Ripple price analysis: XRP/USD gaining ground as Australian exchange offers XRP support

XRP/USD peaked at $0.52 on Tuesday and retraced to $0.4950 by the time of writing. The third largest coin by market value gained 3% on a daily basis but the recovery process from recent lows doesn't look convincing.

From the technical point of view, new short-term buyers may join the game around $0.4869 (100-SMA, 4-hour chart). If it is cleared, the sell-off may be extended towards $0.4700, strengthened by 50-SMA at $0.4690. 

On the upside, the first resistance comes at $0.5000, followed by $0.5200. The ultimate bullish target is $0.5600 which is 78.6% Fibo retracement. The bulls have to clear it before they can count on an extended recovery towards $0.60 and $0.6470, which is the next Fibo level.

Australia’s first regulated cryptocurrency exchange Independent Reserve is going to add support for XRP this week with the trading scheduled to start on July 7. The decision of thr exchange that offers trading services both for retail and institutional investors may boost XRP's liquidity and support the price recovery.

"There is a wide universe of digital currencies out there now, but to be listed on Independent Reserve they need to meet a range of criteria including quality, stability and volume metrics. Our clientele have been requesting XRP and we felt this timing was right to offer it to them," chief executive Adrian Przelozny commented in an official statement.

XRP/USD, 4-hour chart