- The buyers are currently battling to shake off the bear pressure using the support at $0.480
- “If a digital currency isn’t actually used for any transactions, is it, you know, actually a currency?” Krugman wrote on Twitter.
Ripple price opened the session on Wednesday slightly above $0.51, but the sellers fought for lower corrections during the Asian trading hours. The crypto, however, is embracing the support at the 38.2% Fib retracement level with the last swing high of $0.564 and a swing low of $0.427 at $0.480. On the contrary, the buyers are currently battling to shake off the bear pressure using the support at $0.480 but also facing growing resistance at $0.490.
In other news, the popular Nobel laureate economist, Paul Krugman recently trolled both Ripple (XRP) and Bitcoin (BTC) saying; “If a digital currency isn’t actually used for any transactions, is it, you know, actually a currency?” Krugman has in the past described cryptocurrencies as being worthless, antisocial, fraud, bubble and even evil among other things. He is also known to have the ears of most of the political freer world leaders. Mr. Popper, The New York Times also had this to say in a recent post in connection with Ripple’s XRP:
“Now comes the hard part,” Mr. Popper explained, “persuading people to use XRP for something other than speculative trading. It is an issue facing most of the still-young cryptocurrency industry. Digital tokens like bitcoin and its many imitators (like XRP) were designed to make electronic transactions of all sorts easier. But today almost no transactions are happening, other than on virtual currency exchanges where people bet on their price.”
Ripple price analysis
Ripple is making attempts to retrace higher as mentioned in the first paragraph, similarly, there will be resistance at $0.49 and the key breakout point is at $0.51. If the price breaks above the key resistance level, XRP/USD could attack the next target at $0.54, but $0.60 is still out of reach for now. There are several support zones on the chart, for instance, the 38.2% Fibo, the descending trendline along with the 100 SMA. Another level that will play an important role in the event of an extended trend reversal is $0.46.
XRP/USD 1-hour chart
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