Ripple Market Update: XRP/USD under $0.3000 after Ripple announces the investment in XRPL Lab

Ripple's XRP dropped below $0.30 after a failed attempt to settle above $0.3200 during early Asian hours. The coin has lost over 4% in the recent 24 hours and stayed mostly unchanged since the beginning of the day. XRP takes the third position in the global cryptocurrency market rating with the current market capitalization of $13.9 billion and an average daily trading volume of $3.3 billion.

XRP/USD: Technical picture

XRP/USD tested the intraday low of $0.2909 during early Asian hours. Despite the recovery, the coin is still below $0.3000, which is a bad technical signal for the short-term bulls. The local support is created by the upward-looking 30-min SMA200 at $0.2950. If it holds, the price may recover towards a psychological $0.3000. Once it is out of the way, a stronger resistance will come into focus. This last one is coming from the upper lines of 30-min and 1-hour Bollinger Band, 1-hour SMA50 and 30-min SMA100 at $0.3050. A sustainable move above this area is needed for the upside to gain traction. 

XRP/USD 30-min chart

XRPL Lab invests in Xumm wallet development

Ripple extended the investments in XRPL Labs that develops software for the XRP Ledger. The company plans to use the money to finance the development of the XRP-based Xumm. The wallet that was initially created by Wietse Wind allows users to instantly deposit and withdraw XRP to non-custodial accounts.
 

We look forward to watching Xumm, and the XRP community that’s supporting it, grow to new heights with this funding.
 

Xumm users can also hold other assets in the wallet, due to decentralized exchange embedded in the XRP Ledger.  Xpring’s head of developer relations Warren Paul Anderson explained:

“The Xumm App makes the experience so easy that a user can go from the first step of key generation to having a USD issued currency in their wallet in less than 20 minutes.”