Ripple has marched higher in the recent days as the platform is close to launching a new product called xRapid. By doing so, the XRP will be used as a bridge between currencies with the aim to facilitate the process of faster cross-border transactions. As expected, the price has skyrocketed in just 24 hours, at one point trading at 0.79$. It has retraced since but it came down to 0.49$, before consolidating in the mid 0.50s. but it has still managed to hold to a majority of gains bearing in mind that the price was around 0.27$ before the news about xRapid hit the media. The price action managed to leave the wedge as the resistance area around 0.70$ is still a target for bulls. On the downside, 200 DMA will likely provide solid support for the bulls as the new long trades may be initiated against that level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.