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Ripple drifts back as consolidation continues

29 Jul, 2021

Yesterday Ripple (XRPUSD) drifted back down to as low as $0.6905. That move came after it had lifted to as high as 0.7525. The earlier rise was resultant on the news from Japan and the Philippines, regarding a reported overseas payment deal between the two countries, to be facilitated by XRP. It did rebound again earlier today, rising to as high as 0.7395, but is has drifted back down since. The price fell back to as low as 0.6980 not long ago, but it is once again trying to rebound. The immediate trend is clearly positive and that could eventually lead to a test of the still rising 200 day moving average. That is in place today at 0.7680. However, in order to not just be a correction to what is still a longer term downtrend, the price will need to really clear a good way beyond that price point, in order to reverse the current downward direction of its shorter term moving averages. XRPUSD is just now trading at 0.7015

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