XRP Continues Consolidation Despite South Korea’s Positive Developments

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XRP Continues Consolidation Despite South Korea’s Positive Developments

Ripple’s XRP has been mainly consolidating since it reached a 5-week-high level on April 20th. This is despite some positive developments in South Korea concerning the cryptocurrency.

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What’s Going on in South Korea?

The news included South Korean cryptocurrency exchange, Coinone, adopting Ripple’s enterprise blockchain network for cross-border payments. According to a press release from Team Ripple, Coinone Transfer — a payments business and a subsidiary of Coinone — has joined RippleNet to use xCurrent, Ripple’s leading blockchain solution for cross-border payments and settlement. 

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Also from South Korea, their new head of the Financial Supervisory Service, Yoon Suk-heun, is reportedly open to relaxing the country’s restrictive cryptocurrency regulations.

Back in January 2018 many South Korean banks had stopped providing services to cryptocurrency exchanges and inspecting those that did.

XRP/USD Technical Analysis

Regardless of this news, Ripple’s XRP continued its consolidation in the past week.  XRP/USD almost reached $1.00 back in April but got capped at 0.93. Since then, it’s been ranging between 0.93 and 0.75. On the 4-hour time frame, we can see that the pair has crossed below the Ichimoku cloud, with the future cloud turning bearish.

This could be an indication that we could see a revisit of 0.75 and perhaps even the 50% Fibonacci retracement level of 0.70 in the coming days.

With a market capitalization of $31.5 billion, Ripple remains the third largest cryptocurrency trailing behind Bitcoin and Ethereum.

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