XRP boost as BitPay announces worldwide support – can bulls react?


Share post:

1680019471387 89c7b267 b38a 4942 b740 d800096dccff
  • XRP price is trading below $0.60, down 5% in the past 24 hours.
  • BitPay recently announced worldwide support for XRP payments.
  • Key price levels are at $0.55 and $0.70, respectively demand and reload zones.

XRP price is down 5% in the past 24 hours to trade below $0.60, with bears threatening to wipe out all gains from the past month or two.

The win over SEC that catapulted the Ripple cryptocurrency higher has all but faded too. For XRP bulls, it’s all looking ominous with prices likely to retreat to a key support base. But could a reaction be in the offing even as the market ponders its next move amid widespread stagnation?

XRP got a BitPay boost

On August 4, blockchain payments provider BitPay released a major update – an impending worldwide support for XRP. 

According to the company, adding the cryptocurrency to the list of supported coins (including Bitcoin, Ethereum, Litecoin and Dogecoin) would allow merchants to accept payments in XRP from across 100 wallets.

BitPay’s move means its customers can now buy XRP, store it or spend it on goods and services from anywhere in the world where merchants accept the top 10 altcoin.

What’s the XRP price reaction?

The XRP market hasn’t seen significant upside reaction in the days following the news. Indeed, prices are down 10% in the past week. However, adoption news for XRP has been steady since Ripple’s triumph over SEC, and could see more bullish reaction if the regulator loses again. [Read more].

Looking at the charts, the daily RSI is heading deeper into the oversold territory and more room for sellers means prices could be poised for a retest of a previous support-turned-resistance zone at $0.55. A deeper rot to lows of $0.40 is possible.

1692198555955 900db125 ab74 46b7 a1cc fc0ce89b9265XRP price chart. Source: TradingView

 However, the 100-day SMA is located here and could provide a robust buffer. A rebound in the short term could bring bulls to the 50-day SMA level – with the hurdle at round $0.62 – and highlight a return to above $0.70. 

The psychological $1.00 remains the desired short-term play, before a retest of 2021 highs.

Source link

Alexandra Williams
Alexandra Williams
Alexandra Williams is a writer and editor. Angeles. She writes about politics, art, and culture for LinkDaddy News.

Recent posts

Related articles