XRP price has been under pressure lately, trading below $0.60, down 5% over the past 24 hours. BitPay recently announced support for XRP payments worldwide, which may be the catalyst for a price reversal. Key price levels are at $0.55 and $0.70 respectively, demand and reload zones.
The market has been stagnant since the SEC win for Ripple, which caused a surge in XRP prices. Now, bulls have to face a key support base as prices are likely to retreat.
On August 4, blockchain payments provider BitPay announced worldwide support for XRP, enabling customers to buy, store, swap and spend XRP across all BitPay solutions. This news was met with little enthusiasm and the XRP market has seen no significant upside reaction in the days following the announcement.
Looking at the charts, the daily RSI is heading deeper into the oversold territory and more room for sellers means prices could be poised for a retest of a previous support-turned-resistance zone at $0.55. However, the 100-day SMA is located here and could provide a robust buffer. A rebound in the short-term could bring bulls to the 50-day SMA level, with the hurdle at around $0.62, and highlight a return to above $0.70.
Adoption news for XRP has been steady since Ripple’s triumph over SEC and could see more bullish reaction if the regulator loses again. If the market is able to break the $1.00 barrier, it will be a test of 2021 highs.
