The price surge from yesterday for XRP has turned into a downward trend at the start of trade today. Yesterday, XRP price had maintained an uptrend that it allowed it to trade over $0.47. Now, it is now on a downtrend.
The 4-hour chart of XRP/USD features two major falls. Before the close of trade yesterday, XRP rose above $0.47. Before closing at $0.4700. The coin opened today at $0.4727 and surged to $0.4756.
Later on, XRP price nosedived after reaching $0.4691 with a 1.35% decrease. Correcting on an upwards movement, the coin maintained its position above $0.47 till 3:15 UTC, while also tracing a bearish pattern. With strong support at $0.4655, XRP price has initiated a recovery and is now heading towards $0.47. As of June 25, at 04:04:59 UTC, the price of XRP stood at $0.4672.
XRP (XRP) Price Today – XRP / USD
XRP Price Prediction: XRP Price is 9.61% Higher Than What it Was 30 Days Ago
Even after such type of price turbulence since the start of the day, the price of XRP is currently sitting 9.61% higher than what it was 30 days ago at $0.4261. The fact that the XRP price has been leading when compared to others and the coin’s overall scenario, shows the bullish effect of the current price action.
After the price of XRP suffered a recent fall, it seems, the coin is now struggling to maintain its position within the range over the $0.47 position. XRP price must step out from its narrow trading range near $0.46. Additionally, the price level above $0.46, presently, appears to be a strong barrier for the number two largest digital asset.
As for the technical indicators, RSI is at 50, which is presently moving upwards. It is an indication of an upcoming overbought period for the coin. MACD also appears bullish as well, as it is above the signal line. The price of XRP may see resistance at $0.4773 and $0.4847. For its major support positions, $0.4573 and $0.4447 can be looked at.
Latin American Banks are Testing Ripple’s xCurrent
In other reports, two Latin American banks have begun testing Ripple’s xCurrent. Per the report, Banesco Panamá and Scotiabank Chile have started to test Ripple’s xCurrent. According to a report Banesco Panamá is working with regulators to make sure the actions of both institutions are fully compliant with the laid down regulations.
We can recall that Banesco’s proof of concept protocol used the xCurrent network to facilitate funds transfer. This saw the use of Ripple’s native cryptocurrency, XRP as a step higher than Banesco is agreeable with.
XRP Price Prediction: XRP Price Hasn’t Been Affected by This News
Once the concept has been integrated into Ripple’s network, Banesco is looking to offer blockchain-backed transfers between banks initially. The reason for this is that Banesco needs to reach a deal for regular rates and bilateral exchange rates with each recipient banks involved.”
Daniel Kennedy, who serves as the Vice President of Digital bank at Scotiabank in Chile, stated that the xCurrent product “works really well.” He added that Peru is a potential marketplace for customers to send funds. He also admitted that there’s more work required to before Ripple’s tech could become fully integrated.
It seems XRP price has remained indifferent despite this report. XRP suffered a bearish last two days. On the mentioned days XRP price fell to $0.471 from $0.474 in only two days.
Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.