Ripple price analysis: XRP/USD gains 2% amid global crypto recovery
|- XRP has resumed the upside after a period of sidelined trading.
- Ripple's VP speaks about coin's use cases.
XRP is moving fast towards $0.33 handle. The third largest digital coin resumed the upside after a period of consolidation with bearish bias amid a noticeable growth across all major cryptocurrencies. By the time of writing, XRP/USD has gained over 2% both on a daily basis and since the beginning of Monday. Its market value is registered at $13B, while an average daily trading volume is $169M.
Meanwhile, Ripple's Senior Vice President and Product Management Asheesh Birla shared his views on distinction Ripple and XRP and discussed the use cases of XRP in the interview with CNBC's CryptoTrader show.
“Ripple, across the years after its inception, realized that specific cases of cross-border payments had a lot of friction. Hence, this pushed the company to build a set of products that would contribute to the ease of process in the area of cross-border remittance”, he explained.
Ripple's technical picture
XRP/USD is poking at $0.3285, the local resistance level created by SMA200 (1-hour chart). It is followed by psychological $0.33 and 38.2% Fibo retracement weekly. This area might slow down the upside, though once it is cleared, the bulls will get a chance to push the price towards $0.3400, guarded by 61.8% Fibo weekly.
On the downside, the nearest support is created by SMA50 and SMA100 (1-hour chart) at $0.3240. Once below, the sell-off may gain traction and take the price to $0.3189 (Sunday's low).
XRP/USD, 1-hour chart
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