Ripple market update: XRP/USD sliding as the excitement fading away

XRP has passed an important support level.
The head of SBI Holdings believes XRP will surpass Bitcoin by market value.

Tanya Abrosimova Independent Analyst

XRP/USD is changing hands at $0.3215, off the recent high touched at $0.3505. The third largest cryptocurrency has lost over 1.5% in recent 24 hours; at the time of writing it is moving within a short-term range capped by SMA50 (1-hour) at $0.3316.

The coin broke below $0.3250. This support zone was is created by the upper boundary of a broken channel. Now the focus shifted towards $0.3090-$0.3040 support zone, guarded by a cluster of SMA levels on 4-hour chart.

On the upside, we are likely to see a retest of $0.3500 after a short-term correction. A sustainable move above this resistance will unleash a huge bullish potential of XRP.
The head of SBI Holdings Yoshitaka Kitao believes that Ripple company and its token XRP will create a revolution on the cryptocurrency market.

“We will do everything in our hands to promote the mass adoption and practical usage of virtual coin XRP. We will also supply tools that will allow institutional investors to gain access to digital currencies,” he said in the interview with the Japanese local outlet CoinPost.

Also, Mr. Kitao expressed an opinion that XRP would surpass Bitcoin by market value.

“In the essence, Bitcoin has no value. The current price of Bitcoin is an obstacle to its practical use. That’s why I believe that XRP will become the cryptocurrency No. 1. At least we are pushing for it”, he added.

XRP/USD, 1-hour chart

Author

Tanya Abrosimova

Independent Analyst

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