Ripple price analysis: XRP/USD moves in circles around $0.70; San Francisco-based investment platform launches cryptocurrency index funds

Ripple is rangebound on Thursday, trading marginally above $0.7000 amid quiet session. The coin managed to recover from Wednesday's low at $0.6603, but it seems that 100-SMA (hourly chart) $0.7076 effectively caps the upside for the time being.

The third largest coin by market cap has registered diminishing trading volumes ($371M for the recent 24 hours) with the activity concentrated mostly in XRP/JPY.

IronChain Capital, a cryptocurrency investment platform based in San Francisco, announced the upcoming launch of two mutual fund-like cryptocurrency index funds, IronChain MiX10 and IronChain MiX10 Institutional. They will track the MiX10 Index, a market cap weighted index that tracks up to the 10 largest cryptocurrencies. 

“Our mission is to build the first full-service investment platform dedicated to cryptocurrencies that provide easy access to the most liquid digital currencies. We believe our first two Funds will be a game changer in helping to further institutionalize the digital asset industry,”  Jonathan Benassaya, CEO and Founder of IronChain said in a press release.

This is supposed to be a bullish development to crypto industry, however, the reaction has been muted so far as traders are focused on Consensus talks an discussions and regulatory issues.

Ripple's technical picture

Currently, Ripple is changing hands at $0.7000 handle, well below both 100 and 200-SMA (hourly chart). The support is created by $0.66 (Wednesday's low). Further down, $0.6310 (May 12 low) will come into focus. On the upside, the key short-term resistance is created by $0.7076 followed by $0.7224.

XRP/USD, the hourly chart