Ripple price analysis: XRP/USD loses 2.7% on a daily bassis, Ripple's Cory Johnson positive comments of little help
- XRP/USD is back below $0.45 handle.
- Chief Market Strategist of Ripple explains why XRP is better than Bitcoin.
XRP/USD is trading at $0.44494, losing 2.7% on a daily basis amid global cryptocurrency market correction triggered by the SEC's decision to reject Cameron and Tyler Winklevoss bid for Bitcoin ETF. XRP's market value is registered at $17.6B with the average daily trading volume $200M .
Chief Market Strategist of Ripple, Cory Johnson outlined the key differences between Bitcoin and XRP in the interview with Fox Business. He explaiend that Bitcoin fails to live up to expectations in terms of utility and transaction speed. He also added that slow process of moving money is a major business problem today, which can be solved with Ripple's software solutions, created to speed up the process of remittance from several days to several seconds. He believes that this factor makes XRP of great value for the future.
“Bitcoin’s slow… Ether is slow. XRP moves really really fast just because its technology is a little bit different,” he commented.
Ripple's technical picture
From the technical point of view, XRP/USD stays belwo all three MAs (1-hour chart), which is considered to be a negative signal. The local support is seen at psychological $0.4400, followed by $0.4291 (July 20 low); once it is broken the downside may be extended towards $0.4000. On the upside, the local resistance comes at $0,4563 (100-SMA, 1-hour chart), followed by $0.4600
XRP/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
