After ripple (XRP) reached a new annual high on June 22, it went downhill with the race. The price was far twice support at an important price level, and there seems to now be able to continue to act up. However, the fundamentals offer hope for increases in the longer term.
At the time of writing, the price of ripple (XRP) is $ 0.4094 according to CoinMarketCap after a 2.1% decline in the last 24 hours. XRP was trading a little lower last night. The price was namely a low at around $ 0.3900, where there appears to be an important support.
Ripple appears to have been consolidating above this support over the past four days, with traders hoping that the price will recover. XRP was trading considerably higher on 22 June. The annual high of the altcoin is namely $ 0.5100.
Despite the bearish price movements in recent days, ripple is still in an uptrend in the longer term . The rate has been rising slowly since mid-May within a rising trend channel. The price is currently at the support line of this trend channel. In the coming hours it will therefore become clear whether XRP will continue to trade within this channel.
In terms of fundamentals, ripple is doing well. For example, it works with more than 200 banks that use the Ripple network to facilitate international transactions. In addition, Ripple sees many collaborations emerging, particularly in Asia.
There is Money Tap, a Japanese payment app that supports a large number of banks in Japan. The app will allow users to send money to each other and pay in stores. The Ripple network facilitates these transactions. Given the growing number of large partners, Ripple investors also expect that the price will rise in the longer term.