Bitcoin price failed to surpass the $45k resistance level, while news from China banning crypto trading accelerated BTC Price to plunge.
Major altcoins like Ethereum and XRP Price have dropped 8% to around $2,800 per coin and 7% to 91 cents per coin, respectively.
XRP Price Analysis
After consolidating for the most part of Thursday, the Ripple price is now trading around $0.9373 with a bearish tendency.
The XRP price declined during the Thursday negative trading session, forming a doji stick of indecision as bulls sought support at the 200-day Simple Moving Average (SMA) at $0.95. To boost the chances of an upward rise, Ripple must retake its support.
XRP bulls will be able to keep their heads above water and reverse recent losses if they can reclaim the 200-day SMA support level around $0.9556. This will help the Ripple overcome immediate resistance at $1.007, allowing it to reach the 50-day SMA near $1.0980.
If XRP continues to increase, it might reach psychological levels around $1.20, and then a high above $1.4 in September.
However, considering the numerous upward hurdles that Ripple price confronts, the current bearish momentum may persist.
As a result, if the cross-border remittances token falls below the immediate resistance level of $0.9160, the 100-day SMA at $0.8844 will be reached. The altcoin’s price would prolong its recent rally if it fell below the 100-day support line.
Ripple partners with Central Bank of Bhutan!
While the price action is shaky and unpredictable for now, the use case of the native crypto is still strong.
Ripple says that its technology would be used in a Bhutanese central bank digital currency (CBDC) pilot project.
According to a post on Ripple’s website, the country’s Royal Monastery Authority (RMA) is cooperating with the crypto firm to launch its own CBDC in order to improve the efficiency of cross-national payments and increase financial inclusion.
Bhutan, the world’s first and only carbon-negative country, is particularly interested in partnering with Ripple since the XRP Ledger is extremely energy efficient, according to the blockchain developer.