Ripple (XRP) is struggling to hold above a key support, trading at around $2.26 on Friday. The cross-border money remittance token has deepened its correction for four consecutive days amid a sticky bearish sentiment in the broader cryptocurrency market.
Downward momentum continues to increase, and there is scope for US Dollar (USD) to test 7.1130. In the longer run, USD could drop to 7.1130; a clear break below this level will shift the focus to 7.1000, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Bank of Japan (BoJ) Deputy Governor Shinichi Uchida said on Friday that the Japanese economy is recovering moderately, albeit with some weak signs. Uchida added that the central bank will keep raising the rate if the economic outlook is met.