Tanya Abrosimova
Independent Analyst
- XRP is locked in a tight range after Wednesday’s strong moves.
- Ripple-Forte partnership is a potential catalyst.
XRP/USD consolidates with downside bias after a steady growth on Wednesday. At the time of writing, the coin is changing hands at $0.3140, gaining over 1% in recent 24 hours. It is worth noting that XRP went as high as $0.3267 during European hours yesterday; however, stops and speculative positioning pushed it back below $0.3200.
What’s going on
The announcement that a blockchain-based platform technology provider Forte partnered with Ripple to create a $100 million fund to support game developers might have served as an initial catalyst for the upside move on Wednesday. However, the momentum failed to gain traction.
XRP’s technical picture
The first line of support is created around $0.3130 handle with SMA50 and SMA100 (1-hour) clustered there. Once it is cleared, $0.3100 will come into focus. A sustainable move lower will take us to this week’s low at $0.3075.
On the upside, watch out for $0.3190 (Asian high) as it blocks the way to a more critical $0.3200. The ultimate short-term target lies with Wednesday’s high at $0.3267, followed by psychological $0.33.
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