Ripple price analysis: XRP/USD drops back below $0.61 as recovery stalls
|- Ripple retraced from Asian high amid weak recovery momentum.
- David Schwartz explains Ripple's transformational effect.
Ripple, the third largest coin by market value, is changing hands at $0.6063, off the Asian high registered at $0.6262. XRP gained over 11% since this time yesterday, while the market value of the coin increased by $3B to $24.3B.
Ripple company positions itself as a blockchain solution for global payments. It focuses on money transfers and the institutional sector as opposed to retail payments. Ripple has entered numerous partnership deals with banks and mainstream financial institutions. While some experts point out that Ripple's technology does not require XRP.
Meanwhile, speaking on BlockShow Conference in Berlin, David Schwartz from Ripple emphasized Ripple's transformational effect on the international payment system.
"We already have digitized fiat, I can go to my bank and give my money to people in the same bank in seconds. What's transformational is that you can move money in seconds with digital assets from one country to another."
Ripple technical picture
Technically, XRP/USD is capped by 200-SMA (hourly chart) at $0.6100. Once it is broken, the upside may be extended towards Asian high at $0.6262 and to the next psychological level $0.6300. On the downside, the support comes at $0.5943 (100-SMA) followed by $0.5800 (50-SMA).
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