Bitcoin Goes Back Near $40K Resistance; Support is at $36K

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Bitcoin (BTC) buyers protected support during Asia hours as the short-term uptrend persists. The cryptocurrency, Bitcoin, is near $40,000 resistance at the time of this report and is up about 6% over the past 24 hours.

The last try at $40,000 on Monday activated overbought readings. Which preceded a near 10% pullback. However, Bitcoin buyers have been active at lower support around $34,000-$36,000.

  • The relative strength index (RSI) is overbought on the four-hour plot. Which this might trigger and activate some profit taking.
  • Bitcoin is hardly 20% above the 100-period moving average on the four-hour plot. The analysts saw the most recent above average deployment in mid-June while buyers failed to break above $40,000 resistance.
  • The declining decline momentum got slowed significantly over the past month while bitcoin continued to hold $30,000 support. The ongoing rally could cheer and give support further buying once oversold signals come into sight on the weekly chart.

Ripple On-Demand Liquidity

It puts a remarkable and considerable step for Ripple looking to cut in a slice of the $1.8 billion in yearly payments from Japan to the Philippines.
Ripple is looking to hit the almost $2 billion a year payment market among Japan and the Philippines through the use of its on-demand liquidity (ODL) service.

  • Japan’s money transfer provider SBI Remit, is linking powers with Philippines mobile payments service Coins.ph. And also, crypto exchange SBI VC Trade to create and open a payment doorway between the two countries. Ripple declared it in a blog post on Wednesday.
  • It signs a remarkable step for Ripple looking to get a cut of the $1.8 billion in yearly payment from Japan to the Philippines.
  • ODL via Ripple’s xRapid cross-border payment service lets firms to transfer and shift funds from one fiat currency to XRP (+12.52%) and from XRP to another currency.
  • The move follows on from Ripple’s development in Asia after obtaining a 40% stake in cross-border payments company Tranglo in March.

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