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Ripple price analysis: Asian sell-off has stopped, but XRP/USD recovery is feeble

  • XRP stays marginally above $0.7000 handle, recovering from the sell-off registered during Asian hours.
  • Ripple companies want people to know that Ripple is not XRP. 
Ripple price analysis: Asian sell-off has stopped, but XRP/USD recovery is feeble
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Ripple is trading in a range limited by 100 and 50-DMAs at $0.7760 and $0.6960 respectively. The coin recovered from Sunday's low registered at $0.6461, it is trading at $0.7040, dangerously close to psychological $0.7000 and the above mentioned $0.6960.

Zooming to the intraday chart, we can see that the upside is limited by the short-term sloping trendline currently at $0.7360. This level needs to be cleared before XRP can move towards the next target at $0.7680 (200-SMA, hourly chart) and further onto $0.7760 (100-DMA).

Meanwhile, Ripple has been supporting efforts to remove equal sign between Ripple and XRP.

"There is a community movement for a unique #XRP symbol. We agree! XRP is independent of Ripple. Submit your idea now," the company wrote in the official Twitter account.

Actually, Ripple is a company that runs different projects based on decentralized technologies, while XRP is a digital asset used in the XRP Ledger.

XRP/USD, the daily chart

XRP/USD, the daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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