Ripple’s XRP has continued to break key short-term support positions since Thursday. This followed a failed breakout when the altcoin attempted to rally above $0.36. XRP met major resistance around $0.359 position and subsequently dropped to around $0.33 before finding support and trading within this range for some time.
Today has however seen the coin further drop below this support position, at the time of press, XRP is exchanging for about $0.323, having suffered a drop of about 4%. This reversal trend poses a threat for XRP and could see XRP extending its fall to $0.30.
During the rally, many investors were anticipating that prices would hit the $0.4 position, urging it to establish a higher support level, possibly above $0.35. But after failing to break the $0.38 resistance position, the coin began to correct lower to the $0.35 position.
Since then the bearish pressure has continued to mount seeing XRP hit its current levels. If the bulls do not find support soon, XRP could soon return to its prior range of $0.30 soon.
Set Back For Money Tapp App With Repercussion For XRP
The latest drop comes in the wake of a major setback for Money Tap app powered by XRP which has lost one of its bank partners. Money Tap platform which utilizes xRapid payment system aims to enable cashless transfer between individuals across the world.
The platform was launched by SBI Group and has had major banking partners from Japan. However, a recent announcement has since seen the platform loose one of its partnering banks.
In a statement, Resona Bank announced that it would discontinue its collaboration with Money Tap effective May 13, 2019. Of the initial 13 banks which had partnered with Money Tap, Resona Bank becomes the first bank to pull out of the partnership deal with Money Tap, its reason still unclear.
Market Bulls Crying For Support
For the second day, the market is red. Since a correction got underway, altcoins have been suffering significant drops. At the time of press, most are recording drops of between 3% to 7%. This has seen the total market cap drop from highs of over $180 billion to around $170 billion. Currently, the bulls need a breather and find support to get back on track.
