Ripple Price Analysis: XRP/USD bulls hit the brick wall at $0.2200
|- Ripple's CEO Brad Garlinghouse foresees industry consolidation in 2020.
- XRP/USD recovery is limited by a resistance created on approach to $0.22.
Ripple's XRP hit $0.2191 during early Asian hours and retreated to $0.2177 by the time of writing. The third digital asset with the current market value of $9.4 billion has gained 2$ on a day-to-day basis and over 3% since the beginning of Tuesday. The coin is moving in sync with the market, however, the further upside may be limited by a critical $0.2200.
Ripple's Garlinghouse expects industry consolidation
Visa has recently announced the acquisition of payment startup Plaid for $5.3 bln. Commenting on the news, Ripple CEO Brad Garlinghouse noted that the industry was on the verge of a massive consolidation trend that would gain pace in 2020.
"Not surprising to see this kind of consolidation, and expect this will set the stage for more to come in 2020 - in fintech, crypto and beyond."
The XRP community has taken his words as a hint of new acquisitions planned by the San Francisco-based blockchain startup.
Notably, this is not the first time, Garlinghouse speaks about the need of consolidation. Earlier he mentioned that the industry would focus on quality in 2020 as the world did not need over 3000 cryptocurrencies.
XRP/USD: technical picture
From the technical point of view, XRP/USD has found a strong support at $0.2100. this psychological level is reinforced by SMA50 4-hour and SMA200 1-hour. The price used this area as a jumping-off ground for an upside move towards the next barrier located on the approach to $0.22. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2255, which is the highest level of the year, and $0.2300. A sustainable move above this level will bring SMA100 daily at $0.2430 into focus. The coin has been trading below this MA since the beginning of November 2019.
On the downside, if the above-said support of $0.2100 gives way, the sell-off may gain traction with the next support located at $0.2020-$0.2000 (the middle line of the daily Bollinger Band, SMA100 and SMA200 4-hour chart). Once it is out of the way, the downside may be extended towards $0.1900 and $0.1846, which is the lowest level of 2020
XRP/USD 4-hour chart
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