
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Ripple price is 1.04% higher at $0.1876, attempting to stabilize after the correction that started immediately after the rejection at the 20-day moving average. The technical picture has deteriorated after the price breached below the 100-day moving average.
On the upside, the first resistance for XRPUSD will be met at $0.1884 the daily top; If Ripple breaks above $0.1884, the next strong resistance will be met at $0.1915 the 100-day moving average. A break above 0.1915, might pave the way for a move higher. Next resistance area to watch is at $0.1987 the high from June 17.
Looking north, initial support for Ripple stands at $0.1854 the daily low. The next support for XRPUSD crypto pair will be met at $0.1842 the low from June 20. If Ripple price breaks below 0.1842, the XRPUSD could correct further towards the $0.1709 the low from June 9.