Ripple (XPR) is still being under pressure on Friday, May 11. The selloff over the crypto market, logically, affected Ripple, too, which is moreover being weak overall. Today, XPR is trading at $0.6790, which is 10% lower than yesterday, Dmitriy Gurkovskiy, Chief Analyst at RoboForex affirms.
The bearish trend line is at $0.7800, and while the price is below, the sellers have little chance to carry on. This very level also acts as a resistance for Ripple. In the short term, XPR may recover, but it is doubtful that it might get higher than $0.7800 or $0.7900.
The key support for XPR is at $0.7234, while the key resistance may be found at $0.7800. The MACD on D1 is in the positive territory but is getting lower and is ready to enter the negatives, which supports the sell signal. Meanwhile, the Stochastic is already in the negatives and is issuing a sell signal, too.
As for the fundamentals, Ripple blockchain expansion is in the news. Primarily, this is about Coinone Transfer, which is Coinone’s subsidiary, using Ripple Blockchain, which will allow the exchange to boost its international money transfer system’s performance. Ripple technology will enable lower fees, speed up the transactions, and make the overall transaction costs significantly lower.
The company is going to use xCurrent technology, which will enable tracking payments through RippleNet. xCurrent is different from xRapid in the fact that it does not need Ripple tokens to function. Using xRapid will allow the users to save up between 40% and 70% when transferring funds, while xCurrent may be even more effective. As for the speed, on average, an international transaction took around 2 or 3 days before, while now with xRapid it can be completed within a few minutes, perhaps, same as xCurrent.
As already said before, with Ripple technology expansion, the crypto is going to feel good, too. Coinone turnover is very large, around $40M-$50M, and the exchange does need to speed up the processes. The faster the transaction speed, the more popular it will be. Besides, if the company manages to expand to the Southeast Asia markets, many more users will come to use it, which is also positive for Ripple.
Any predictions contained herein are based on the authors’ particular opinion. This analysis may not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.