Ripple price analysis: XRP/USD down 3.6% on a daily basis despite further XRP mass adoption

XRP's recovery stalled.
Payment platform coins.ph now supports Ripple's coin.

Tanya Abrosimova Independent Analyst

XRP is trading at $0.3390 after falling to $0.3200 on Wednesday. The third largest coin spiked to $0.3575 on Thursday, but the upside triggered by speculative positioning proved to be unsustainable. XRP is down 3.6% on a daily basis despite mild recovery on the cryptocurrency markets.

Meanwhile, Ripple's coin has made its way to the Filipino cryptocurrency market. It is now available on the cryptocurrency payment platform coins.ph with 5 million users. The platform allows users in the Philippines to pay bills directly in cryptocurrency. The news confirms XRP's progress towards mass adoption. Earlier, XRP became available for everyday spending via Wirex Visa card.

Ripple's technical picture

On the upside, the recovery is capped by SMA50 - 1hour chart, currently at $0.3420. Of this area is cleared, the recovery may be extended towards $0.3575 (Thursday's high) and $0.3749 (SMA100 - 1hour chart). On the downside, XRP is well supported by $0.3300, though, a sustainable movement lower, the sell-off mat continue towards $0.3200 and $0.3000.

XRP/USD, 1-hour chart

Author

Tanya Abrosimova

Independent Analyst

XRP consolidates as inflows and volume climb

Ripple (XRP) retains a slightly bullish outlook on Wednesday despite logging a minor correction from the supply range near $1.15. The remittance token is down 0.5% on the day, reflecting a broader cryptocurrency market drawdown, primarily driven by persistent geopolitical tensions between the United States (US) and Iran in the Middle East.

Bitcoin Price Prediction: BTC recovery holds as ETF inflows persist

Bitcoin (BTC) trades slightly lower around $66,000 on Wednesday as tensions in the Middle East escalate further. Still, the Crypto King is up over 2.5% so far this week.

South Korea crypto volumes shrink as retail investors shift to stocks

South Korea’s major crypto exchanges have seen their trading activity fall sharply over the past year as the country’s stock market surged, suggesting retail speculative interest may be shifting toward equities, Cointelegraph analysis shows.

Hyperliquid, Robinhood could lead crypto’s next bull market as DeFi and TradFi converge

The next crypto bull market could be driven by the growing convergence between blockchain-based financial infrastructure and traditional finance, according to Bitwise CIO Matt Hougan. In a report published late Tuesday, Hougan argued that crypto may be showing early signs of a market bottom, with Bitcoin gaining 9% since July 1 even as the NASDAQ 100 declined 6%.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.