- XRP is recording significant gains on the day
- At the time of writing, XRP was trading at $1.037, up by 24.62% on a 24-hour basis
- GME Remittance has linked with Siam Commercial Bank, in a bid to accelerate payments from South Korea into Thailand
The Altcoin market charged full steam on August 11 with several digital assets notching double-digit gains. XRP is no exception, recording significant gains on the day. At the time of writing, XRP was trading at $1.037, up by 24.62% on a 24-hour basis and 42.64% weekly. Ranking 6th largest, XRP present market capitalization stands at $48.45 billion and $7.21 billion in traded volume over 24 hours. GME Remittance has linked with Siam Commercial Bank, Thailand’s largest bank by market capitalization, through the use of RippleNet, in a bid to accelerate and scale payments from South Korea into Thailand. GME Remittance is also seeking to enlist existing RippleNet customers to expand into additional remittance corridors across Asia and globally, including in Europe and the U.S.
Key Levels
Resistance Levels: $1.5169, $1.3000, $1.1460
Support Levels: $0.7707, $0.6263, $0.5450
XRP/USD Daily Chart: Ranging
XRP/USD Daily Chart
XRP received a positive boost, that thrust the price above the MA 200 at $0.803 on August 10. The XRP/USD pair continued the positive rise, climbing to highs of $1.09 in today’s trade. Further, backing the appreciation in price is improving market sentiment and a double bottom technical pattern sighted on the daily chart. Although the rising RSI has climbed into the overbought section, it is yet to signal any weakness in the ascent.
Beyond the $1.09 high, The next major resistance could come from the $1.29 level before moving towards the $1.76-$1.81 range. Should buyers overrun these tough obstacles, the XRP/USD pair could jump to see the $1.98 yearly peak. Alternatively, if the markets prove overbought and there’s a downside reversal then the first main support could be the MA 200 at $0.802 ahead of the MA 50 coinciding with $0.672. Beneath this Mark, the $0.62 and the $0.47 handles could come next.
XRP/USD 4-Hour Chart: Bullish
XRP/USD 4-Hour Chart
XRP has been creating a sharp bullish rally over the last six four-hour sessions, climbing towards highs of $1.09. Although the price is returning slightly lower, The technical indicators still suggest a positive bias. The XRP/USD pair needs to overcome today’s peak of $1.09 to meet the $1.30 and $1.76 resistance levels, before a more important battle starts near the $1.98 barrier.
However, should the price fall below the $1 psychological mark, support could be initially detected at the $0.90 and the $0.84 handle ahead of the MA 50 at $0.79. Clearing this, the next stop could be around the MA 200 at $0.675, while further declines could hit the $0.51 level. To summarize, XRP/USD is advancing with strong momentum and only a decisive close beneath the moving averages could shift the outlook to neutral and then bearish.
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