In the last couple of days, the decline rate was slow as Ripple sellers are finding resistance at $0.60. Irrespective of this, sellers confirmed the three-bar reversal pattern clear after May 6.
From the News
Implementing blockchain technology to solve common challenges faced on a daily basis will definitely help to increase the adoption of decentralized applications that utilize them. Take Ripple (XRP) for instance. Ripple uses blockchain ads at its core and they availed four products for their clients.
One of the products is xRapid – a fund transfer facilitator or a cross-border payment that aims at making the market more efficient. At the Consensus 2018 conference, David Schwartz said that the startups and/or companies that implement xRapid are guaranteed to save up to 70% of costs.
During the demonstration, xRapid (which utilizes RippleNet), could transfer money from the United States to Mexico in 120 seconds with registries at the blockchain and transaction receipts. The blockchain also announced Xpring (a smart initiative by Ripple), for funding businesses, startups, and entrepreneurs that utilize Ripple products.
Ripple (XRP) Price Analysis
No doubt, the value of Ripple has been trickling down in the last couple of days, completely breaking below consolidation in a 3-bar bear reversal pattern. Note that by week ending (22nd of April) there was a bullish candlestick, but the fact that values are struggling to convincingly close below it shows that the lower lows of recent were actually long coverings.
In the daily chart of the digital currency, it appears buyers are in control. It’s not difficult to see why. The previous support level at $0.60 is like a springboard for buyers after the double-bottom formed between 12 and 18 May. The support level at $0.60 will be a bear trigger line if bears push values lower as they synchronize with the general bear trend.