Ripple Price Analysis: XRP/USD bulls in retreat as price hovers around $0.2000
|- Ripple's XRP has been losing ground since January 8.
- The critical support of $0.2000 may attract new sellers once broken.
Ripple's XRP, now the third-largest digital asset with the current market capitalization of $8.8 billion, has lost about 2% of its value to trade at $0.2000 by the time of writing. The coin has retreated from $0.2255 reached earlier this week on the announcement that Binance added the token to the list of assets available for futures trading with leverage up to x75.
XRP will have an autonomous electric indicator
Alloy Networks announced a release a fully autonomous electric relay board that works on Ripple's token. The device will switch on and off based on the amount of received tokens and thus serve as an XRP token indicator.
The company, which is an XRP Ledger dUNL validator and zaphod default hub, wrote on Twitter:
Coming soon...To a switchboard near you! A fully autonomous electric relay board that switches on and off based on XRP received. Each relay has its own DT, or x-address. Individually configurable.
XRP/USD: technical picture
The coin has reversed nearly all gains of the week. A sustainable move below $0.2000 will negate the short-term bullish setup and bring new sellers to the market. The next support comes at $0.1930, which is the lowest level of the week. It is followed by psychological $0.1900 and $0.1846, the lowest level of 2020.
On the upside, we will need to see a sustainable move above $0.2100 for the recovery to gain traction. This resistance is strengthened by SMA50 daily currently located on $0.2090. The next resistance comes at $0.2145 (the upper line of daily Bollinger Band). Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2200 and $0.2255 (the highest level of 2020).
XRP/USD daily chart
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