Cryptocurrency market update: Ripple price surges 7% as CoinField Exchange explores XRP as a base currency

The cryptocurrency market is on a roll on Wednesday mid-morning (GMT). The assets are breaking away from the selling pressure that has dominated the space since Monday this week. Most of the digital assets canceled the headway that had been made towards the end of last week. The short-term support levels formed over the weekend did not stand a chance in the declines on Monday and Tuesday.

Ripple price technical picture

Ripple is leading the market recovery the second week in a raw. The declines in the past couple of days had XRP/USD break the support at $0.58 and $0.52 respectively. However, the bulls managed to defend the support at $0.440. At the time of press, Ripple is up 6% on a daily basis. The asset broke retraced steps above $0.5 in the morning session and is now testing the next hurdle at $0.56.

Further up, the buyers have their eyes locked on $0.60 but they have to clear the resistance at the support turned resistance level at $0.58. Technical signals are strongly positive at the moment. Besides, the MACD has crossed into the positive zone. On the flipside, the 100SMA is offering support at $0.52 on the hourly timeframe chart while the 50SMA will become useful in case a reversal extends below $0.50. The primary support lies at $0.440 but for now, the focus is on $0.6o on the upside.

Significantly, it is likely that Ripple is surging again on the news that CoinField Exchange is considering adding XRP as a base currency for its platform. The announcement, made via Twitter indicated that is XRP is selected, it could be paired with 30 other digital assets alongside several other fiat currencies.

“We’ve been evaluating the possibility of adding #XRP as base currency for 30 direct crypto pairs along with USD, CAD, EUR, GBP, JPY & AED. Part of our expansion plan in 69 countries,” CoinField tweet reads.

XRP/USD 60-minutes chart