Ripple

The use of distributed ledger tech (DLT) for transborder payments is increasing among various Central Banks around the globe. The recent bank to embrace blockchain technology in the remittance field is the National Bank of Egypt (NBE).

In the last bearish impulse, XRP fell and found support above $0.90 low. The bears retested the $0.90 support twice but could not continue the bearish run.

Following its recovery above the $1.00 support, Ripple has been in an upward move. Since May 1, XRP upward moves have been stalled below the $1.70 resistance zone. Buyers have not been able to sustain the bullish momentum above the recent high.

The second week of May has been a good to quiet number of cryptocurrencies, however, some statements from the popular billionaires like Elon Musk want to close the week in bad style.

Elon Musk posted a tweet on the high energy consumption of Bitcoin (BTC), which caused a serious downtrend for most major cryptocurrencies including Ethereum (ETH), Binance Coin (BNB), XRP (XRP), Internet Computer (ICP), Polkadot (DOT) and Bitcoin Cash (BCH).

Since the last bearish impulse on May 12, the downward move has been stalled above the $1.25 support level. The current support has been tested by the bears on more than three occasions but was repelled.

Today, Ripple rebounded above $1.37 support as the altcoin resumed a fresh uptrend. The market has risen to a $1.45 high at the time of writing.

Since May 1, Ripple’s upward move has been facing stiff resistance at the $1.70 resistance zone. Today, XRP is declining after its rejection from the resistance zone. This may cause the altcoin to decline.

For the past week, Ripple has been in an upward move as the altcoin rallied to a $1.60 high. Buyers are facing penetration difficulty at the $1.60 resistance.