Ripple market update: XRP/USD settles above $0.2400 amid tepid recovery
- XRP/USD consolidates gains after the recovery from the recent lows.
- The next strong resistance comes at $0.2660.
Ripple’s XRP, the third-largest digital asset with the current market value of $10.6 billion gained over 3% of its value after a sell-off on the cryptocurrency market. The coin is changing hands at $0.2450, still over 16% lower from this time a week ago.
Ripple’s network is growing
The 2nd largest bank in Korea, Shinhan Bank, confirmed its partnership with Ripple. As a result, two of the largest banks in the country are now Ripple customers: and Shinhan Bank and Wooribank.
XRP’s technical picture
Looking technically, a move above $0.2400 mitigated the initial bearish pressure and created preconditions for further recovery. However, the upside may be limited by $0.2650. This strong barrier is created by a confluence of technical indicators, including SMA200 (Simple Moving Average) four-hour, and the middle line of a daily Bollinger Band. The next resistance awaits us on approach to $0.2700 (SMA50 daily and the middle line of four-hour Bollinger Band).
On the downside, the support is created by $0.2400. Once it is out of the way, the sell-off is likely to gain traction with the next focus on psychological $0.2300 strengthened by the lower line of a daily Bollinger Band located on approach. The next support comes at the recent low of $0.2168.
XRP/USD, one-day chart
Author
Tanya Abrosimova
Independent Analyst
