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
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.