Ripple Market Update: Ripple makes its way to top-50 disruptors of 2020

CNBC, an American news media corporation, published a list of 50 disrupters of 2020, the companies that made an impact in the year. Ripple took the 28th place in the rating and become was the only digital currency project that made its way in the list. 

Ripple is a San-Francisco-based fintech startup specializing in domestic and international payments and money transfers. It has been promoting its usability both for business and retail users, as  the transactions with XRP on the XRP Ledger that can be settled in 3-5 seconds.

Ripple's XRP is changing hands at $0.1954. The coin has gained nearly 2%, both on a day-to-day basis and since the beginning of the day having recovered from May 15 low of $0.1822.  The four-largest didital asset with the current market capitalization of $8.6 billion and an average daily trading volume of $1.13 billion has been recovering within the current range after a volatile period in the beginning of the week.

XRP/USD: technical picture

XRP/USD hit the intraday low at $0.1909 during early Asian hours and recovered above the local resistance created by  the upper line of the 1-hour Bollinger Band and 1-hour SMA200 at $0.1940.  A sustainable move above this area opens the way towards the next critical resistance of $0.2000. This barrier is reinforced by a combination of 4-hour SMA200 and SMA100.

A stronger barrier comes at $0.2030 as it contains a combination of strong technical factors, including daily SMA50, 38.2%  Fibo retracement for the downside move from February 2020 high and an upper boundary of the previous consolidation channel. 

XRP/USD 4-hour chart

On the downside the price is supported by $0.1900, which includes the intraday low, May 16 low and daily SMA100. A sustainable move below this area will triger more sell-off with the next aim at $01820-0.1800 and $0.1700 (23.6%  Fibo retracement for the downside move from February 2020 high).

XRP/USD daily chart