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Japan’s government to lead development of SWIFT network for cryptocurrency

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Finally some non-negative news for crypto out of a government!

Last week and this week we’ve had plenty of negatives out of the US from crypto:

  • Federal Reserve Chair Powell …. said he had “serious concerns” about Libra
  • President Trump criticized bitcoin, added that Facebook’s Libra would have “little standing or dependability”
  • Treasury Secretary Steven Mnuchin raised national security concerns about Libra 

The whole complex came under selling pressure.

So, maybe this bit of positive news from japan can help it along, or at least not hinder it?

Reuters citing an unnamed source:

  • Japan’s government is leading a global push to set up an international network for cryptocurrency payments
  • similar to the SWIFT network used by banks (international payments messaging system used by banks to send money around the world.)
  • aims to have the network in place in the next few years,
Finally some non-negative news for crypto out of a government!

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Crypto News

Ripple Price (XRP) Eyes Fresh Increase While Bitcoin Rallies

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  • Ripple price is facing a strong resistance near the $0.2900 and $0.2920 levels against the US dollar.
  • Bitcoin price rallied recently and even broke the $10,600 and $10,800 resistance levels.
  • Yesterday’s highlighted bullish trend line is active with support near $0.2750 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could decline a few points, but it remains supported above $0.2700.

Ripple price is currently correcting gains from $0.2920 against the US Dollar, while bitcoin jumped above $10,800. XRP price is likely to climb sharply if it clears the $0.2920 resistance.

Ripple Price Analysis

Yesterday, we saw a decent recovery in XRP price above the $0.2700 resistance against the US Dollar. The XRP/USD pair even climbed above the $0.2800 resistance and settled above the 100 hourly simple moving average. It opened the doors for more gains above the $0.2850 level. More importantly, there were decent gains in other altcoins, including Ethereum, EOS and litecoin.

However, ripple price faced a strong resistance near the $0.2900 and $0.2920 levels. A swing high was formed near $0.2918 and the price recently started a downside correction. It broke the $0.2850 support plus the 23.6% Fib retracement level of the recovery from the $0.2618 low to $0.2918 high. Finally, the price found support near the $0.2750 and $0.2760 levels.

Additionally, the price found support near the 50% Fib retracement level of the recovery from the $0.2618 low to $0.2918 high. More importantly, yesterday’s highlighted bullish trend line is active with support near $0.2750 on the hourly chart of the XRP/USD pair. The 100 hourly SMA is also following the trend line and is currently near $0.2720. Therefore, dips towards the $0.2750 and $0.2720 levels remain attractive to the bulls.

On the upside, the main resistances are near $0.2900 and $0.2920. An immediate resistance is near $0.2880 and a connecting bearish trend line on the same chart. A convincing close above the $0.2920 level might start another upward move towards the $0.3000 and $0.3050 levels. An intermediate resistance is near the $0.3020 level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is currently trading nicely above the $0.2750 and $0.2720 support levels. Therefore, there are chances of a fresh increase above the $0.2880 and $0.2920 resistance levels. Conversely, a successful hourly close below the $0.2700 support might negate the current bullish view in the coming sessions. The next key support is near the $0.2550 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.

Major Support Levels – $0.2750, $0.2720 and $0.2700.

Major Resistance Levels – $0.2900, $0.2920 and $0.3000.

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