- Ripple price consolidates above the support zone at $0.26 to $0.27.
- The US to Mexico cross border remittance corridor XRP transaction hit $54 million last week.
Ripple continues to print a bearish picture this week following the rejection at last week’s high at $0.3463. The downtrend was unstoppable at $0.30 and the bulls forced to endure losses towards the key support at $0.26. Attempts by the buyers to take over control of the trend have been thwarted with XRP/USD barely making steps above $0.30.
Meanwhile, the American session on Wednesday suffered more declines as XRP retested the support at $0.27. Tentative support provided by the 50 SMA at $0.29 on the 2-hour chart barely noticed the sharp flyby the bears made.
The region between $0.26 and $0.27 is standing out as a credible support, able to withstand acute selling pressure. At the time of writing, Ripple price is trading at $0.2767 amid high volatility levels as shown on the cryptocurrencies live rates able by FXStreet.
The technical analysis depicts are bearish scenario for Ripple in the near term. The MACD is stuck in the negative region after the recent recovery failed to break above the mean line. A bearish divergence shows the sellers’ position on the market. Besides, the widening gap between the 50 SMA and the 100 SMA clearly shows that the price is largely in the hands of the sellers and the situation is likely to last through the next session.
XRP/USD 2-hour chart
XRP remittances from the US to Mexico hit $54 million
Ripple cross border payment services continue to hit new milestones, especially for the Mexican corridor. A recent interview on CNN’s First Move saw the CEO of the company Brad Garlinghouse reveal that the platform hit $54 million in XRP transactions from the US to Mexico last week.
“Last week, we did $54 million of XRP flows into Mexico. That’s 7.5% of all flows from the US dollar to Mexican peso. That’s up from 3% in December. So this is growing very quickly.”
Garlinghouse sees growth as a sign that Ripple is offering a service that solves real-world problems faced by the day-to-day customer.
You have to focus on a real problem, a real customer and drive that utility. With 7.5% of liquidity into Mexico are being driven through XRP, you start to really see that it is not a science experiment.