Ripple (XRP) Price Looking to Break out Above $0.44 on Confirmation of AMEX Partnership
The price of Ripple’s XRP token is fighting to hold support above $0.44 after a drop earlier today that saw it fall to $0.40 from $0.47, a significant 15 percent loss. The regain in price to $0.44 confirms the enclosing pennant pattern that XRP is moving in, one which it hopes to break out of upwards in the coming days.
American Express (AMEX) Confirms Partnership
Speaking at the Money 20/20 event held in Amsterdam last week, American Express Vice President Colin O’Flaherty confirmed that the company will begin using Ripple’s xCurrent product in its daily operations. He offered praise to the company, stating that “Ripple offers instantaneous, point-to-point conversations between the sender and receiver of funds,” and noted how xCurrent would help “alleviate most of the issues [their] customers are facing.”.
Ripple’s xCurrent product is part of the wider RippleNet system and helps financial institutions like AMEX exchange value between foreign currencies without the need for any intermediary. AMEX won’t immediately use the XRP token in its implementation of xCurrent but the news undoubtedly will have a positive effect on the price indirectly.
Ripple (XRP) Price analysis
Support at $0.44 is provided by the 1-hour 50-day simple moving average (SMA) and 100-day SMA. With the recent drop proving both the $0.45 and $0.42 support levels to be weak, another fall below these could take XRP under $0.40. However, a break upwards of $0.44 that continues through $0.46 will confirm bullish sentiment and a path to $0.50.
Technicals are relatively neutral, with the relative strength index (RSI) at 62.102 and average directional index (ADI) at 45.799. The MACD is bullish at 0.026 and moving averages all remain in a strong buying position.