Ripple price analysis: XRP/USD down 9%, $0.70 gave way, despite all the buzz about spectacular Ripple Community Night

Ripple feels pain as the price dips below $0.70.
Ripple Community Night failed to pump XRP.

Tanya Abrosimova Independent Analyst

Ripple has lost over 9% over one trading day. The third largest coin by market cap dropped below $0.70 handle and reached early Asian low of $0.66 before recovering to $0.6724.

Ripple developers team has released Ripple 1.0 protocol, which is supposed to bring a number of improvements and new features. The news was announced at Ripple Community Night, a VIP event that featured Snoop Dogg performance.

While both events were supposed to have a positive effect on Ripple price, the coin chose to drift lower with the rest of the cryptocurrency market.

Ripple's technical picture

Currently, Ripple is changing hands at $0.6724 handle, well below all short-term MA levels and below $0.700 handle. The support is created by $0.66 (Asian low). Further down, $0.6310 (May 12 low) will come into focus. On the upside, the key short-term resistance is created by $0.70 followed by $0.7170 (50-SMA, hourly chart).

XRP/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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