Ripple price analysis: XRP/USD rebound is short-lived back in the oversold while Ripple’s David Schwartz prepares for a Europe tour
|- Ripple’s Chief cryptographer, David Schwartz will be a keynote speaker at several conferences in Europe.
- The tour is intended to promote Ripple’s products and attract new customers.
Cryptocurrencies had shown signs of reversing the trend but it appears that then upside momentum has been short-lived. The trip downstream has picked up pace and Ripple price is testing the short-term support at $0.580. At the moment XRP/USD is trading at $0.581 while the upside is being limited by the retracement at 61.8%.
The chief cryptographer at Ripple, David Schwartz has planned a trip to several countries in Europe. The tour will commence before the end of May and will end in early June. The agenda for the trip includes attending meetups, speaking at various conferences as well as interacting with other key industry experts. This is intended to help promote Ripple and the products from the network. The trip will kick off in the Netherlands where David will be the keynote speaker at The Next Web Conference. Later in the same day, he will meet 250 industry experts to discuss “critical issues surrounding the regulation of digital assets.” David will then fly to Germany then back to the Netherlands and will close his tour in Dublin.
Ripple price rejected the support area at $0.60, but the Fibonacci retracements place the next targets at $0.65 and $0.70. A downward trend is in progress, besides the gap between the 50 SMA and the 200 SMA on the 4-hour chart is increasing signalling that the bears have the control. Moreover, both the RSI and the Stochastic on the same chart have changed direction and are moving into the oversold regions. If the short-term support at $0.580 fails to hold the price, XRP/USD declines will be stopped by the next support area at $0.55.
XRP/USD 4-hour chart
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