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.
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
