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Ripple Price Analysis: XRP/USD breaks below upside trendline

  • Ripple's XRP may be vulnerable to new losses if it fails to recover above $0.1900.
  • Ripple announced the release of a new version of XRP Ledger.
Ripple Price Analysis: XRP/USD breaks below upside trendline
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Ripple is the third-largest digital asset with the current market value of $8 billion and an average daily trading volume of $2.3 billion. At the time of writing, XRP/USD is changing hands at $0.1840, down 3% on a day-to-day basis and 3% since the beginning of the day. The coin is moving in sync with the market, which is controlled by short-term bearish sentiments. 

XRP/USD: Technical picture

On the daily chart, XRP/USD broke below the upside-looking trendline (currently at $0.1930) and settled below the psychological $0.1900. This development has worsened the short-term technical picture. A failure to get back above $0.1900 may put the recovery from March 13 low at risk. Meanwhile, the psychological barrier of $0.1900 is reinforced by daily SMA50 that has served as a strong resistance since March 7. If it is cleared, the recovery may extend towards $0.2000.

On the downside, a sustainable move below $0.1800 (the middle line of the daily Bollinger Band) will open up the way to $0.1720-$0.1700 (4-hour SMA200) and $0.1600 (the lower line of the daily Bollinger Band). 

XRP/USD daily chart

XRP Ledger 1.5.0 to be released on Testnet

Paul Anderson, Ripple's Senior Product Manager (SPM), announced the upcoming release of XRP Ledger (rippled) version 1.5.0 and 1.6.0-b1 (first beta) and shared the new features included in the release.

XRP Ledger v1.5.0 has an improved logic of intranetwork interaction and a host of new features for developers and coders, including API toolkit and Remote Procedure Calls (RPC and gRPC) operations, the command-line interface (CLI), and the protocol handshaking logic. 

The upgraded XRP Ledger Devnet hosted by the Xpring team at Ripple gives developers early access to the latest beta version of the Ledger.

Version 1.5.0 will be uploaded to the XRP Ledger Testneton on April 15. Thus, developers will be able to test their applications out with faux XRP coins that "mirror the latest stable version running on XRP Ledger Mainnet."

Lastly, on Wednesday, 2020-04-15, Xpring team will be updating its own XRP Ledger Mainnet rippled servers, including clusters and validators, to version 1.5.0.

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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