- XRP/USD may be vulnerable to further losses if it moves below 30-min SMA200.
- Ripple invests in the development of Xumm wallet.
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.”
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
XRP ruling by Judge Torres denied in Coinbase lawsuit, yet another blow to Ripple
XRP programmatic sales ruling by Judge Torres completely rejected by US Court in Coinbase lawsuit. US Court rejected Coinbase’ motion to dismiss SEC lawsuit, weighing heavily on Ripple’s legal battle.
Sushi price eyes $3 after clearing key weekly resistance level
Sushi price flips the $1.628 resistance level into a support floor after a month of struggle. A temporary retracement might be a good opportunity to accumulate SUSHI before a retest of $3. A breakdown of the $1.267 barrier would invalidate the bullish thesis.
Bitcoin Price Outlook: Will $150 billion bank Morgan Stanley send BTC to new ATH?
Bitcoin has recorded increased volatility this week, with most of BTC holders currently in profit. As market activity continues to grow with long-term holders now ramping up on distribution pressure, the pioneer crypto is bearing the brunt of growing overhead pressure.
Coinbase loses first round of battle against SEC
A day after the SEC filed a lawsuit against Binance last year, it went after Coinbase in a sign that the clampdown is extending to key players in the industry. The latest development in the matter is that the court has ruled in favor of the financial regulator, which means the case will continue.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.