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Ripple Price Analysis: XRP/USD loses long-term supporters, stays in a range

  • Ripple's fan voiced his disappointment in Reddit.
  • XRP/USD is locked in a short-term range with an upper boundary of $0.2000.
Ripple Price Analysis: XRP/USD loses long-term supporters, stays in a range
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst


‏Ripple''s XRP has settled in the middle of the range limited by $0.1900 on the downside and $0.2000 on the upside. At the time of writing, XRP/USD is changing hands at $0.1957 with about 1% of ‎gains since the start of the day. Ripple is the third-largest digital asset with the current market value of $8.6 billion and an average daily market trading volume of $1.7 billion. Notably, Ripple's trading volumes have been decreasing recently despite the price growth.

Long-term Ripple supporter loses confidence

A long-tern ‏Ripple investor shared his disappointment‎ with the project in Reddit (@MonkeyNoStopMyShow). He said that he was concerned about Ripple's long-term future and questioned the adoption of startup's technology by financial institutions. In the post called “Long-term hodler losing confidence,” he said that the claims made by Ripple's top executives, including Brad Garlinghouse, are overstatements.
‏‏‎

Garlinghouse and Schwartz mentioned dozens of banks would be using XRP, Ripple would be working with major household names, but two years have passed and very little has been made public… Perhaps the developments continue to happen behind the screens, but so far the use case/ODL have not had any positive impact on price and XRP continues to move along with BTC.

Having said that, he said that he had bought XRP in 2017 and had no plans to sell the tokens.

XRP/USD: Technical picture

On the intraday chart, XRP/USD has settled above 1-hour SMA50 (currently at $0.1946). This MA serves as a local support for the coin. If it is broken, the sell-off,may be extended towards a stronger barrier created by a combination of 1-hour SMA100 and SMA200 on approach to $0.1900. 

However, considering an upward-looking 1-hour RSI, the coin is positioned for further recovery n the short run. The first upside target comes at $0.1970. This barrier has been limiting the recovery since April 23, while the upper line of the 1-hour Bollinger Band located makes harder for XRP short-term bulls. The next important level is created by a psychological $0.2000.

XRP/USD 1-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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