Ripple breaks free from the range; XRP's bulls are not out of the wood yet
|- XRP/USD gains nearly 3% in recent 24 hours.
- Ripple's partnership news supports the coin.
XRP/USD is changing hands at $0.4690, off Tuesday's high registered at $0.4811. The third largest coin with a market value of $18.5B has gained nearly 3% on a day-on-day basis to become the best performing cryptocurrency out of top-10.
XRP's technical picture
Looking technically, XRP/USD is supported by SMA50 (4-hour chart) at $0.4640. Once this short-term support area is broken, the downside may be extended towards $0.4600 and $0.4427 (last week's low). Ultimate bearish target lies with $0.4300 (DMA50)
On the upside, the resistance is created by the psychological $0.4800 and 40.4811 (Tuesday's high), strengthened by 23.6% Fibo retracement level (weekly). The bulls need a sustainable move higher to proceed to the ultimate resistance at $0.5000 with SMA200 (4-hour) on approach.
Ripple company continue to promote its payment solutions including XRP-based xRapid. recently the company added two new companies to its RippleNet and announces that Moneymatch successfully used its newest product xVia to transfer money from Malaysia to Spain.
This news is supportive of Ripple's XRP as they prove the point that the coin's mass adoption is gathering pace.
XRP/USD, 4-hour chart
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