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.
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.
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 those that did were inspected.
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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*This article was originally published here.