Ripple has opened the new trading week above the $0.2800 level, as bulls pause after last weeks ten per cent recovery from multi-month trading lows. XRP/USD traders a currently digesting bullish news that Japanese financial technology company SBI Holdings will launch a Ripple-based mobile payment application.
Analysts expect that the Ripple based mobile app will make bank transfers faster and cheaper, with the added bonus that Japanese consumers will be able to make transactions any time of the day without using traditional banking methods or have to incur ATM fees.
Bullish tones continue to spread through the broader cryptocurrency market on Monday, with nine-out-of the top ten crypto’s currently trading in the green. Overall, major rulings from the SEC on a potential Bitcoin ETF draw near, with the U.S. regulators proposed deadline of September 30th now less than two weeks away.
Technically the XRP/USD pair trades at a critical juncture, with the $0.2700 to $0.2850 price range the key areas to watch for a directional break. If we see bulls cracking the $0.2850 level, buyers may be encouraged to test towards the September 6th trading high, around the $0.3050 level.
To the downside, if price slips below the $0.2700 level for a sustained basis, the XRP/USD pair could extend losses towards key support found at the important former swing-lows, at $0.2655 and $0.2550.