After a massive slump in Crypto markets in Wednesday, prices are starting to recover marginally. One of the most remarkable cases is that of Ripple (XRP) that has gained an outstanding 19% from its lowest point of $0.377 to the current $0.42 according to Coin market data. This surge has led to a significant recovery of Ripple’s market capitalization that now stands at $16 billion, only behind Bitcoin’s $108 billion, and Ethereum’s $20 billion. The latest data shows that this Digital Asset is the best performing major Cryptocurrency in the short term.
Ripple’s Prospects Are Influencing The Steady Recovery
One of the main factors behind the recovery of Ripple is the upcoming partnership with SWIFT. This is a global money transfer system that is mainly used for international trade payment services. It is tied to the US financial system and, therefore, has a presence all over the world.
If the prospects for the partnership are successful, Ripple-powered SWIFT services will be rolled out to countries such as United Kingdom, Spain, Poland, and Argentina that have a combined economic output that is larger than Germany’s. There are expectations that the deal will be reached when Ripple participates in SWIFT’s SIBOS 2018 Conference where they could sign the contract.
This forthcoming ambition adds to the growing list of Ripple’s successes in the realm of the conventional financial payments industry. For instance, the Blockchain firm is developing a powered DApps dubbed as MoneyTap. It will be used by THE Japan Bank Consortium group that operates under the banner of 61 local banks in the country of 123 million people.
XRP Price Analysis Movements
In response to the widespread interest in Ripple Blockchain, the market is expected to react. However, the current trends can enable experts to analyze the price momentum.
XRP hit an intraday high of $0,449 on Friday. This has since changed due to pullback market forces that are exerted by other Cryptocurrencies such as BTC, ETH, Stellar, LTC, etc. The downward pressure is bringing into sight yesterday’s low of $0.402 However, this low serves as an intermediary level of support that XRP needs to continue its bullish trend.
The level of support still falls below the projections of 50, 100 and 200H SMAs. This shows that the SWIFT news is yet to achieve a real effect on the price as there is still a strong bearish bias on the market. This bias can be measured by the Stochastic Oscillator that is signaling a downward momentum towards the $0.402 level of support.
On the other hand, there is a resistance level that is forecasted to be at $0.444. This interim support is however not important in the analysis of the price movement as statistical analysis still indicate a strong downward pressure. If the level of support is breached, the XRP price could plunge towards $0.378. However, the likelihood for this scenario is very low as Ripple has investor attention.
Crypto Markets Will Self-Correct
After the Wall Street rout that led to widespread sell out of stocks, Crypto markets slumped due to low investor activities. The current recovery is an indication that there is a self-correction that is happening and Ripple is at the center of it.