Before moving on to the technical analysis, it should be noted that we have a very good news that arrived before SWELL. The news came from the Ripple’s official site and we selected the most important sentence: “In a precedent-setting moment, Cuallix became the first global institution to use xRapid – a Ripple’s solution that uses XRP as a liquidity tool – to reduce the cost of sending cross-border payments from the US to Mexico. ”
What does this news mean? It’s what they expected, those who have invested in XRP for a long time. It’s the big news as it’s the first confirmation that XRP is used in cross-border payments. At the moment, it seems that the news has surprised many people. I say this because the chart does not show an upward move up. I do not doubt that this news will be reflected soon in the XRP price move. Whatever news that will arrive at SWELL, the fundamental situation of XRP has finally moved to a positive area. XRP is no longer floating in uncertainty. Whether the price will decline after SWELL, at this point we have an important news for the fundamental situation of XRP.
The resistance lines are: The support lines are:
R1 – 0,30 USD S1 – 0,23 USD
R2 – 0,42 USD S2 – 0,19 USD
Let’s move on to the technical analysis. Past days, after the price broke up the descending trend line, it went up to 0.28 USD. This upward move was predicted in the latest technical analysis.
After reaching 0.28 USD, on the background of large volumes, there was a fall to 0.23 USD. In terms of technical analysis, the 0.23 USD level has been confirmed as a support and has also been confirmed to support the descending trend line (blue). It is very important that prices have stopped at those values, and then the up movement has started again.
What should we expect in the next three days? If the price is kept above the ascending trend line (drawn in white), it will be good as we will have all chances to climb to R1 0.30 USD.
Considering that we have a positive news about the first confirmation that XRP will be used in cross-border payments and that SWELL will start next week, the likely move for the coming days is a consolidation and continuation of the trend up to R1 0.30 USD.
For the next three days, the possible evolution of the XRP/USD price is drawn in yellow on the chart.