- XRP settles marginally above $0.2800 handle.
- Ripple-based MoneTap payment app is on the way.
XRP is sitting marginally above $0.2800 handle at the time of writing. The third largest digital coin has recovered from Sunday’s low at $0.2726 to trade with 1% gains on a daily basis. XRP is moving in sync with broad cryptocurrency market, though further recovery may be limited due to the lack of momentum. XRP’s trading volume peaked on September 5 and had been subdued since that time. Currently, the average daily trading volume is registered at $200M against $344 on the above-said peak day.
XRP’s technical picture
XRP is supported by psychological $0.28, while SMA50 (1-hour) adds credibility to this technical level. Once it is cleared, the downside may be extended towards $0.2740 (SMA200, 1-hourt) and $0.2700. On the upside, the nearest aim is set at $o.2870 (23.6% Fibo retracement weekly) with an ultimate bullish goal at $0.30.
Ripple’s MoneyTap is coming soon
Meanwhile, Japanese fintech giant SBI Holdings announced its plans to launch a Ripple-based MoneyTap application for mobile payment. The MoneyTab project was started earlier this year with the strong support from Japan Bank Consortium (JBC) of 60 financial institutions. The app is supposed to make bank transfers easier, faster and cheaper, increasing flexibility of domestic payments within the Japanese banking system. Consumers will be able to make transactions around the clock without traditional banking and ATM fees.
CEO of SBI Ripple Asia Takashi Okita announced the release of MoneyTap website, stating that the project will improve payments infrastructure in the country.
XRP/USD, 1-hour chart