XRP between expansion in Brazil and downward pressures.. Will the price regain its upward momentum?
Despite Brazil’s announcement of plans to integrate the XRP Ledger network into its financial infrastructure, with the possibility of transferring digital assets worth up to $15 billion, the XRP coin continues to face selling pressures as price interaction with positive news weakens.
XRP is currently trading near $1.488, with continued pressure on the price within the short-term timeframe.
Support: $1.474 – $1.470
Resistance: $1.502 – $1.517
A break above resistance could support a rebound toward $1.532
A breakdown of support could open the door to further downside
Despite the positive developments related to the network’s adoption in Brazil, the price still needs clear buying power to confirm the recovery. A breakout above resistance or a breakdown of support remains the most important factor for determining the next direction.
Despite Brazil’s announcement of plans to integrate the XRP Ledger network into its financial infrastructure, with the possibility of transferring digital assets worth up to $15 billion, the XRP coin continues to face selling pressures as price interaction with positive news weakens.
XRP is currently trading near $1.488, with continued pressure on the price within the short-term timeframe.
Support: $1.474 – $1.470
Resistance: $1.502 – $1.517
A break above resistance could support a rebound toward $1.532
A breakdown of support could open the door to further downside
Despite the positive developments related to the network’s adoption in Brazil, the price still needs clear buying power to confirm the recovery. A breakout above resistance or a breakdown of support remains the most important factor for determining the next direction.
