XRP Price Surges By 8%, Bulls Finally Take Over

Ripple’s XRP price surges by 8 percent as the bulls finally take control after the losses lasted for more than two weeks and came to an end. Bitcoin surged as well over the past 24 hours and brought the value of the major cryptocurrency to $6,654 as the rest of the market followed. The ripple price is also reporting gains of 8.03 percent over the past day and brought the price to $0.1679.

The XRP price experienced a lot of losses but the analyst Moiseiev Yurii believes that another rally will set XRP up with a new way to the resistance levels. He also outlined the resistance level of between the $0.165 and the $0.1700 which is where XRP is trading right now. He recommended opening long positions once the price gets near the support line or if it breaks through the resistance level. If Ripple’s XRP price performance continues, it could break the resistance level again.

Another analyst also predicted that Ripple’s XRP price will set a new low which will provide the coin the needed support and it will see the price climbing. The XRP price surges right after Ripple enhanced its presence in Asia with the new partnership with DeeMoney which is a Thailand-based financial services provider. The new partnership will utilize the blockchain network of Ripple in order to improve the current remittance system.

Asheesh Birla, the senior vice president of product and corporate development at Ripple, talked with Randi Zuckerberg who is the sister of Mark Zuckerberg and commented on how blockchain technology is changing the world. The Ripple price is trading in a critical range above the $0.1400 support level against the US dollar, and there are a few key hurdles that are formed at the $0.1500 and the $0.1550 levels. There is no major contracting triangle close to the $0.1485 levels on the hourly charts of the XRP/USD pair. The price will also increase higher once it goes past the $0.1500 level. The bulls went past the price above the $0.1500 level, but they failed to speed up. The price reached close to the $0.1549 level but remained below the 100 hourly simple moving average.