Ripple Price Analysis: XRP/USD vulnerable to short-term losses as bulls fail to take price above local resistance $0.1975
|- XRP/USD has recovered from the Asian low, but the upside is limited.
- Cryptocurrency exchange Coinfield will offer XRP liquidity solution.
Ripple's XRP settled above $0.1900. The third-largest digital asset has recovered after a sharp sell-off under $0.1800 during early Asian hours but the further upside seems to be limited at this stage as the price lost bullish momentum on approach to $0.1970. XRP/USD has gained 2.0% since the beginning of the day and stayed unchanged on a day-to-day basis. Ripple's trading volume is registered at $8.5 billion, while an average daily trading volume settled at $2.0 billion.
XRP/US: technical picture
On the intraday charts, XRP/USD settled above 1-hour SMA50 at $0.1925. This technical level now serves as initial support. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.1900 reinforced by 1-hour SMA100, and $0.1880 (1-hour SMA200). Considering the downward-looking RSI, the short-term retreat below $0.1900 barrier looks likely; however, in the long run, the critical support is created by 4-hour SMA200 at $0.1770 as it separates us from a deeper decline towards 23.6% Fibo retracement for the downside move from February 2020 high.
On the upside, a sustainable move above $0.1960-$0.1975 area is needed for the upside to gain traction. This zone includes the weekend's high. Once it is out of the way, psychological $0.2000 will come into view, followed by $0.2035, which is a 38.2% Fibo retracement for the above-said move, This area stopped the recovery on April 7-9.
XRP/USD 1-hour chart
Coinfield to provide liquidity solution for XRP
A European crypto-to-fiat cryptocurrency exchange Coinfield will provide liquidity solutions for XRP and SOLO tokens. The CEO of Coinfield, Bob Ras, announced the news in a recent Twitter post:
Over the past few weeks we’ve been working on a solution to provide some liquidity for both $SOLO & $XRP on the #XRPL DEX. We’re glad to inform that all tests have been successfull & It’ll go live shortly today.
According to Ras, banking application Xumm based on XRP, now provides access for decentralized XRPL exchange (DEX). He emphasized that the app allows users to trade Sologenic token on a decentralized exchange.
Sologenic is a project that offers an ecosystem to facilitates investing and trading of on-demand tokenized assets, including Stocks and ETFs from 25+ global exchanges on top of the XRP Ledger.
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