• 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.

XRP/USD, 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price prediction: November fails to impress, what about an action-filled December 2019?

Bitcoin is staring into a bottomless pit mid though the month of November. The past two years have seen Bitcoin start to stir movement upwards in November.

More Bitcoin News

The cryptocurrency market update: Bitcoin and major altcoins recover from early losses

The cryptocurrency market is navigating a sea of red on Friday. Bitcoin and all major altcoins are nursing losses both on a day-to-day basis and since the beginning of the day.

More Cryptocurrencies News

XRP/USD on the verge of a falling wedge pattern breakout

Ripple is trading below a key support week-long support at $0.27. The selling pressure on Thursday forced the price lower refreshing the levels towards $0.26. XRP commenced the trading on Friday at $0.2679 and touched a high of $0.2690.

More Ripple News

Litecoin price update: LTC/USD takes back $60 support, is $65 hurdle breakable?

Litecoin is in the middle of a recovery move following the recent slide below $60. The accrued gains chopping exercise that has been going on since the week started after another failed attempt to correct towards $65.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: In the middle of nowhere

Bitcoin has been drifting down since the beginning of the week, as the bulls have no luck with the recovery campaign launched during the previous weekend.

Read the weekly forecast

BTC

ETH

XRP